| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 885 |
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| 5 | 5 | | To establish a permanent rural housing preservation and revitalization |
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| 6 | 6 | | program, and for other purposes. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | MARCH6, 2025 |
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| 9 | 9 | | Mrs. S |
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| 10 | 10 | | HAHEEN(for herself and Mr. MORAN) introduced the following bill; |
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| 11 | 11 | | which was read twice and referred to the Committee on Banking, Hous- |
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| 12 | 12 | | ing, and Urban Affairs |
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| 13 | 13 | | A BILL |
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| 14 | 14 | | To establish a permanent rural housing preservation and |
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| 15 | 15 | | revitalization program, and for other purposes. |
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| 16 | 16 | | Be it enacted by the Senate and House of Representa-1 |
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| 17 | 17 | | tives of the United States of America in Congress assembled, 2 |
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| 18 | 18 | | SECTION 1. SHORT TITLE. 3 |
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| 19 | 19 | | This Act may be cited as the ‘‘Strategy and Invest-4 |
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| 20 | 20 | | ment in Rural Housing Preservation Act of 2025’’. 5 |
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| 21 | 21 | | SEC. 2. PERMANENT ESTABLISHMENT OF HOUSING PRES-6 |
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| 22 | 22 | | ERVATION AND REVITALIZATION PROGRAM. 7 |
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| 23 | 23 | | Title V of the Housing Act of 1949 (42 U.S.C. 1471 8 |
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| 24 | 24 | | et seq.) is amended by adding at the end the following: 9 |
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| 26 | 26 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 27 | 27 | | •S 885 IS |
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| 28 | 28 | | ‘‘SEC. 545. HOUSING PRESERVATION AND REVITALIZATION 1 |
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| 29 | 29 | | PROGRAM. 2 |
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| 30 | 30 | | ‘‘(a) E |
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| 31 | 31 | | STABLISHMENT.—The Secretary shall carry 3 |
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| 32 | 32 | | out a program under this section for the preservation and 4 |
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| 33 | 33 | | revitalization of multifamily rental housing projects fi-5 |
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| 34 | 34 | | nanced under section 514, 515, or 516. 6 |
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| 35 | 35 | | ‘‘(b) N |
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| 36 | 36 | | OTICE OFMATURINGLOANS.— 7 |
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| 37 | 37 | | ‘‘(1) T |
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| 38 | 38 | | O OWNERS.—On an annual basis, the 8 |
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| 39 | 39 | | Secretary shall provide written notice to each owner 9 |
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| 40 | 40 | | of a property financed under section 514, 515, or 10 |
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| 41 | 41 | | 516 that will mature within the 4-year period begin-11 |
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| 42 | 42 | | ning upon the provision of the notice, setting forth 12 |
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| 43 | 43 | | the options and financial incentives that are avail-13 |
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| 44 | 44 | | able to facilitate the extension of the loan term or 14 |
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| 45 | 45 | | the option to decouple a rental assistance contract 15 |
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| 46 | 46 | | pursuant to subsection (f). 16 |
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| 47 | 47 | | ‘‘(2) T |
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| 48 | 48 | | O TENANTS.— 17 |
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| 49 | 49 | | ‘‘(A) I |
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| 50 | 50 | | N GENERAL.—For each property fi-18 |
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| 51 | 51 | | nanced under section 514, 515, or 516, begin-19 |
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| 52 | 52 | | ning not later than the date that is 3 years be-20 |
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| 53 | 53 | | fore the date on which the loan will mature, the 21 |
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| 54 | 54 | | Secretary shall, on an annual basis, provide 22 |
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| 55 | 55 | | written notice to each household residing in the 23 |
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| 56 | 56 | | property that informs them of — 24 |
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| 57 | 57 | | ‘‘(i) the date of the loan maturity; 25 |
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| 59 | 59 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 60 | 60 | | •S 885 IS |
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| 61 | 61 | | ‘‘(ii) the possible actions that may 1 |
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| 62 | 62 | | happen with respect to the property upon 2 |
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| 63 | 63 | | that maturity; and 3 |
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| 64 | 64 | | ‘‘(iii) how to protect their right to re-4 |
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| 65 | 65 | | side in federally assisted housing or secure 5 |
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| 66 | 66 | | a voucher under section 542 of this Act or 6 |
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| 67 | 67 | | section 8 of the United States Housing Act 7 |
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| 68 | 68 | | of 1937 (42 U.S.C. 1437f) after that ma-8 |
