Bill > S885

This bill establishes a permanent Rural Housing Preservation and Revitalization Program to help maintain affordable multifamily rental housing projects in rural areas. The program requires the Secretary of Agriculture to provide annual notices to property owners and tenants about upcoming loan maturities, and offers several strategies to preserve these housing projects. These strategies include loan restructuring options like reducing interest, deferring payments, and providing financial assistance to ensure properties remain safe and affordable for low-income residents and farm laborers. The bill also creates a process for renewing rental assistance contracts, with options to extend them for up to 20 years, and allows for the transfer of rental assistance if a property is at risk of losing its affordable housing status. Additionally, the bill authorizes $200 million in annual funding from 2026 to 2030, establishes an advisory committee of 16 members to help implement the program, and requires the Secretary to develop a comprehensive plan for preserving affordable rural rental housing. The legislation aims to protect low-income tenants by providing them with options like rural housing vouchers and ensuring they have continued access to safe, affordable housing.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/885/all-info