[Congressional Record Volume 170, Number 115 (Thursday, July 11, 2024)]
[Senate]
[Pages S5131-S5135]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2907. Ms. SMITH (for herself and Mr. Rounds) submitted an 
amendment intended to be proposed by her to the bill S. 4638, to 
authorize appropriations for fiscal year 2025 for military activities 
of the Department of Defense, for military construction, and for 
defense activities of the Department of Energy, to prescribe military 
personnel strengths for such fiscal year, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end of subtitle H of title X, add the following:

                Subtitle I--Rural Housing Service Reform

     SEC. 1095. SHORT TITLE.

       This subtitle may be cited as the ``Rural Housing Service 
     Reform Act of 2024''.

     SEC. 1096. APPLICATION OF MULTIFAMILY MORTGAGE FORECLOSURE 
                   PROCEDURES TO MULTIFAMILY MORTGAGES HELD BY THE 
                   SECRETARY OF AGRICULTURE AND PRESERVATION OF 
                   THE RENTAL ASSISTANCE CONTRACT UPON 
                   FORECLOSURE.

       (a) Multifamily Mortgage Procedures.--Section 363 of the 
     Multifamily Mortgage Foreclosure Act of 1981 (12 U.S.C. 3702) 
     is amended--
       (1) in paragraph (2)--
       (A) in subparagraph (D), by striking ``and'' at the end;
       (B) in subparagraph (E), by striking the period at the end 
     and inserting ``; or''; and
       (C) by adding at the end the following:
       ``(F) section 514, 515, or 538 of the Housing Act of 1949 
     (42 U.S.C. 1484, 1485, 1490p).''; and
       (2) in paragraph (10)--
       (A) by striking ``means the Secretary'' and inserting the 
     following: ``means--
       ``(A) the Secretary'';
       (B) in subparagraph (A), as so designated, by striking the 
     period at the end and inserting ``, with respect to a 
     multifamily mortgage described in subparagraph (A), (B), (C), 
     (D), or (E) of paragraph (2); and''; and
       (C) by adding at the end the following:
       ``(B) the Secretary of Agriculture, with respect to a 
     multifamily mortgage described in paragraph (2)(F).''.
       (b) Preservation of Contract.--Section 521(d) of the 
     Housing Act of 1949 (42 U.S.C. 1490a(d)) is amended by adding 
     at the end the following:

[[Page S5132]]

       ``(3) Notwithstanding any other provision of law in 
     managing and disposing of any multifamily property that is 
     owned or has a mortgage held by the Secretary, and during the 
     process of foreclosure on any property with a contract for 
     rental assistance under this section--
       ``(A) the Secretary shall maintain any rental assistance 
     payments that are attached to any dwelling units in the 
     property; and
       ``(B) the rental assistance contract may be used to provide 
     further assistance to existing projects under 514, 515, or 
     516.''.

     SEC. 1097. STUDY ON RURAL HOUSING LOANS FOR HOUSING FOR LOW- 
                   AND MODERATE-INCOME FAMILIES.

       Not later than 6 months after the date of enactment of this 
     Act, the Secretary of Agriculture shall conduct a study and 
     submit to Congress a publicly available report on the loan 
     program under section 521 of the Housing Act of 1949 (42 
     U.S.C. 1490a), including--
       (1) the total amount provided by the Secretary in subsidies 
     under such section 521 to borrowers with loans made pursuant 
     to section 502 of such Act (42 U.S.C. 1472);
       (2) how much of the subsidies described in paragraph (1) 
     are being recaptured; and
       (3) the amount of time and costs associated with 
     recapturing those subsidies.

     SEC. 1098. AUTHORIZATION OF APPROPRIATIONS FOR STAFFING NEEDS 
                   AND INFORMATION TECHNOLOGY UPGRADES.

       There is authorized to be appropriated to the Secretary of 
     Agriculture for each of fiscal years 2024 through 2028 such 
     sums as may be necessary for increased staffing needs and 
     information technology upgrades to support all Rural Housing 
     Service programs.