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| 69 | 69 | | turity. 9 |
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| 70 | 70 | | ‘‘(B) L |
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| 71 | 71 | | ANGUAGE.—Notice under this para-10 |
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| 72 | 72 | | graph shall be provided in plain English and 11 |
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| 73 | 73 | | shall be translated to other languages in the 12 |
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| 74 | 74 | | case of any property that has a significant 13 |
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| 75 | 75 | | number of residents who speak those other lan-14 |
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| 76 | 76 | | guages. 15 |
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| 77 | 77 | | ‘‘(c) L |
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| 78 | 78 | | OANRESTRUCTURING.—Under the program 16 |
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| 79 | 79 | | under this section, in any circumstance in which the Sec-17 |
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| 80 | 80 | | retary proposes a restructuring to an owner or an owner 18 |
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| 81 | 81 | | proposes a restructuring to the Secretary, the Secretary 19 |
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| 82 | 82 | | may restructure such existing housing loans, as the Sec-20 |
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| 83 | 83 | | retary considers appropriate, for the purpose of ensuring 21 |
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| 84 | 84 | | that those projects have sufficient resources to preserve 22 |
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| 85 | 85 | | the projects to provide safe and affordable housing for low- 23 |
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| 86 | 86 | | income residents and farm laborers, by— 24 |
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| 87 | 87 | | ‘‘(1) reducing or eliminating interest; 25 |
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| 89 | 89 | | ssavage on LAPJG3WLY3PROD with BILLS 4 |
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| 90 | 90 | | •S 885 IS |
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| 91 | 91 | | ‘‘(2) deferring loan payments; 1 |
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| 92 | 92 | | ‘‘(3) subordinating, reducing, or reamortizing 2 |
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| 93 | 93 | | loan debt; and 3 |
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| 94 | 94 | | ‘‘(4) providing other financial assistance, in-4 |
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| 95 | 95 | | cluding advances, payments, and incentives (includ-5 |
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| 96 | 96 | | ing the ability of owners to obtain reasonable re-6 |
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| 97 | 97 | | turns on investment) required by the Secretary. 7 |
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| 98 | 98 | | ‘‘(d) R |
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| 99 | 99 | | ENEWAL OFRENTALASSISTANCE.— 8 |
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| 100 | 100 | | ‘‘(1) I |
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| 101 | 101 | | N GENERAL.—When the Secretary pro-9 |
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| 102 | 102 | | poses to restructure a loan or agrees to the proposal 10 |
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| 103 | 103 | | of an owner to restructure a loan pursuant to sub-11 |
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| 104 | 104 | | section (c), the Secretary shall offer to renew the 12 |
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| 105 | 105 | | rental assistance contract under section 521(a)(2) 13 |
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| 106 | 106 | | for the shorter of the term of the loan or a 20-year 14 |
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| 107 | 107 | | term that is subject to annual appropriations, pro-15 |
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| 108 | 108 | | vided that the owner agrees to bring the property up 16 |
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| 109 | 109 | | to or maintain the property at such standards that 17 |
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| 110 | 110 | | will ensure maintenance of the property as decent, 18 |
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| 111 | 111 | | safe, and sanitary housing for the full term of the 19 |
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| 112 | 112 | | rental assistance contract. 20 |
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| 113 | 113 | | ‘‘(2) A |
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| 114 | 114 | | DDITIONAL RENTAL ASSISTANCE .—With 21 |
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| 115 | 115 | | respect to a project described in paragraph (1), if 22 |
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| 116 | 116 | | rental assistance is not available for all households 23 |
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| 117 | 117 | | in the project for which the loan is being restruc-24 |
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| 118 | 118 | | tured pursuant to subsection (c), the Secretary may 25 |
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| 120 | 120 | | ssavage on LAPJG3WLY3PROD with BILLS 5 |
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| 121 | 121 | | •S 885 IS |
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| 122 | 122 | | extend such additional rental assistance to unas-1 |
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| 123 | 123 | | sisted households at that project as is necessary to 2 |
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| 124 | 124 | | make the project safe and affordable to low-income 3 |
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| 125 | 125 | | households. 4 |
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| 126 | 126 | | ‘‘(e) R |
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| 127 | 127 | | ESTRICTIVEUSEAGREEMENTS.— 5 |
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| 128 | 128 | | ‘‘(1) R |
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| 129 | 129 | | EQUIREMENT.—As part of the preserva-6 |
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| 130 | 130 | | tion and revitalization agreement for a project, the 7 |
