Bill > S2790

This bill, the Rural Housing Service Reform Act of 2023, aims to reform and streamline various rural housing programs administered by the United States Department of Agriculture (USDA). Key provisions of the bill include: - Allowing the USDA to use multifamily mortgage foreclosure procedures for USDA-held multifamily mortgages and preserving rental assistance contracts upon foreclosure. - Requiring the USDA to study the loan program under Section 521 of the Housing Act of 1949, including how much subsidies are being provided and recaptured. - Authorizing appropriations for increased USDA staffing and IT upgrades to support Rural Housing Service programs. - Permanently establishing a housing preservation and revitalization program to help preserve and revitalize USDA-financed multifamily rental housing projects. - Expanding eligibility for rural housing vouchers to certain low-income households in USDA-financed properties. - Requiring the USDA to establish a process for adjusting rural development voucher amounts, including through interim and annual reviews. - Allowing nonprofit organizations to purchase USDA-financed multifamily rural housing projects without immediately addressing rehabilitation needs. - Extending the maximum loan term for USDA direct loans under Section 502 of the Housing Act of 1949 from 33 years to 40 years. Overall, the bill aims to preserve and improve the availability of affordable rural housing by addressing various administrative and program challenges.