     SEC. 1099. PERMANENT ESTABLISHMENT OF HOUSING PRESERVATION 
                   AND REVITALIZATION PROGRAM.

       Title V of the Housing Act of 1949 (42 U.S.C. 1471 et seq.) 
     is amended by adding at the end the following:

     ``SEC. 545. HOUSING PRESERVATION AND REVITALIZATION PROGRAM.

       ``(a) Establishment.--The Secretary shall carry out a 
     program under this section for the preservation and 
     revitalization of multifamily rental housing projects 
     financed under section 514, 515, or 516.
       ``(b) Notice of Maturing Loans.--
       ``(1) To owners.--On an annual basis, the Secretary shall 
     provide written notice to each owner of a property financed 
     under section 514, 515, or 516 that will mature within the 4-
     year period beginning upon the provision of the notice, 
     setting forth the options and financial incentives that are 
     available to facilitate the extension of the loan term or the 
     option to decouple a rental assistance contract pursuant to 
     subsection (f).
       ``(2) To tenants.--
       ``(A) In general.--On an annual basis, for each property 
     financed under section 514, 515, or 516, not later than the 
     date that is 2 years before the date that the loan will 
     mature, the Secretary shall provide written notice to each 
     household residing in the property that informs them of--
       ``(i) the date of the loan maturity;
       ``(ii) the possible actions that may happen with respect to 
     the property upon that maturity; and
       ``(iii) how to protect their right to reside in federally 
     assisted housing, or how to secure housing voucher, after 
     that maturity.
       ``(B) Language.--Notice under this paragraph shall be 
     provided in plain English and shall be translated to other 
     languages in the case of any property located in an area in 
     which a significant number of residents speak such other 
     languages.
       ``(c) Loan Restructuring.--Under the program under this 
     section, in any circumstance in which the Secretary proposes 
     a restructuring to an owner or an owner proposes a 
     restructuring to the Secretary, the Secretary may restructure 
     such existing housing loans, as the Secretary considers 
     appropriate, for the purpose of ensuring that those projects 
     have sufficient resources to preserve the projects to provide 
     safe and affordable housing for low-income residents and farm 
     laborers, by--
       ``(1) reducing or eliminating interest;
       ``(2) deferring loan payments;
       ``(3) subordinating, reducing, or reamortizing loan debt;
       ``(4) providing other financial assistance, including 
     advances, payments, and incentives (including the ability of 
     owners to obtain reasonable returns on investment) required 
     by the Secretary; and
       ``(5) permanently removing a portion of the housing units 
     from income restrictions when sustained vacancies have 
     occurred.
       ``(d) Renewal of Rental Assistance.--
       ``(1) In general.--When the Secretary proposes to 
     restructure a loan or agrees to the proposal of an owner to 
     restructure a loan pursuant to subsection (c), the Secretary 
     shall offer to renew the rental assistance contract under 
     section 521(a)(2) for a 20-year term that is subject to 
     annual appropriations, provided that the owner agrees to 
     bring the property up to such standards that will ensure 
     maintenance of the property as decent, safe, and sanitary 
     housing for the full term of the rental assistance contract.
       ``(2) Additional rental assistance.--With respect to a 
     project described in paragraph (1), if rental assistance is 
     not available for all households in the project for which the 
     loan is being restructured pursuant to subsection (c), the 
     Secretary may extend such additional rental assistance to 
     unassisted households at that project as is necessary to make 
     the project safe and affordable to low-income households.
       ``(e) Restrictive Use Agreements.--
       ``(1) Requirement.--As part of the preservation and 
     revitalization agreement for a project, the Secretary shall 
     obtain a restrictive use agreement that is recorded and 
     obligates the owner to operate the project in accordance with 
     this title.
       ``(2) Term.--
       ``(A) No extension of rental assistance contract.--Except 
     when the Secretary enters into a 20-year extension of the 
     rental assistance contract for a project, the term of the 