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| 131 | 131 | | Secretary shall obtain a restrictive use agreement 8 |
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| 132 | 132 | | that is recorded and obligates the owner to operate 9 |
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| 133 | 133 | | the project in accordance with this title. 10 |
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| 134 | 134 | | ‘‘(2) T |
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| 135 | 135 | | ERM.— 11 |
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| 136 | 136 | | ‘‘(A) N |
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| 137 | 137 | | O EXTENSION OF RENTAL ASSIST -12 |
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| 138 | 138 | | ANCE CONTRACT.—Except when the Secretary 13 |
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| 139 | 139 | | enters into a 20-year extension of the rental as-14 |
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| 140 | 140 | | sistance contract for a project, the term of the 15 |
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| 141 | 141 | | restrictive use agreement for the project shall 16 |
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| 142 | 142 | | be consistent with the term of the restructured 17 |
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| 143 | 143 | | loan for the project. 18 |
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| 144 | 144 | | ‘‘(B) E |
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| 145 | 145 | | XTENSION OF RENTAL ASSISTANCE 19 |
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| 146 | 146 | | CONTRACT.—If the Secretary enters into a 20- 20 |
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| 147 | 147 | | year extension of the rental assistance contract 21 |
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| 148 | 148 | | for a project, the term of the restrictive use 22 |
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| 149 | 149 | | agreement for the project shall be for the longer 23 |
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| 150 | 150 | | of 20 years or the remaining term of the loan. 24 |
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| 152 | 152 | | ssavage on LAPJG3WLY3PROD with BILLS 6 |
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| 153 | 153 | | •S 885 IS |
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| 154 | 154 | | ‘‘(C) TERMINATION.—The Secretary may 1 |
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| 155 | 155 | | terminate the 20-year restrictive use agreement 2 |
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| 156 | 156 | | for a project before the end of the term of the 3 |
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| 157 | 157 | | agreement if the 20-year rental assistance con-4 |
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| 158 | 158 | | tract for the project with the owner is termi-5 |
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| 159 | 159 | | nated at any time for reasons outside the con-6 |
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| 160 | 160 | | trol of the owner. 7 |
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| 161 | 161 | | ‘‘(f) D |
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| 162 | 162 | | ECOUPLING OFRENTALASSISTANCE.— 8 |
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| 163 | 163 | | ‘‘(1) R |
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| 164 | 164 | | ENEWAL OF RENTAL ASSISTANCE CON -9 |
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| 165 | 165 | | TRACT.—If the Secretary determines that a matur-10 |
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| 166 | 166 | | ing loan for a project that matures within the 4-year 11 |
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| 167 | 167 | | notification period described in subsection (b)(1) 12 |
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| 168 | 168 | | cannot reasonably be restructured in accordance 13 |
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| 169 | 169 | | with subsection (c) because it is not financially fea-14 |
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| 170 | 170 | | sible or the owner does not agree with the proposed 15 |
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| 171 | 171 | | restructuring, and the project was operating with 16 |
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| 172 | 172 | | rental assistance under section 521, the Secretary 17 |
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| 173 | 173 | | may renew the rental assistance contract, notwith-18 |
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| 174 | 174 | | standing any provision of section 521 that the recipi-19 |
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| 175 | 175 | | ent may be a borrower under section 514 or 515, for 20 |
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| 176 | 176 | | a term, subject to annual appropriations, of 20 21 |
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| 177 | 177 | | years, provided that the owner enters into a restric-22 |
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| 178 | 178 | | tive use agreement. 23 |
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| 179 | 179 | | ‘‘(2) A |
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| 180 | 180 | | DDITIONAL RENTAL ASSISTANCE .—With 24 |
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| 181 | 181 | | respect to a project described in paragraph (1), if 25 |
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| 183 | 183 | | ssavage on LAPJG3WLY3PROD with BILLS 7 |
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| 184 | 184 | | •S 885 IS |
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| 185 | 185 | | rental assistance is not available for all households 1 |
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| 186 | 186 | | in the project, the Secretary may extend such addi-2 |
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| 187 | 187 | | tional rental assistance to unassisted households at 3 |
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| 188 | 188 | | that project as is necessary to make the project safe 4 |
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| 189 | 189 | | and affordable to low-income households. 5 |
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| 190 | 190 | | ‘‘(3) R |
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| 191 | 191 | | ENTS.—Any agreement to extend the 6 |
