[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.
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