Bill > HR6785

This bill, the Rural Housing Service Reform Act of 2023, aims to reform rural housing programs in several ways: It streamlines and updates existing programs by applying multifamily mortgage foreclosure procedures to mortgages held by the Secretary of Agriculture, preserving rental assistance contracts upon foreclosure. It also requires the Secretary to study the loan program under Section 521 of the Housing Act of 1949, including the amount of subsidies provided and the costs associated with recapturing those subsidies. Additionally, it authorizes appropriations for increased staffing and IT upgrades to support Rural Housing Service programs. The bill establishes a permanent Housing Preservation and Revitalization Program to preserve and revitalize multifamily rental housing projects financed under Sections 514, 515, or 516 of the Housing Act of 1949. It expands eligibility for rural housing vouchers to certain low-income households in properties financed under those sections. The bill also authorizes the Secretary to renew rental assistance contracts for 20-year terms and provides additional rental assistance to unassisted households. The bill creates a Native CDFI Relending Program, which sets aside up to $50 million per year for the Secretary to make direct loans to Native community development financial institutions to increase homeownership opportunities for Native communities in rural areas. It also makes modifications to the Section 504 loan and grant program for minor improvements to farm housing and buildings. Finally, the bill requires additional reporting and studies related to the Rural Housing Service's programs and technology.