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| 192 | 192 | | term of the rental assistance contract under section 7 |
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| 193 | 193 | | 521 for a project shall obligate the owner to con-8 |
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| 194 | 194 | | tinue to maintain the project as decent, safe and 9 |
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| 195 | 195 | | sanitary housing and to operate the development in 10 |
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| 196 | 196 | | accordance with this title, except that rents shall be 11 |
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| 197 | 197 | | based on the lesser of— 12 |
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| 198 | 198 | | ‘‘(A) the budget-based needs of the project; 13 |
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| 199 | 199 | | or 14 |
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| 200 | 200 | | ‘‘(B) the operating cost adjustment factor 15 |
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| 201 | 201 | | as a payment standard as provided under sec-16 |
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| 202 | 202 | | tion 524 of the Multifamily Assisted Housing 17 |
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| 203 | 203 | | Reform and Affordability Act of 1997 (42 18 |
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| 204 | 204 | | U.S.C. 1437 note). 19 |
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| 205 | 205 | | ‘‘(4) C |
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| 206 | 206 | | ONDITIONS FOR APPROVAL .— 20 |
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| 207 | 207 | | ‘‘(A) P |
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| 208 | 208 | | LAN.—Before the approval of a 21 |
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| 209 | 209 | | rental assistance contract authorized under this 22 |
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| 210 | 210 | | section, the Secretary shall require the owner to 23 |
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| 211 | 211 | | submit to the Secretary a plan that identifies fi-24 |
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| 212 | 212 | | nancing sources and a timetable for renovations 25 |
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| 214 | 214 | | ssavage on LAPJG3WLY3PROD with BILLS 8 |
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| 215 | 215 | | •S 885 IS |
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| 216 | 216 | | and improvements determined to be necessary 1 |
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| 217 | 217 | | by the Secretary to maintain and preserve the 2 |
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| 218 | 218 | | project. 3 |
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| 219 | 219 | | ‘‘(B) A |
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| 220 | 220 | | UTOMATIC APPROVAL .—If a plan 4 |
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| 221 | 221 | | submitted under subparagraph (A) is not acted 5 |
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| 222 | 222 | | upon by the Secretary within 30 days of the 6 |
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| 223 | 223 | | submission, the rental assistance contract is 7 |
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| 224 | 224 | | automatically approved for not more than a 1- 8 |
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| 225 | 225 | | year period. 9 |
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| 226 | 226 | | ‘‘(g) M |
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| 227 | 227 | | ULTIFAMILYHOUSINGTRANSFERTECHNICAL 10 |
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| 228 | 228 | | A |
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| 229 | 229 | | SSISTANCE.—Under the program under this section, the 11 |
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| 230 | 230 | | Secretary may provide grants to qualified nonprofit orga-12 |
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| 231 | 231 | | nizations and public housing agencies to provide technical 13 |
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| 232 | 232 | | assistance, including financial and legal services, to bor-14 |
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| 233 | 233 | | rowers under loans under this title for multifamily housing 15 |
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| 234 | 234 | | to facilitate the acquisition or preservation of such multi-16 |
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| 235 | 235 | | family housing properties in areas where the Secretary de-17 |
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| 236 | 236 | | termines there is a risk of loss of affordable housing. 18 |
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| 237 | 237 | | ‘‘(h) T |
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| 238 | 238 | | RANSFER OFRENTALASSISTANCE.— 19 |
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| 239 | 239 | | ‘‘(1) I |
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| 240 | 240 | | N GENERAL.—The Secretary shall develop 20 |
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| 241 | 241 | | a process— 21 |
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| 242 | 242 | | ‘‘(A) to support tenants residing in a rent-22 |
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| 243 | 243 | | al project originally financed under section 514, 23 |
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| 244 | 244 | | 515, or 516— 24 |
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| 246 | 246 | | ssavage on LAPJG3WLY3PROD with BILLS 9 |
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| 247 | 247 | | •S 885 IS |
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| 248 | 248 | | ‘‘(i) with a loan or loans that have 1 |
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| 249 | 249 | | matured or have been prepaid; and 2 |
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| 250 | 250 | | ‘‘(ii) the owner of which will not re-3 |
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| 251 | 251 | | structure the loan or continue a rental as-4 |
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| 252 | 252 | | sistance contract under this section; 5 |
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| 253 | 253 | | ‘‘(B) that expedites the ability of those 6 |
