#aafth ,,congress  #ast ,session  ,h4   
,r4 #cfbj  ,,an ,,act  ,to provide      
rental assistance to low-income tenants 
in certain multifamily rural housing    
projects financed by the ,rural ,housing
 ,service of the ,department of         
,agriculture1 and to develop and        
implement a plan for preserving the     
affordability of rural rental housing1  
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,strategy and ,investment in ,rural     
,housing ,preservation ,act of #bjai4   
#b4 ,permanent establishment of housing 
preservation and revitalization program 
,title ,v of the ,housing ,act of #aidi 
7#db ,u4,s4,c4 #adga et seq47 is amended
 by adding at the end the following new 
section3  #ede4 ,housing preservation   
and revitalization program  7a7         
,establishment ,the ,secretary shall    
carry out a program under this section  
for the preservation and revitalization 
of multifamily rental housing projects  
financed under section #eae or both     

sections #ead and #eaf4  7b7 ,notice of 
maturing loans  7#a7 ,to owners ,on an  
annual basis1 the ,secretary shall      
provide written notice to each owner of 
a property financed under section #eae  
or both sections #ead and #eaf that will
 mature within the #d-year period       
beginning upon the provision of such    
notice1 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 7f74  7#b7 ,to tenants  7,a7 
,in general ,for each property financed 
under section #eae or both sections #ead
 and #eaf1 not later than the date that 
is #b years before the date that such   
loan will mature1 the ,secretary shall  
provide written notice to each household
 residing in such property that informs 
them of the date of the loan maturity1  
the possible actions that may happen    
with respect to the property upon such  
maturity1 and how to protect their right

 to reside in federally assisted housing
 after such maturity4  7,b7 ,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 languages4   
7c7 ,loan restructuring ,under the      
program under this section1 the         
,secretary may restructure such existing
 housing loans1 as the ,secretary       
considers appropriate1 for the purpose  
of ensuring that such projects have     
sufficient resources to preserve the    
projects to provide safe and affordable 
housing for low-income residents and    
farm laborers1 by-- 7#a7 reducing or    
eliminating interest2  7#b7 deferring   
loan payments2  7#c7 subordinating1     
reducing1 or reamortizing loan debt2 and
  7#d7 providing other financial        
assistance1 including advances1         
payments1 and incentives 7including the 
ability of owners to obtain reasonable  

returns on investment7 required by the  
,secretary4  7d7 ,renewal of rental     
assistance ,when the ,secretary offers  
to restructure a loan pursuant to       
subsection 7c71 the ,secretary shall    
offer to renew the rental assistance    
contract under section #eba7;a77#b7 for 
a #bj-year term that is subject to      
annual appropriations1 provided that the
 owner agrees to bring the property up  
to such standards that will ensure its  
maintenance as decent1 safe1 and        
sanitary housing for the full term of   
the rental assistance contract4  7e7    
,restrictive use agreements  7#a7       
,requirement ,as part of the            
preservation and revitalization         
agreement for a project1 the ,secretary 
shall obtain a restrictive use agreement
 that obligates the owner to operate the
 project in accordance with this title4 
7#b7 ,term  7,a7 ,no extension of rental
 assistance contract ,except when the   
,secretary enters into a #bj-year       
extension of the rental assistance      

contract for the project1 the term of   
the restrictive use agreement for the   
project shall be consistent with the    
term of the restructured loan for the   
project4  7,b7 ,extension of rental     
assistance contract ,if the ,secretary  
enters into a #bj-year extension of the 
rental assistance contract for a        
project1 the term of the restrictive use
 agreement for the project shall be for 
#bj years4  7,c7 ,termination ,the      
,secretary may terminate the #bj-year   
use restrictive use agreement for a     
project prior to the end of its term if 
the #bj-year rental assistance contract 
for the project with the owner is       
terminated at any time for reasons      
outside the owner's control4  7f7       
,decoupling of rental assistance  7#a7  
,renewal of rental assistance contract  
,if the ,secretary determines that a    
maturing loan for a project cannot      
reasonably be restructured in accordance
 with subsection 7c7 and the project was
 operating with rental assistance under 

