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Rural Housing Reform: Longer Loans, Preservation, and Native Homeownership Support

This Act permanently establishes a housing preservation program to maintain affordable rural rental properties and extends the maximum term for direct rural housing loans to 40 years. It also increases the grant amount available for minor home repairs and sets aside funding to increase homeownership opportunities for Native communities through specialized financial institutions.
Key points
The maximum term for direct rural housing loans is extended to not more than 40 years.
The maximum grant amount for minor improvements to farm housing and buildings is increased from $7,500 to $15,000.
A permanent program is established to preserve affordable rental housing, requiring notification to tenants about loan maturity and providing for the renewal of rental assistance.
$50 million is set aside annually from direct loan appropriations for Native Community Development Financial Institutions (CDFIs) to support homeownership.
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Additional Information
Print number: 118_S_1389
Sponsor: Sen. Smith, Tina [D-MN]
Process start date: 2023-05-01
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Rural Housing Service Reform Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1389.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-05-01.

What are the main provisions?

Key points include:

  • The maximum term for direct rural housing loans is extended to not more than 40 years.
  • The maximum grant amount for minor improvements to farm housing and buildings is increased from $7,500 to $15,000.
  • A permanent program is established to preserve affordable rental housing, requiring notification to tenants about loan maturity and providing for the renewal of rental assistance.
  • $50 million is set aside annually from direct loan appropriations for Native Community Development Financial Institutions (CDFIs) to support homeownership.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Smith, Tina [D-MN].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

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