     restrictive use agreement for the project shall be consistent 
     with the term of the restructured loan for the project.
       ``(B) Extension of rental assistance contract.--If the 
     Secretary enters into a 20-year extension of the rental 
     assistance contract for a project, the term of the 
     restrictive use agreement for the project shall be for the 
     longer of--
       ``(i) 20 years; or
       ``(ii) the remaining term of the loan for that project.
       ``(C) Termination.--The Secretary may terminate the 20-year 
     use restrictive use agreement for a project before the end of 
     the term of the agreement if the 20-year rental assistance 
     contract for the project with the owner is terminated at any 
     time for reasons outside the control of the owner.
       ``(f) Decoupling of Rental Assistance.--
       ``(1) Renewal of rental assistance contract.--If the 
     Secretary determines that a maturing loan for a project 
     cannot reasonably be restructured in accordance with 
     subsection (c) because it is not financially feasible or the 
     owner does not agree with the proposed restructuring, and the 
     project was operating with rental assistance under section 
     521 and the recipient is a borrower under section 514 or 515, 
     the Secretary may renew the rental assistance contract, 
     notwithstanding any provision of section 521, for a term, 
     subject to annual appropriations, of 20 years.
       ``(2) Additional rental assistance.--With respect to a 
     project described in paragraph (1), if rental assistance is 
     not available for all households in the project for which the 
     loan is being restructured pursuant to subsection (c), the 
     Secretary may extend such additional rental assistance to 
     unassisted households at that project as is necessary to make 
     the project safe and affordable to low-income households.
       ``(3) Rents.--Any agreement to extend the term of the 
     rental assistance contract under section 521 for a project 
     shall obligate the owner to continue to maintain the project 
     as decent, safe and sanitary housing and to operate the 
     development as affordable housing in a manner that meets the 
     goals of this title, except that the Secretary shall 
     establish standards for the setting of rents.
       ``(4) Conditions for approval.--
       ``(A) Plan.--Before the approval of a rental assistance 
     contract authorized under this section, the Secretary shall 
     require the owner to submit to the Secretary a plan that 
     identifies financing sources and a timetable for renovations 
     and improvements determined to be necessary by the Secretary 
     to maintain and preserve the project.
       ``(B) Automatic approval.--If a plan submitted under 
     subparagraph (A) is not acted upon by the Secretary within 30 
     days of the submission, the rental assistance contract is 
     automatically approved for not more than a 1-year period.
       ``(g) Multifamily Housing Transfer Technical Assistance.--
     Under the program under this section, the Secretary may 
     provide grants to qualified nonprofit organizations and 
     public housing agencies to provide technical assistance, 
     including financial and legal services, to borrowers under 
     loans under this title for multifamily housing to facilitate 
     the acquisition or preservation of such multifamily housing 
     properties in areas where the Secretary determines there is a 
     risk of loss of affordable housing.
       ``(h) Administrative Expenses.--Of any amounts made 
     available for the program under this section for any fiscal 
     year, the Secretary may use not more than $1,000,000 for 
     administrative expenses for carrying out such program.
       ``(i) Authorization of Appropriations.--There is authorized 
     to be appropriated for the program under this section 
     $200,000,000 for each of fiscal years 2024 through 2028.
       ``(j) Rulemaking.--
       ``(1) In general.--Not later than 180 days after the date 
     of enactment of the Rural Housing Service Reform Act of 2024, 
     the Secretary shall--
       ``(A) publish an advance notice of proposed rulemaking; and
       ``(B) consult with appropriate stakeholders.
       ``(2) Interim final rule.--Not later than 1 year after the 
     date of enactment of the Rural Housing Service Reform Act of 
     2024, the Secretary shall publish an interim final rule to 
     carry out this section.''.

     SEC. 1099A. ELIGIBILITY FOR RURAL HOUSING VOUCHERS.

