Bill > S1260

This bill aims to comprehensively reform rural housing programs through multiple provisions that enhance housing assistance, support, and accessibility for rural communities. The bill establishes a permanent Housing Preservation and Revitalization Program to help maintain affordable multifamily rental housing projects, with provisions for loan restructuring, renewal of rental assistance contracts, and technical assistance for nonprofit organizations. It creates a new Native Community Development Financial Institution (CDFI) relending program to increase homeownership opportunities for Native American, Alaska Native, and Native Hawaiian communities by providing up to $50 million annually in direct loans. The bill also increases loan limits for minor home improvements from $7,500 to $15,000, expands rural housing voucher eligibility and review processes, and introduces new provisions for loan guarantees, including allowing accessory dwelling units. Additionally, the bill mandates annual reporting on rural housing programs, requires the USDA to improve its technology and application processing times, and provides funding for staffing and IT upgrades. The legislation seeks to address various challenges in rural housing by offering more flexible financing options, protecting tenants' rights, and supporting underserved communities in accessing affordable housing.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1260/all-info