Permanent Program to Preserve Affordable Rural Rental Housing and Aid Tenants.
This Act establishes a permanent program dedicated to preserving safe and affordable multifamily rental housing for low-income families and farm laborers in rural areas. It introduces loan restructuring options for property owners and mandates early notification and long-term rental assistance extensions (20 years) to protect tenants from losing their subsidized homes. This ensures long-term housing stability for vulnerable rural residents.
Key points
Owners of rural affordable housing can restructure existing loans (e.g., reduced interest, deferred payments) to ensure properties remain affordable and safe for residents.
Tenants must receive written notice two years before their building's loan matures, informing them of their rights and options regarding continued federal housing assistance.
The program authorizes 20-year renewals of rental assistance contracts and provides rural housing vouchers to households at risk of displacement, minimizing housing loss.
Status:
Expired
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