,i #aaeth ,,congress #b;d ,session ,h4 ,r4 #eceb ,,in ,,the ,,house ,,of ,,representatives ,march #bj1 #bjah,ms4 ,kuster of ,new ,hampshire 7for herself1 ,mr4 ,nolan1 and ,ms4 ,shea-,porter7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to provide rental assistance to low-income tenants of certain multifamily rural housing projects1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,rural ,housing ,preservation ,act of #bjah4 #b4 ,availability of rural housing vouchers for tenants in projects with maturing loans 7a7 ,in general ,section #edb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adijr7 is amended by adding at the end the following new subsections3 7c7 ,rural vouchers for tenants of projects with prepaid or maturing loans 7#a7 ,authority ,subject to the availability of amounts provided in appropriation ,acts and to paragraph 7#c71 the ,secretary shall provide rural housing vouchers under this section1 in the amount provided under this section1 to any low-income household 7including those not receiving rental assistance7 residing in a property financed with a loan made or insured under section #ead or #eae 7#db ,u4,s4,c4 #adhd1 #adhe7 which has been prepaid1 has been foreclosed1 or has matured1 after ,september #cj1 #bjje1 or residing in a property assisted under section #ead or #eaf 7#db ,u4,s4,c4 #adhd1 #adhf7 that is owned by a nonprofit organization or public agency4 7#b7 ,administration and subsidies ,the ,secretary shall1 to the maximum extent practicable1 administer and operate such vouchers with current regulations and administrative guidance applicable to enhanced vouchers under section #h7t7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7t77 and administered by the ,secretary of ,housing and ,urban ,development4 ,the amount of rental assistance provided on behalf of holders of such vouchers shall be the same as that provided on behalf of holders of enhanced vouchers under such section #h7t74 7#c7 ,termination of assistance ,the ,secretary shall terminate the provision of voucher assistance pursuant to this subsection1 with respect to a property1 if-- 7,a7 at any time1 a new loan is made or insured under section #eae or #ead for the property2 and 7,b7 as a result of such loan1 rental assistance is provided on behalf of the voucher holder in an amount comparable to the rental assistance provided on behalf of the voucher holder under the voucher program4 7d7 ,limitation relating to projects with prepaid loans ,the ,secretary shall not issue vouchers under this section to residents who remain in properties that were financed with a loan made or insured under section #ead or #eae that has been prepaid and that are subject to any restrictive use agreements entered into pursuant to section #ejb7;c77#e77;,g74 ,the ,secretary shall review and approve all proposed rent increases for residents of such properties that are protected by such use agreements and issue1 to such residents1 limited voucher assistance that covers the cost of all approved future rent increases that are not related to the cost of prepaying the loan or refinancing the property4 4 7b7 ,requirement for section #eae projects ,to accept vouchers ,section #eae of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adhe7 is amended by adding at the end the following new subsection3 7bb7 ,requirement ,to accept rural housing vouchers ,no owner of a property previously financed with a loan made or insured under this section1 whether such loan is outstanding or fully paid1 may refuse to lease an available dwelling unit in the property to a household on behalf of whom voucher assistance is provided under section #edb 7#db ,u4,s4,c4 #adijr71 and to enter into a voucher contract respecting such unit1 a proximate cause of which is the status of such current or prospective tenant as a holder of such voucher4 4 #c4 ,decoupling rental assistance from maturing rural housing loans ,paragraph 7#b7 of section #eba7;a7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adij;a7a77#b77 is amended by adding at the end the following new subparagraph3 7,f7 ,rental assistance for projects with matured loans 7i7 ,authority ,to continue to make decent1 safe and sanitary housing available to low-income occupants of projects originally financed with a loan made or insured under section #ead or #eae that has matured on or after the date of the enactment of this subparagraph or with a grant under section #eaf1 and at rental rates commensurate to income as specified in subparagraph 7,a7 of this paragraph1 the ,secretary may1 subject to the availability of amounts provided in appropriation ,acts1 contract to make1 make1 and renew annual assistance payments pursuant to this subparagraph to the owners of such projects4 7ii7 ,offer ,the ,secretary shall ensure that an offer to provide a contract for assistance payments pursuant to this subparagraph shall be extended to all owners of projects described in clause 7i7 not later than #bd months before the maturation of the loan 7except in the case of loans maturing after the date that is #bd months before the date of the enactment of this subparagraph74 7iii7 ,terms ,each contract for assistance payments pursuant to this subparagraph shall-- 7,i7 have a term of #bj years and be subject to availability of amounts provided in annual appropriations ,acts2 7,,ii7 cover all new and existing households residing in the project1 regardless of whether or not they were previously assisted under the rental assistance program authorized under subparagraph 7,a72 7,,iii7 be recorded at such local real property recording office as is prescribed by the ,state in which the project is located2 7,,iv7 bind the owner of the project and the owner's successors to continue to operate the project in accordance with such agreements2 7,v7 require