Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Housing and Community DevelopmentCongressional oversightGovernment studies and investigationsRural conditions and developmentGovernment lending and loan guaranteesHousing finance and home ownershipAlaska Natives and HawaiiansHousing and community development fundingLandlord and tenantLow- and moderate-income housingResidential rehabilitation and home repairHousing supply and affordabilityCommunity life and organizationIndian social and development programs
Why This Matters
This bill updates federal programs that support rural housing. It streamlines mortgage processes, expands funding for repairs and vouchers, and creates new programs to preserve and improve homes and apartments in rural areas.
1Changes multifamily mortgage foreclosure rules for properties held by the Secretary of Agriculture and ensures rental assistance payments stay with projects under foreclosure
2Requires a study on low- and moderate-income rural housing loans and authorizes funding to hire staff and upgrade information technology for the Rural Housing Service
3Establishes a permanent Housing Preservation and Revitalization program to allow flexible loan restructuring and extend rental assistance for multifamily projects financed under sections 514, 515, or 516
4Sets aside up to $50 million annually for Native community development financial institutions (Native CDFIs) to make home loans to Native borrowers, with matching and reporting requirements
5Increases funding for farm housing repairs by raising maximum Section 504 loans from $7,500 to $15,000 and reserves at least 60 percent of funds for very low-income applicants
6Creates Rural Community Development Initiative grants of up to $250,000 for intermediaries to help local groups improve housing, community facilities, and economic development
7Requires the Secretary of Agriculture to publish annual reports on rural housing program data and directs the Government Accountability Office (GAO) to assess technology needs
8Improves the rural housing voucher program by allowing interim and annual voucher reviews, broadening eligibility when projects mature or foreclose, and setting a goal to complete loan application reviews within 90 days