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| 254 | 254 | | tenants to transfer rental assistance to another 7 |
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| 255 | 255 | | property financed under section 514, 515, or 8 |
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| 256 | 256 | | 516, or obtain a housing voucher; 9 |
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| 257 | 257 | | ‘‘(C) that allows those tenants to pre-reg-10 |
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| 258 | 258 | | ister to transfer rental assistance; and 11 |
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| 259 | 259 | | ‘‘(D) that provides time frames for proc-12 |
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| 260 | 260 | | essing transfer or voucher requests for those 13 |
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| 261 | 261 | | tenants. 14 |
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| 262 | 262 | | ‘‘(i) A |
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| 263 | 263 | | DMINISTRATIVEEXPENSES.—Of any amounts 15 |
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| 264 | 264 | | made available for the program under this section for any 16 |
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| 265 | 265 | | fiscal year, the Secretary may use not more than 17 |
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| 266 | 266 | | $1,000,000 for administrative expenses for carrying out 18 |
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| 267 | 267 | | such program. 19 |
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| 268 | 268 | | ‘‘(j) A |
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| 269 | 269 | | UTHORIZATION OF APPROPRIATIONS.—There 20 |
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| 270 | 270 | | is authorized to be appropriated for the program under 21 |
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| 271 | 271 | | this section $200,000,000 for each of fiscal years 2026 22 |
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| 272 | 272 | | through 2030. 23 |
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| 273 | 273 | | ‘‘(k) R |
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| 274 | 274 | | ULEMAKING.— 24 |
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| 276 | 276 | | ssavage on LAPJG3WLY3PROD with BILLS 10 |
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| 277 | 277 | | •S 885 IS |
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| 278 | 278 | | ‘‘(1) IN GENERAL.—Not later than 180 days 1 |
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| 279 | 279 | | after the date of enactment of the Strategy and In-2 |
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| 280 | 280 | | vestment in Rural Housing Preservation Act of 3 |
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| 281 | 281 | | 2025, the Secretary shall— 4 |
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| 282 | 282 | | ‘‘(A) publish an advance notice of proposed 5 |
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| 283 | 283 | | rulemaking; and 6 |
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| 284 | 284 | | ‘‘(B) consult with appropriate stake-7 |
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| 285 | 285 | | holders. 8 |
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| 286 | 286 | | ‘‘(2) I |
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| 287 | 287 | | NTERIM FINAL RULE .—Not later than 1 9 |
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| 288 | 288 | | year after the date of enactment of the Strategy and 10 |
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| 289 | 289 | | Investment in Rural Housing Preservation Act of 11 |
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| 290 | 290 | | 2025, the Secretary shall publish an interim final 12 |
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| 291 | 291 | | rule to carry out this section.’’. 13 |
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| 292 | 292 | | SEC. 3. ELIGIBILITY FOR RURAL HOUSING VOUCHERS. 14 |
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| 293 | 293 | | Section 542 of the Housing Act of 1949 (42 U.S.C. 15 |
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| 294 | 294 | | 1490r) is amended by adding at the end the following: 16 |
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| 295 | 295 | | ‘‘(c) E |
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| 296 | 296 | | LIGIBILITY OFHOUSEHOLDS IN SECTIONS 17 |
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| 297 | 297 | | 514, 515, |
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| 298 | 298 | | AND516 PROJECTS.—The Secretary may pro-18 |
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| 299 | 299 | | vide rural housing vouchers under this section for any low- 19 |
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| 300 | 300 | | income household (including those not receiving rental as-20 |
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| 301 | 301 | | sistance) residing for the remaining term of their lease in 21 |
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| 302 | 302 | | effect just prior to prepayment, in a property financed 22 |
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| 303 | 303 | | with a loan made or insured under section 514 or 515, 23 |
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| 304 | 304 | | or a grant under section 516, that has— 24 |
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| 306 | 306 | | ssavage on LAPJG3WLY3PROD with BILLS 11 |
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| 307 | 307 | | •S 885 IS |
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| 308 | 308 | | ‘‘(1) been prepaid without restrictions imposed 1 |
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| 309 | 309 | | by the Secretary pursuant to section 2 |
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| 310 | 310 | | 502(c)(5)(G)(ii)(I); 3 |
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| 311 | 311 | | ‘‘(2) been foreclosed; or 4 |
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| 312 | 312 | | ‘‘(3) matured after September 30, 2005 and the 5 |
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| 313 | 313 | | property is not receiving rental assistance under sec-6 |
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| 314 | 314 | | tion 545(f).’’. 7 |
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| 315 | 315 | | SEC. 4. AMOUNT OF VOUCHER ASSISTANCE. 8 |