       Section 542 of the Housing Act of 1949 (42 U.S.C. 1490r) is 
     amended by adding at the end the following:
       ``(c) Eligibility of Households in Sections 514, 515, and 
     516 Projects.--The Secretary may provide rural housing 
     vouchers under this section for any low-income household 
     (including those not receiving rental assistance) residing 
     for a term longer than the remaining term of their lease that 
     is in effect on the date of mortgage maturity, in a property 
     financed with a loan under section 514 or 515 or a grant 
     under section 516 that has--

[[Page S5133]]

       ``(1) been prepaid with or without restrictions imposed by 
     the Secretary pursuant to section 502(c)(5)(G)(ii)(I);
       ``(2) been foreclosed; or
       ``(3) matured after September 30, 2005.''.

     SEC. 1099B. AMOUNT OF VOUCHER ASSISTANCE.

       Notwithstanding any other provision of law, in the case of 
     any rural housing voucher provided pursuant to section 542 of 
     the Housing Act of 1949 (42 U.S.C. 1490r), the amount of the 
     monthly assistance payment for the household on whose behalf 
     the assistance is provided shall be determined as provided in 
     subsection (a) of such section 542, including providing for 
     interim and annual review of the voucher amount in the event 
     of a change in household composition or income or rental 
     rate.

     SEC. 1099C. RENTAL ASSISTANCE CONTRACT AUTHORITY.

       Section 521(d) of the Housing Act of 1949 (42 U.S.C. 
     1490a(d)), as amended by section 101(b), is amended--
       (1) in paragraph (1)--
       (A) by redesignating subparagraphs (B) and (C) as 
     subparagraphs (C) and (D), respectively;
       (B) by inserting after subparagraph (A) the following:
       ``(B) upon request of an owner of a project financed under 
     section 514 or 515, the Secretary is authorized to enter into 
     renewal of such agreements for a period of 20 years or the 
     term of the loan, whichever is shorter, subject to amounts 
     made available in appropriations Acts;'';
       (C) in subparagraph (C), as so redesignated, by striking 
     ``subparagraph (A)'' and inserting ``subparagraphs (A) and 
     (B)''; and
       (D) in subparagraph (D), as so redesignated, by striking 
     ``subparagraphs (A) and (B)'' and inserting ``subparagraphs 
     (A), (B), and (C)'';
       (2) in paragraph (2), by striking ``shall'' and inserting 
     ``may''; and
       (3) by adding at the end the following:
       ``(4) In the case of any rental assistance contract 
     authority that becomes available because of the termination 
     of assistance on behalf of an assisted family--
       ``(A) at the option of the owner of the rental project, the 
     Secretary shall provide the owner a period of not more than 6 
     months before unused assistance is made available pursuant to 
     subparagraph (B) during which the owner may use such 
     assistance authority to provide assistance on behalf of an 
     eligible unassisted family that--
       ``(i) is residing in the same rental project that the 
     assisted family resided before the termination; or
       ``(ii) newly occupies a dwelling unit in the rental project 
     during that 6-month period; and
       ``(B) except for assistance used as provided in 
     subparagraph (A), the Secretary shall use such remaining 
     authority to provide assistance on behalf of eligible 
     families residing in other rental projects originally 
     financed under section 514, 515, or 516.''.

     SEC. 1099D. FUNDING FOR TECHNICAL IMPROVEMENTS.

       (a) Authorization of Appropriations.--There is authorized 
     to be appropriated to the Secretary of Agriculture such sums 
     as may be necessary for fiscal year 2024 for improving the 
     technology of the Department of Agriculture used to process 
     and manage housing loans.
       (b) Timeline.--The improvements required under subsection 
     (a) shall be made within the 5-year period beginning upon the 
     appropriation of amounts under subsection (a), and those 
     amounts shall remain available until the expiration of that 
     5-year period.

     SEC. 1099E. NATIVE CDFI RELENDING PROGRAM.

