Bill > S1490

This bill establishes a permanent rural housing preservation and revitalization program within the Department of Agriculture. The key provisions include: 1. Requiring the Secretary to provide annual written notices to owners and tenants of properties financed under Section 515 or Sections 514 and 516 of the Housing Act of 1949 that will mature within the next 4 years, informing them of their options and available financial incentives. 2. Allowing the Secretary to restructure existing housing loans to ensure the projects have sufficient resources to preserve safe and affordable housing for low-income residents and farmworkers. 3. Authorizing the Secretary to renew rental assistance contracts for a 20-year term when restructuring loans, and provide additional rental assistance to unassisted households as necessary. 4. Allowing tenants residing in properties with maturing or prepaid loans to transfer their rental assistance to another Section 515 or Sections 514 and 516 property. 5. Authorizing $200 million per year for fiscal years 2024 through 2028 for the preservation and revitalization program. 6. Directing the Secretary to establish an advisory committee to assist in preserving affordability of rental projects under Sections 514 and 515 and implementing the plan required by the bill.