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| 316 | 316 | | Notwithstanding any other provision of law, in the 9 |
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| 317 | 317 | | case of any rural housing voucher provided pursuant to 10 |
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| 318 | 318 | | section 542 of the Housing Act of 1949 (42 U.S.C. 11 |
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| 319 | 319 | | 1490r), the amount of the monthly assistance payment for 12 |
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| 320 | 320 | | the household on whose behalf the assistance is provided 13 |
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| 321 | 321 | | shall be determined as provided in subsection (a) of such 14 |
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| 322 | 322 | | section 542. 15 |
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| 323 | 323 | | SEC. 5. RENTAL ASSISTANCE CONTRACT AUTHORITY. 16 |
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| 324 | 324 | | Section 521(d) of the Housing Act of 1949 (42 17 |
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| 325 | 325 | | U.S.C. 1490a(d)) is amended— 18 |
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| 326 | 326 | | (1) in paragraph (1)— 19 |
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| 327 | 327 | | (A) by redesignating subparagraphs (B) 20 |
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| 328 | 328 | | and (C) as subparagraphs (C) and (D), respec-21 |
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| 329 | 329 | | tively; 22 |
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| 330 | 330 | | (B) by inserting after subparagraph (A) 23 |
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| 331 | 331 | | the following: 24 |
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| 333 | 333 | | ssavage on LAPJG3WLY3PROD with BILLS 12 |
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| 334 | 334 | | •S 885 IS |
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| 335 | 335 | | ‘‘(B) upon request of an owner of a project 1 |
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| 336 | 336 | | financed under section 514 or 515 or an owner 2 |
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| 337 | 337 | | who has entered into a restrictive use agree-3 |
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| 338 | 338 | | ment under section 545(e), the Secretary is au-4 |
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| 339 | 339 | | thorized to enter into a renewal of such agree-5 |
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| 340 | 340 | | ments for a period of 20 years or the term of 6 |
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| 341 | 341 | | the loan, whichever is shorter, subject to 7 |
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| 342 | 342 | | amounts made available in appropriations 8 |
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| 343 | 343 | | Acts;’’; 9 |
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| 344 | 344 | | (C) in subparagraph (C), as so redesig-10 |
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| 345 | 345 | | nated, by striking ‘‘subparagraph (A)’’ and in-11 |
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| 346 | 346 | | serting ‘‘subparagraphs (A) and (B)’’; and 12 |
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| 347 | 347 | | (D) in subparagraph (D), as so redesig-13 |
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| 348 | 348 | | nated, by striking ‘‘subparagraphs (A) and 14 |
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| 349 | 349 | | (B)’’ and inserting ‘‘subparagraphs (A), (B), 15 |
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| 350 | 350 | | and (C)’’; 16 |
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| 351 | 351 | | (2) in paragraph (2), by striking ‘‘shall’’ and 17 |
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| 352 | 352 | | inserting ‘‘may’’; and 18 |
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| 353 | 353 | | (3) by adding at the end the following: 19 |
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| 354 | 354 | | ‘‘(3) In the case of any rental assistance con-20 |
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| 355 | 355 | | tract authority that becomes available due to the ter-21 |
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| 356 | 356 | | mination of assistance on behalf of an assisted ten-22 |
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| 357 | 357 | | ant, the Secretary shall provide the owner with a pe-23 |
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| 358 | 358 | | riod of not less than 1 year to provide that assist-24 |
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| 359 | 359 | | ance on behalf of an eligible unassisted tenant who 25 |
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| 362 | 362 | | •S 885 IS |
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| 363 | 363 | | will reside in the same rental project in which the 1 |
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| 364 | 364 | | assisted tenant resided.’’. 2 |
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| 365 | 365 | | SEC. 6. FUNDING FOR MULTIFAMILY TECHNICAL IMPROVE-3 |
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| 366 | 366 | | MENTS. 4 |
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| 367 | 367 | | (a) A |
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| 368 | 368 | | UTHORIZATION OFAPPROPRIATIONS.—There is 5 |
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| 369 | 369 | | authorized to be appropriated to the Secretary of Agri-6 |
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| 370 | 370 | | culture $50,000,000 for fiscal year 2026 for improving the 7 |
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| 371 | 371 | | technology of the Department of Agriculture used to proc-8 |
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| 372 | 372 | | ess and service loans for multifamily housing and other-9 |
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| 373 | 373 | | wise managing that housing. 10 |
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| 374 | 374 | | (b) T |
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| 375 | 375 | | IMELINE.—The improvements required under 11 |
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| 376 | 376 | | subsection (a) shall be made within the 5-year period be-12 |
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| 377 | 377 | | ginning upon the appropriation of amounts under sub-13 |