the owner 7and such successors7 to agree to continue to operate the projects as if it were subject to an existing loan under section #ead or #eae or grant under section #eaf1 as applicable2 7,,vi7 extend to residents of the project all the rights that at the time such contract is entered into are extended to residents of projects subject to an existing loan under section #ead or #eae or a grant under section #eaf1 as applicable2 7,,vii7 require the owner 7and such successors7 to maintain the assisted housing as decent1 safe1 and sanitary housing2 and 7,,viii7 provide that the ,secretary may renew the contract for additional #e-year terms if the assisted housing is maintained in such decent1 safe1 and sanitary condition1 as determined by the ,secretary4 7iv7 ,actual market rentals 7,i7 ,in general ,a contract for assistance provided pursuant to this subparagraph for a project shall provide assistance to the owner based on an initial reasonable operating budget the rents for which do not exceed such actual market rental rates for the area in which the project is located1 as are established by the ,secretary4 7,,ii7 ,adjustment2 renewal ,the ,secretary shall adjust the actual market rental rates used for purposes of this clause annually4 7v7 ,renewal2 adjustment ,in providing assistance pursuant to this subparagraph1 the ,secretary shall require the owner of the project to renew the assistance provided to each household not less frequently than annually1 in accordance with the provisions of subparagraph 7,a71 and shall adjust the amount of assistance provided to a household at any other time upon a decrease in the household's monthly income of #ajj or more4 7vi7 ,administration ,rental assistance contracts authorized by this subparagraph shall1 except as otherwise provided in this subparagraph1 be administered by the ,secretary in the same manner as rental assistance contracts for projects having existing loans made or insured under section #eae or existing loans and grants made under sections #ead and #eaf4 4 #d4 ,uniform standards for transfers of section #eae properties using low-income tax credits ,section #eae of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adhe71 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new subsection3 7cc7 ,requirements for transfers of properties involving low-,income housing tax credits ,the ,secretary shall establish1 without exception1 uniform requirements1 terms1 and conditions for any sale or transfer of a property financed with a loan under this section to any entity1 including a nonprofit organization1 that is seeking to acquire such property with amounts authorized under this section and any low-income housing tax credit under section #db of the ,internal ,revenue ,code of #aihf4 4 #e4 ,rural multifamily housing revitalization program ,section #eae of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adhe71 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new subsection3 7dd7 ,multifamily housing revitalization program 7#a7 ,in general ,the ,secretary may establish a ,multifamily ,housing ,revitalization ,program for the preservation and revitalization of multifamily housing projects funded with loans made available pursuant to this section and sections #ead and #eaf to ensure that such projects have sufficient resources to provide safe and affordable housing for low-income residents and farm laborers4 7#b7 ,options ,in carrying out paragraph 7#a71 the ,secretary may-- 7,a7 with respect to such loans-- 7i7 reduce or eliminate interest2 7ii7 defer loan payments2 and 7iii7 subordinate1 reduce1 or reamortize loan debt2 and 7,b7 provide other financial assistance1 including-- 7i7 advances2 and 7ii7 payments and incentives 7including the ability of owners to obtain reasonable returns on investment74 7#c7 ,requirements ,in exchange for assistance provided pursuant to this subsection1 the ,secretary shall enter into a restrictive use agreement with the property owner to ensure that the property remains subject to low-income use restrictions for an additional period of time consistent with the terms of the restructuring4 7#d7 ,use of funds for rural housing vouchers 7,a7 ,authority ,if the ,secretary determines that additional voucher funds under section #edb 7#db ,u4,s4,c4 #adijr7 are needed1 funds for the revitalization program under this subsection may be used for such vouchers for any low-income household 7including those not receiving rental assistance7 residing in a property financed with a loan under this section that has been prepaid after ,september #cj1 #bjje4 7,b7 ,amount ,notwithstanding section #edb1 the amount of a voucher provided pursuant to this paragraph shall be the difference between comparable market rent for the unit and the tenant-paid rent for such unit4 7,c7 ,availability ,funds made available for vouchers pursuant to this paragraph shall be subject to the availability of annual appropriations4 7,d7 ,administration ,the ,secretary shall1 to the maximum extent practicable1 administer vouchers provided pursuant to this paragraph with current regulations and administrative guidance applicable to housing vouchers under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7 administered by the ,secretary of ,housing and ,urban ,development4 7#e7 ,use of voucher funds for revitalization program ,if the ,secretary determines that additional funds for the revitalization program under this section are needed1 funds for the rural housing voucher program under section #edb may be used for the revitalization program under this section4 4 #f4 ,regulations ,the ,secretary of ,agriculture shall issue regulations necessary to carry out the amendments made by this ,act not later than the expiration of the #abj-;day period beginning on the date of the enactment of this ,act4