section #eba1 the ,secretary may renew  
the rental assistance contract1         
notwithstanding any provision of section
 #eba1 for a term1 subject to annual    
appropriations1 of at least #aj years   
but not more than #bj years4  7#b7      
,rents ,any agreement to extend the term
 of the rental assistance contract under
 section #eba for a project shall       
obligate the owner to continue to       
maintain the project as decent1 safe and
 sanitary housing and to operate the    
development in accordance with this     
title1 except that rents shall be based 
on the lesser of--  7,a7 the            
budget-based needs of the project2 or   
7,b7 7ii7 the operating cost adjustment 
factor as a payment standard as provided
 under section #ebd of the ,multifamily 
,assisted ,housing ,reform and          
,affordability ,act of #aiig 7#db       
,u4,s4,c4 #adcg note74  7g7 ,multifamily
 housing transfer technical assistance  
,under the program under this section1  
the ,secretary may provide grants to    

qualified non-profit organizations and  
public housing agencies to provide      
technical assistance1 including         
financial and legal services1 to        
borrowers under loans under this title  
for multifamily housing to facilitate   
the acquisition of such multifamily     
housing properties in areas where the   
,secretary determines there is a risk of
 loss of affordable housing4  7h7       
,transfer of rental assistance ,after   
the loan or loans for a rental project  
originally financed under section #eae  
or both sections #ead and #eaf have     
matured or have been prepaid and the    
owner has chosen not to restructure the 
loan pursuant to subsection 7c71 a      
tenant residing in such project shall   
have #ah months prior to loan maturation
 or prepayment to transfer the rental   
assistance assigned to the tenant's unit
 to another rental project originally   
financed under section #eae or both     
sections #ead and #eaf1 and the owner of
 the initial project may rent the       

tenant's previous unit to a new tenant  
without income restrictions4  7i7       
,administrative expenses ,of any amounts
 made available for the program under   
this section for any fiscal year1 the   
,secretary may use not more than        
#a1jjj1jjj for administrative expenses  
for carrying out such program4  7j7     
,authorization of appropriations ,there 
is authorized to be appropriated for the
 program under this section #bjj1jjj1jjj
 for each of fiscal years #bjbj through 
#bjbd4  4  #c4 ,eligibility for rural   
housing vouchers ,section #edb of the   
,housing ,act of #aidi 7#db ,u4,s4,c4   
#adijr7 is amended by adding at the end 
the following new subsection3  7c7      
,eligibility of households in section   
#ead1 #eae1 and #eaf projects ,the      
,secretary may provide rural housing    
vouchers under this section for 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 matured after        
,september #cj1 #bjje1 or residing in a 
property assisted under section #ead or 
#eaf that is owned by a nonprofit       
organization or public agency4  4  #d4  
,amount of voucher assistance           
,notwithstanding any other provision of 
law1 in the case of any rural housing   
voucher provided pursuant to section    
#edb of the ,housing ,act of #aidi 7#db 
,u4,s4,c4 #adijr71 the amount of the    
monthly assistance payment for the      
household on whose behalf such          
assistance is provided shall be         
determined as provided in subsection 7a7
 of such section #edb4  #e4 ,use of     
available rental assistance ,subsection 
7d7 of section #eba of the ,housing ,act
 of #aidi 7#db ,u4,s4,c4 #adij;a7d77 is 
amended by adding at the end the        
following new paragraph3  7#c7 ,in the  
case of any rental assistance contract  
authority that becomes available because

 of the termination of assistance on    
behalf of an assisted family-- 7,a7 at  
the option of the owner of the rental   
project1 the ,secretary shall provide   
the owner a period of #f months before  
such assistance is made available       
pursuant to subparagraph 7,b7 during    
which the owner may use such assistance 
authority to provide assistance of      
behalf of an eligible unassisted family 
that--  7i7 is residing in the same     
rental project that the assisted family 
resided in prior to such termination2 or
  7ii7 newly occupies a dwelling unit in
 such rental project during such period2
 and  7,b7 except for assistance used as
 provided in subparagraph 7,a71 the     
,secretary shall use such remaining     
authority to provide such assistance on 
behalf of eligible families residing in 
other rental projects originally        
financed under section #eae or both     
sections #ead and #eaf of this ,act4  4 
#f4 ,funding for multifamily technical  
improvements ,there is authorized to be 

appropriated to the ,secretary of       
,agriculture #ej1jjj1jjj for fiscal year
 #bjbj for improving the technology of  
the ,department of ,agriculture used to 
process loans for multifamily housing   
and otherwise managing such housing4    
,such improvements shall be made within 
the #e-year period beginning upon the   
appropriation of such amounts and such  
amount shall remain available until the 
expiration of such #e-year period4  #g4 
,plan for preserving affordability of   
rental projects  7a7 ,plan ,the         
,secretary of ,agriculture 7in this     
section referred to as the ,secretary7  
shall submit a written plan to the      
,congress1 not later than the expiration
 of the #f-month period beginning on the
 date of the enactment of this ,act1 for
 preserving the affordability for       
low-income families of rental projects  
for which loans were made under section 
#eae or made to nonprofit or public     
agencies under section #ead and avoiding
 the displacement of tenant households1 