       Section 502 of the Housing Act of 1949 (42 U.S.C. 1472) is 
     amended by adding at the end the following:
       ``(j) Set Aside for Native Community Development Financial 
     Institutions.--
       ``(1) Definitions.--In this subsection--
       ``(A) the term `Alaska Native' has the meaning given the 
     term `Native' in section 3(b) of the Alaska Native Claims 
     Settlement Act (43 U.S.C. 1602(b));
       ``(B) the term `appropriate congressional committees' 
     means--
       ``(i) the Committee on Agriculture of the Senate;
       ``(ii) the Committee on Indian Affairs of the Senate;
       ``(iii) the Committee on Banking, Housing, and Urban 
     Affairs of the Senate;
       ``(iv) the Committee on Agriculture of the House of 
     Representatives;
       ``(v) the Committee on Natural Resources of the House of 
     Representatives; and
       ``(vi) the Committee on Financial Services of the House of 
     Representatives;
       ``(C) the term `community development financial 
     institution' has the meaning given the term in section 103 of 
     the Community Development Banking and Financial Institutions 
     Act of 1994 (12 U.S.C. 4702);
       ``(D) the term `Indian Tribe' has the meaning given the 
     term `Indian tribe' in section 4 of the Native American 
     Housing Assistance and Self-Determination Act of 1996 (25 
     U.S.C. 4103);
       ``(E) the term `Native community development financial 
     institution' means an entity--
       ``(i) that has been certified as a community development 
     financial institution by the Secretary of the Treasury;
       ``(ii) that is not less than 51 percent owned or controlled 
     by members of Indian Tribes, Alaska Native communities, or 
     Native Hawaiian communities; and
       ``(iii) for which not less than 51 percent of the 
     activities of the entity serve Indian Tribes, Alaska Native 
     communities, or Native Hawaiian communities;
       ``(F) the term `Native Hawaiian' has the meaning given the 
     term in section 801 of the Native American Housing Assistance 
     and Self-Determination Act of 1996 (25 U.S.C. 4221); and
       ``(G) the term `priority Tribal land' means--
       ``(i) any land located within the boundaries of--

       ``(I) an Indian reservation, pueblo, or rancheria; or
       ``(II) a former reservation within Oklahoma;

       ``(ii) any land not located within the boundaries of an 
     Indian reservation, pueblo, or rancheria, the title to which 
     is held--

       ``(I) in trust by the United States for the benefit of an 
     Indian Tribe or an individual Indian;
       ``(II) by an Indian Tribe or an individual Indian, subject 
     to restriction against alienation under laws of the United 
     States; or
       ``(III) by a dependent Indian community;

       ``(iii) any land located within a region established 
     pursuant to section 7(a) of the Alaska Native Claims 
     Settlement Act (43 U.S.C. 1606(a));
       ``(iv) Hawaiian Home Lands, as defined in section 801 of 
     the Native American Housing Assistance and Self-Determination 
     Act of 1996 (25 U.S.C. 4221); or
       ``(v) those areas or communities designated by the 
     Assistant Secretary of Indian Affairs of the Department of 
     the Interior that are near, adjacent, or contiguous to 
     reservations where financial assistance and social service 
     programs are provided to Indians because of their status as 
     Indians.
       ``(2) Purpose.--The purpose of this subsection is to--
       ``(A) increase homeownership opportunities for Indian 
     Tribes, Alaska Native Communities, and Native Hawaiian 
     communities in rural areas; and
       ``(B) provide capital to Native community development 
     financial institutions to increase the number of mortgage 
     transactions carried out by those institutions.
       ``(3) Set aside for native cdfis.--Of amounts appropriated 
     to make direct loans under this section for each fiscal year, 
     the Secretary may use not more than $50,000,000 to make 
     direct loans to Native community development financial 
     institutions in accordance with this subsection.
       ``(4) Application requirements.--A Native community 
     development financial institution desiring a loan under this 
     subsection shall demonstrate that the institution--
       ``(A) can provide the non-Federal cost share required under 
     paragraph (6); and
       ``(B) is able to originate and service loans for single 
     family homes.
       ``(5) Lending requirements.--A Native community development 
     financial institution that receives a loan pursuant to this 
     subsection shall--
       ``(A) use those amounts to make loans to borrowers--
       ``(i) who otherwise meet the requirements for a loan under 
     this section; and
       ``(ii) who--