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| 378 | 378 | | section (a), and those amounts shall remain available until 14 |
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| 379 | 379 | | the expiration of that 5-year period. 15 |
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| 380 | 380 | | SEC. 7. PLAN FOR PRESERVING AFFORDABILITY OF RENT-16 |
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| 381 | 381 | | AL PROJECTS. 17 |
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| 382 | 382 | | (a) P |
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| 383 | 383 | | LAN.—Not later than 6 months after the date 18 |
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| 384 | 384 | | of enactment of this Act, the Secretary of Agriculture (in 19 |
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| 385 | 385 | | this section referred to as the ‘‘Secretary’’) shall submit 20 |
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| 386 | 386 | | to Congress a written plan for preserving the affordability 21 |
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| 387 | 387 | | for low-income families of rental projects for which loans 22 |
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| 388 | 388 | | were made under section 514 or 515 of the Housing Act 23 |
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| 389 | 389 | | of 1949 (42 U.S.C. 1484, 1485) and avoiding the displace-24 |
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| 390 | 390 | | ment of tenant households, which shall— 25 |
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| 393 | 393 | | •S 885 IS |
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| 394 | 394 | | (1) set forth specific performance goals and 1 |
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| 395 | 395 | | measures; 2 |
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| 396 | 396 | | (2) set forth the specific actions and mecha-3 |
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| 397 | 397 | | nisms by which those goals will be achieved; 4 |
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| 398 | 398 | | (3) set forth specific measurements by which 5 |
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| 399 | 399 | | progress towards achievement of each goal can be 6 |
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| 400 | 400 | | measured; 7 |
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| 401 | 401 | | (4) provide for detailed reporting on outcomes; 8 |
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| 402 | 402 | | and 9 |
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| 403 | 403 | | (5) include any legislative recommendations to 10 |
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| 404 | 404 | | assist in achievement of the goals under the plan. 11 |
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| 405 | 405 | | (b) A |
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| 406 | 406 | | DVISORYCOMMITTEE.— 12 |
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| 407 | 407 | | (1) E |
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| 408 | 408 | | STABLISHMENT; PURPOSE.—The Sec-13 |
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| 409 | 409 | | retary shall establish an advisory committee (in this 14 |
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| 410 | 410 | | section referred to as the ‘‘advisory committee’’) to 15 |
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| 411 | 411 | | assist the Secretary in— 16 |
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| 412 | 412 | | (A) preserving properties assisted under 17 |
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| 413 | 413 | | section 514 or 515 of the Housing Act of 1949 18 |
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| 414 | 414 | | (42 U.S.C. 1484, 1485) through the multi-19 |
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| 415 | 415 | | family housing preservation and revitalization 20 |
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| 416 | 416 | | program under section 545 of such Act, as 21 |
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| 417 | 417 | | added by section 2 of this Act; and 22 |
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| 418 | 418 | | (B) implementing the plan required under 23 |
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| 419 | 419 | | subsection (a). 24 |
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| 422 | 422 | | •S 885 IS |
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| 423 | 423 | | (2) MEMBERSHIP.—The advisory committee 1 |
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| 424 | 424 | | shall consist of 16 members, appointed by the Sec-2 |
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| 425 | 425 | | retary, as follows: 3 |
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| 426 | 426 | | (A) A designee of the Rural Housing Serv-4 |
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| 427 | 427 | | ice selected by the Multifamily Housing Deputy 5 |
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| 428 | 428 | | Administrator of the Rural Housing Service. 6 |
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| 429 | 429 | | (B) The Administrator for Rural Housing 7 |
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| 430 | 430 | | Service of the Department of Agriculture. 8 |
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| 431 | 431 | | (C) Two representatives of for-profit devel-9 |
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| 432 | 432 | | opers or owners of multifamily rural rental 10 |
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| 433 | 433 | | housing. 11 |
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| 434 | 434 | | (D) Two representatives of nonprofit devel-12 |
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| 435 | 435 | | opers or owners of multifamily rural rental 13 |
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| 436 | 436 | | housing. 14 |
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| 437 | 437 | | (E) Two representatives of State housing 15 |
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| 438 | 438 | | finance agencies. 16 |
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| 439 | 439 | | (F) Two representatives of tenants of mul-17 |
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| 440 | 440 | | tifamily rural rental housing. 18 |
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| 441 | 441 | | (G) One representative of a community de-19 |
