Bill > S1389

This bill, the Rural Housing Service Reform Act of 2023, aims to reform rural housing programs in several ways: 1. It applies the Multifamily Mortgage Foreclosure Act of 1981 to multifamily mortgages held by the Secretary of Agriculture, allowing for the use of multifamily mortgage foreclosure procedures. 2. It requires the Secretary of Agriculture to conduct a study on the loan program under Section 521 of the Housing Act of 1949, examining the total subsidies provided, amount of subsidies recaptured, and associated costs and time. 3. It authorizes appropriations for increased staffing and IT upgrades to support the Rural Housing Service's preservation efforts. 4. It establishes a permanent Housing Preservation and Revitalization Program to preserve and revitalize multifamily rental housing projects financed under Sections 514, 515, and 516 of the Housing Act of 1949. 5. It expands eligibility for rural housing vouchers to certain low-income households in properties financed under Sections 514, 515, and 516. 6. It modifies provisions related to rental assistance contract authority, funding for multifamily technical improvements, and a Native CDFI relending program. 7. It increases the maximum loan amount for Section 504 loans and grants for minor improvements to farm housing and buildings. 8. It establishes a Rural Community Development Initiative to provide grants to eligible entities for housing, community facilities, and economic development projects in rural areas. 9. It requires the Secretary of Agriculture to submit an annual report on the health and performance of Rural Housing Service programs. 10. It allows the Secretary to extend the term of direct loans made under Section 502 of the Housing Act of 1949 up to 40 years.