       ``(I) are members of an Indian Tribe, an Alaska Native 
     community, or a Native Hawaiian community; or
       ``(II) maintain a household in which not less 1 member is a 
     member of an Indian Tribe, an Alaska Native community, or a 
     Native Hawaiian community; and

       ``(B) in making loans under subparagraph (A), give priority 
     to borrowers described in that subparagraph who are residing 
     on priority Tribal land.
       ``(6) Non-federal cost share.--
       ``(A) In general.--A Native community development financial 
     institution that receives a loan under this section shall be 
     required to match not less than 20 percent of the amount 
     received.
       ``(B) Waiver.--In the case of a loan for which amounts are 
     used to make loans to borrowers described in paragraph 
     (5)(B), the Secretary shall waive the non-Federal cost share 
     requirement described in subparagraph (A) with respect to 
     those loan amounts.
       ``(7) Reporting.--
       ``(A) Annual report by native cdfis.--Each Native community 
     development financial institution that receives a loan 
     pursuant to this subsection shall submit an annual report to 
     the Secretary on the lending activities of the institution 
     using the loan amounts, which shall include--
       ``(i) a description of the outreach efforts of the 
     institution in local communities to identify eligible 
     borrowers;
       ``(ii) a description of how the institution leveraged 
     additional capital to reach prospective borrowers;
       ``(iii) the number of loan applications received, approved, 
     and deployed;
       ``(iv) the average loan amount;
       ``(v) the number of finalized loans that were made on 
     Tribal trust lands and not on Tribal trust lands; and
       ``(vi) the number of finalized loans that were made on 
     priority Tribal land and not priority Tribal land.
       ``(B) Annual report to congress.--Not later than 1 year 
     after the date of enactment of this subsection, and every 
     year thereafter, the Secretary shall submit to the 
     appropriate congressional communities a report that 
     includes--

[[Page S5134]]

       ``(i) a list of loans made to Native community development 
     financial institutions pursuant to this subsection, including 
     the name of the institution and the loan amount;
       ``(ii) the percentage of loans made under this section to 
     members of Indian Tribes, Alaska Native communities, and 
     Native Hawaiian communities, respectively, including a 
     breakdown of loans made to households residing on and not on 
     Tribal trust lands; and
       ``(iii) the average loan amount made by Native community 
     development financial institutions pursuant to this 
     subsection.
       ``(C) Evaluation of program.--Not later than 3 years after 
     the date of enactment of this subsection, the Secretary and 
     the Secretary of the Treasury shall conduct an evaluation of 
     and submit to the appropriate congressional committees a 
     report on the program under this subsection, which shall--
       ``(i) evaluate the effectiveness of the program, including 
     an evaluation of the demand for loans under the program; and
       ``(ii) include recommendations relating to the program, 
     including whether--

       ``(I) the program should be expanded to such that all 
     community development financial institutions may make loans 
     under the program to the borrowers described in paragraph 
     (5); and
       ``(II) the set aside amount paragraph (3) should be 
     modified in order to match demand under the program.

       ``(8) Grants for operational support.--
       ``(A) In general.--The Secretary shall make grants to 
     Native community development financial institutions that 
     receive a loan under this section to provide operational 
     support and other related services to those institutions, 
     subject to--
       ``(i) to the satisfactory performance, as determined by the 
     Secretary, of a Native community development financial 
     institution in carrying out this section; and
       ``(ii) the availability of funding.
       ``(B) Amount.--A Native community development financial 
     institution that receives a loan under this section shall be 
     eligible to receive a grant described in subparagraph (A) in 
     an amount equal to 20 percent of the direct loan amount 
     received by the Native community development financial 
     institution under the program under this section as of the 
     date on which the direct loan is awarded.
       ``(9) Outreach and technical assistance.--There is 
     authorized to be appropriated to the Secretary $1,000,000 for 
     each of fiscal years 2024, 2025, and 2026--
       ``(A) to provide technical assistance to Native community 
     development financial institutions--
       ``(i) relating to homeownership and other housing-related 
     assistance provided by the Secretary; and
       ``(ii) to assist those institutions to perform outreach to 
     eligible homebuyers relating to the loan program under this 
     section; or
       ``(B) to provide funding to a national organization 
     representing Native American housing interests to perform 
     outreach and provide technical assistance as described in 
     clauses (i) and (ii), respectively, of subparagraph (A).
       ``(10) Administrative costs.--In addition to other 
     available funds, the Secretary may use not more than 3 
     percent of the amounts made available to carry out this 
     subsection for administration of the programs established 
     under this subsection.''.

