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Rural Housing Reform: Longer Loans, Tenant Protection, and Home Improvement Grants.

This Act aims to improve the affordability and security of housing in rural areas. It establishes a permanent program to preserve existing affordable rental units, extends the maximum term for direct housing loans to 40 years to lower monthly payments, and doubles the grant amount available for minor home repairs. These changes directly enhance the financial stability and living conditions of rural residents.
Key points
The maximum term for direct rural housing loans is extended up to 40 years, making monthly mortgage payments more affordable for rural residents.
A permanent Housing Preservation Program is established, ensuring existing affordable rental properties remain safe and available through loan restructuring and 20-year rental assistance renewals.
The maximum amount for loans and grants for minor home improvements is doubled from $7,500 to $15,000.
Dedicated funding (up to $50 million annually) is set aside for Native Community Development Financial Institutions (CDFIs) to increase homeownership opportunities for Native American, Alaska Native, and Native Hawaiian communities.
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Additional Information
Print number: 118_S_2790
Sponsor: Sen. Smith, Tina [D-MN]
Process start date: 2023-09-13
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Summarized by: gemini-2.5-flash-preview-09-2025
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_2790.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-09-13.

What are the main provisions?

Key points include:

  • The maximum term for direct rural housing loans is extended up to 40 years, making monthly mortgage payments more affordable for rural residents.
  • A permanent Housing Preservation Program is established, ensuring existing affordable rental properties remain safe and available through loan restructuring and 20-year rental assistance renewals.
  • The maximum amount for loans and grants for minor home improvements is doubled from $7,500 to $15,000.
  • Dedicated funding (up to $50 million annually) is set aside for Native Community Development Financial Institutions (CDFIs) to increase homeownership opportunities for Native American, Alaska Native, and Native Hawaiian communities.
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 2025-12-26.

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