Bill > S4872

This bill establishes a permanent rural housing preservation and revitalization program. The key provisions include: 1. Requiring the Secretary of Agriculture to provide notice to owners and tenants of properties financed under Sections 514, 515, or 516 of the Housing Act of 1949 that will mature within the next 4 years, informing them of options and financial incentives to extend the loan term or decouple a rental assistance contract. 2. Allowing the Secretary to restructure existing housing loans, such as by reducing or eliminating interest, deferring payments, or providing other financial assistance, in order to preserve the properties and provide safe and affordable housing. 3. Authorizing the Secretary to renew rental assistance contracts for 20-year terms, and to provide additional rental assistance to unassisted households as necessary to make the project affordable. 4. Allowing the Secretary to renew rental assistance contracts for 10-20 years if a maturing loan cannot be reasonably restructured. 5. Providing technical assistance grants to facilitate the acquisition of multifamily housing properties at risk of losing affordability. 6. Authorizing $200 million per year for fiscal years 2023-2027 for the preservation and revitalization program. 7. Establishing an advisory committee to assist the Secretary in preserving Section 514, 515, and 516 properties and implementing the required preservation plan.

Housing and Urban Affairs

https://www.congress.gov/bill/117th-congress/senate-bill/4872/all-info