     SEC. 1099F. MODIFICATIONS TO LOANS AND GRANTS FOR MINOR 
                   IMPROVEMENTS TO FARM HOUSING AND BUILDINGS.

       Section 504(a) of the Housing Act of 1949 (42 U.S.C. 1474) 
     is amended by striking ``$7,500'' and inserting ``$15,000''.

     SEC. 1099G. RURAL COMMUNITY DEVELOPMENT INITIATIVE.

       Subtitle E of the Consolidated Farm and Rural Development 
     Act (7 U.S.C. 2009 et seq.) is amended by adding at the end 
     the following:

     ``SEC. 381O. RURAL COMMUNITY DEVELOPMENT INITIATIVE.

       ``(a) Definitions.--In this section:
       ``(1) Eligible entity.--The term `eligible entity' means--
       ``(A) a private, nonprofit community-based housing or 
     community development organization;
       ``(B) a rural community; or
       ``(C) a federally recognized Indian Tribe.
       ``(2) Eligible intermediary.--The term `eligible 
     intermediary' means a qualified--
       ``(A) private, nonprofit organization; or
       ``(B) public organization.
       ``(b) Establishment.--The Secretary shall establish a Rural 
     Community Development Initiative, under which the Secretary 
     shall provide grants to eligible intermediaries to carry out 
     programs to provide financial and technical assistance to 
     eligible entities to develop the capacity and ability of 
     eligible entities to carry out projects to improve housing, 
     community facilities, and community and economic development 
     projects in rural areas.
       ``(c) Amount of Grants.--The amount of a grant provided to 
     an eligible intermediary under this section shall be not more 
     than $250,000.
       ``(d) Matching Funds.--
       ``(1) In general.--An eligible intermediary receiving a 
     grant under this section shall provide matching funds from 
     other sources, including Federal funds for related 
     activities, in an amount not less than the amount of the 
     grant.
       ``(2) Waiver.--The Secretary may waive paragraph (1) with 
     respect to a project that would be carried out in a 
     persistently poor rural region, as determined by the 
     Secretary.''.

     SEC. 1099H. ANNUAL REPORT ON RURAL HOUSING PROGRAMS.

       Title V of the Housing Act of 1949 (42 U.S.C. 1471 et 
     seq.), as amended by this subtitle, is amended by adding at 
     the end the following:

     ``SEC. 546. ANNUAL REPORT.

       ``(a) In General.--The Secretary shall submit to the 
     appropriate committees of Congress and publish on the website 
     of the Department of Agriculture an annual report on rural 
     housing programs carried out under this title, which shall 
     include significant details on the health of Rural Housing 
     Service programs, including--
       ``(1) raw data sortable by programs and by region regarding 
     loan performance;
       ``(2) the housing stock of those programs, including 
     information on why properties end participation in those 
     programs, such as for maturation, prepayment, foreclosure, or 
     other servicing issues; and
       ``(3) risk ratings for properties assisted under those 
     programs.
       ``(b) Protection of Information.--The data included in each 
     report required under subsection (a) may be aggregated or 
     anonymized to protect participant financial or personal 
     information.''.

     SEC. 1099I. GAO REPORT ON RURAL HOUSING SERVICE TECHNOLOGY.