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| 442 | 442 | | velopment financial institution that is involved 20 |
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| 443 | 443 | | in preserving the affordability of housing as-21 |
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| 444 | 444 | | sisted under section 514, 515, or 516 of the 22 |
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| 445 | 445 | | Housing Act of 1949 (42 U.S.C. 1484, 1485, 23 |
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| 446 | 446 | | 1486). 24 |
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| 449 | 449 | | •S 885 IS |
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| 450 | 450 | | (H) One representative of a nonprofit or-1 |
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| 451 | 451 | | ganization that operates nationally and has ac-2 |
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| 452 | 452 | | tively participated in the preservation of hous-3 |
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| 453 | 453 | | ing assisted by the Rural Housing Service by 4 |
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| 454 | 454 | | conducting research regarding, and providing fi-5 |
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| 455 | 455 | | nancing and technical assistance for, preserving 6 |
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| 456 | 456 | | the affordability of that housing. 7 |
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| 457 | 457 | | (I) One representative of low-income hous-8 |
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| 458 | 458 | | ing tax credit investors. 9 |
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| 459 | 459 | | (J) One representative of regulated finan-10 |
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| 460 | 460 | | cial institutions that finance affordable multi-11 |
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| 461 | 461 | | family rural rental housing developments. 12 |
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| 462 | 462 | | (K) Two representatives from nonprofit or-13 |
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| 463 | 463 | | ganizations representing farmworkers, including 14 |
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| 464 | 464 | | 1 organization representing farmworker women. 15 |
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| 465 | 465 | | (3) M |
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| 466 | 466 | | EETINGS.—The advisory committee shall 16 |
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| 467 | 467 | | meet not less often than once each calendar quarter. 17 |
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| 468 | 468 | | (4) F |
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| 469 | 469 | | UNCTIONS.—In providing assistance to the 18 |
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| 470 | 470 | | Secretary to carry out the purpose of the advisory 19 |
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| 471 | 471 | | committee, the advisory committee shall carry out 20 |
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| 472 | 472 | | the following functions: 21 |
|---|
| 473 | 473 | | (A) Assisting the Rural Housing Service of 22 |
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| 474 | 474 | | the Department of Agriculture to improve esti-23 |
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| 475 | 475 | | mates of the size, scope, and condition of the 24 |
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| 476 | 476 | | rental housing portfolio of the Rural Housing 25 |
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| 479 | 479 | | •S 885 IS |
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| 480 | 480 | | Service, including the time frames for maturity 1 |
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| 481 | 481 | | of mortgages and costs for preserving the port-2 |
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| 482 | 482 | | folio as affordable housing. 3 |
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| 483 | 483 | | (B) Reviewing policies and procedures of 4 |
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| 484 | 484 | | the Rural Housing Service regarding preserva-5 |
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| 485 | 485 | | tion of affordable rental housing financed under 6 |
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| 486 | 486 | | section 514, 515, 516, or 538 of the Housing 7 |
|---|
| 487 | 487 | | Act of 1949 (42 U.S.C. 1484, 1485, 1486, 8 |
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| 488 | 488 | | 1490p–2), the Multifamily Preservation and 9 |
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| 489 | 489 | | Revitalization Demonstration program, and the 10 |
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| 490 | 490 | | rental assistance program and making rec-11 |
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| 491 | 491 | | ommendations regarding improvements and 12 |
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| 492 | 492 | | modifications to those policies and procedures. 13 |
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| 493 | 493 | | (C) Providing ongoing review of Rural 14 |
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| 494 | 494 | | Housing Service program results. 15 |
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| 495 | 495 | | (D) Providing reports to Congress and the 16 |
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| 496 | 496 | | public on meetings, recommendations, and other 17 |
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| 497 | 497 | | findings of the advisory committee. 18 |
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| 498 | 498 | | (5) T |
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| 499 | 499 | | RAVEL COSTS.—Any amounts made avail-19 |
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| 500 | 500 | | able for administrative costs of the Department of 20 |
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| 501 | 501 | | Agriculture may be used for costs of travel by mem-21 |
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| 502 | 502 | | bers of the advisory committee to meetings of the 22 |
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| 503 | 503 | | advisory committee. 23 |
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| 504 | 504 | | Æ |
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