which shall-- 7#a7 set forth specific   
performance goals and measures2  7#b7   
set forth the specific actions and      
mechanisms by which such goals will be  
achieved2  7#c7 set forth specific      
measurements by which progress towards  
achievement of each goal can be         
measured2  7#d7 provide for detailed    
reporting on outcomes2 and  7#e7 include
 any legislative recommendations to     
assist in achievement of the goals under
 the plan4  7b7 ,advisory committee     
7#a7 ,establishment2 purpose ,the       
,secretary shall establish an advisory  
committee whose purpose shall be to     
assist the ,secretary in preserving     
section #eae properties and section #ead
 properties owned by nonprofit or public
 agencies through the multifamily       
housing preservation and revitalization 
program under section #ede and in       
implementing the plan required under    
subsection 7a74  7#b7 ,member ,the      
advisory committee shall consist of #ad 
members1 appointed by the ,secretary1 as

 follows3  7,a7 ,a ,state ,director of  
,rural ,development for the ,department 
of ,agriculture4  7,b7 ,the             
,administrator for ,rural ,housing      
,service of the ,department of          
,agriculture4  7,c7 ,two representatives
 of for-profit developers or owners of  
multifamily rural rental housing4  7,d7 
,two representatives of non-profit      
developers or owners of multifamily     
rural rental housing4  7,e7 ,two        
representatives of ,state housing       
finance agencies4  7,f7 ,two            
representatives of tenants of           
multifamily rural rental housing4  7,g7 
,one representative of a community      
development financial institution that  
is involved in preserving the           
affordability of housing assisted under 
sections #ead1 #eae1 and #eaf of the    
,housing ,act of #aidi4  7,h7 ,one      
representative of a nonprofit           
organization that operates nationally   
and has actively participated in the    
preservation of housing assisted by the 

,rural ,housing ,service by conducting  
research regarding1 and providing       
financing and technical assistance for1 
preserving the affordability of such    
housing4  7,i7 ,one representative of   
low-income housing tax credit investors4
  7,j7 ,one representative of regulated 
financial institutions that finance     
affordable multifamily rural rental     
housing developments4  7#c7 ,meetings   
,the advisory committee shall meet not  
less often than once each calendar      
quarter4  7#d7 ,functions ,in providing 
assistance to the ,secretary to carry   
out its purpose1 the advisory committee 
shall carry out the following functions3
  7,a7 ,assisting the ,rural ,housing   
,service of the ,department of          
,agriculture to improve estimates of the
 size1 scope1 and condition of rental   
housing portfolio of the ,service1      
including the time frames for maturity  
of mortgages and costs for preserving   
the portfolio as affordable housing4    
7,b7 ,reviewing current policies and    

procedures of the ,rural ,housing       
,service regarding preservation of      
affordable rental housing financed under
 sections #ead1 #eae1 #eaf1 and #ech of 
the ,housing ,act of #aidi1 the         
,multifamily ,preservation and          
,revitalization ,demonstration program  
7,,mpr71 and the rental assistance      
program and making recommendations      
regarding improvements and modifications
 to such policies and procedures4  7,c7 
,providing ongoing review of ,rural     
,housing ,service program results4  7,d7
 ,providing reports to the ,congress and
 the public on meetings1                
recommendations1 and other findings of  
the advisory committee4  7#e7 ,travel   
costs ,any amounts made available for   
administrative costs of the ,department 
of ,agriculture may be used for costs of
 travel by members of the advisory      
committee to meetings of the committee4 
#h4 ,covered housing programs ,paragraph
 7#c7 of section #dadaa7;a7 of the      
,violence ,against ,women ,act of #aiid 

7#cd ,u4,s4,c4 #abdia7;a77#c77 is       
amended--  7#a7 in subparagraph 7,i71 by
 striking and at the end2  7#b7 by      
redesignating subparagraph 7,j7 as      
subparagraph 7,k72 and  7#c7 by         
inserting after subparagraph 7,i7 the   
following new subparagraph3  7,j7 rural 
development housing voucher assistance  
provided by the ,secretary of           
,agriculture pursuant to section #edb of
 the ,housing ,act of #aidi 7#db        
,u4,s4,c4 #adijr71 without regard to    
subsection 7b7 of such section1 and     
applicable appropriation ,acts2 and  4  
,passed the ,house of ,representatives  
,september #aj1 #bjai4;,clerk4