       Not later than 1 year after the date of enactment of this 
     Act, the Comptroller General of the United States shall 
     submit to Congress a report that includes--
       (1) an analysis of how the outdated technology used by the 
     Rural Housing Service impacts participants in the programs of 
     the Rural Housing Service;
       (2) an estimate of the amount of funding that is needed to 
     modernize the technology used by the Rural Housing Service; 
     and
       (3) an estimate of the number and type of new employees the 
     Rural Housing Service needs to modernize the technology used 
     by the Rural Housing Service.

     SEC. 1099J. ADJUSTMENT TO RURAL DEVELOPMENT VOUCHER AMOUNT.

       (a) In General.--Not later than 2 years after the date of 
     enactment of this Act, the Secretary of Agriculture shall 
     issue regulations to establish a process for adjusting the 
     voucher amount provided under section 542 of the Housing Act 
     of 1949 (42 U.S.C. 1490r) after the issuance of the voucher 
     following an interim or annual review of the amount of the 
     voucher.
       (b) Interim Review.--The interim review described in 
     subsection (a) shall, at the request of a tenant, allow for a 
     recalculation of the voucher amount when the tenant 
     experiences a reduction in income, change in family 
     composition, or change in rental rate.
       (c) Annual Review.--
       (1) In general.--The annual review described in subsection 
     (a) shall require tenants to annually recertify the family 
     composition of the household and that the family income of 
     the household does not exceed 80 percent of the area median 
     income at a time determined by the Secretary.
       (2) Considerations.--If a tenant does not recertify the 
     family composition and family income of the household within 
     the time frame required under paragraph (1), the Secretary of 
     Agriculture--
       (A) shall consider whether extenuating circumstances caused 
     the delay in recertification; and
       (B) may alter associated consequences for the failure to 
     recertify based on those circumstances.
       (3) Effective date.--Following the annual review of a 
     voucher under subsection (a), the updated voucher amount 
     shall be effective on the 1st day of the month following the 
     expiration of the voucher.
       (d) Deadline.--The process established under subsection (a) 
     shall require the Secretary of Agriculture to review and 
     update the voucher amount described in subsection (a) for a 
     tenant not later than 60 days before the end of the voucher 
     term.

     SEC. 1099K. TRANSFER OF MULTIFAMILY RURAL HOUSING PROJECTS.

       Section 515 of the Housing Act of 1949 (42 U.S.C. 1485) is 
     amended--
       (1) in subsection (h), by adding at the end the following:
       ``(3) Transfer to nonprofit organizations.--A nonprofit or 
     public body purchaser, including a limited partnership with a 
     general partner that is a nonprofit or is controlled by a 
     nonprofit, may purchase a property for which a loan is made 
     or insured under this section that has received a market 
     value appraisal, without addressing rehabilitation needs at 
     the time of purchase, if the purchaser--
       ``(A) makes a commitment to address rehabilitation needs 
     during ownership and long-term use restrictions on the 
     property; and
       ``(B) at the time of purchase, accepts long-term use 
     restrictions on the property.''; and
       (2) in subsection (w)(1), in the first sentence in the 
     matter preceding subparagraph (A), by striking ``9 percent'' 
     and inserting ``50 percent''.

     SEC. 1099L. EXTENSION OF LOAN TERM.

       (a) In General.--Section 502(a)(2) of the Housing Act of 
     1949 (42 U.S.C. 1472(a)(2)) is amended--
       (1) by inserting ``(A)'' before ``The Secretary'';
       (2) in subparagraph (A), as so designated, by striking 
     ``paragraph'' and inserting ``subparagraph''; and
       (3) by adding at the end the following:

[[Page S5135]]

       ``(B) The Secretary may extend the period of any loan made 
     under this section in accordance with terms and conditions as 
     the Secretary shall prescribe, but in no event shall the 
     total term of the loan exceed 40 years.''.
       (b) Application.--The amendment made under subsection (a) 
     shall apply with respect to loans made under section 502 of 
     the Housing Act of 1949 (42 U.S.C. 1472) before, on, or after 
     the date of enactment of this Act.
                                 ______