,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #befg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bf1         
#bjai,mrs4 ,%ahe5 7= h]self & ,ms4      
,smi?7 introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to provide r5tal assi/ance to  
l[-income t5ants ( c]ta9 multifamily    
rural h\s+ projects1 & = o!r purposes4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,rural ,h\s+ ,pres]vation ,act (      
#bjai4  #b4 ,availability ( rural h\s+  
v\*]s = t5ants 9 projects ) matur+ loans
  7a7 ,9 g5]al ,section #edb ( ! ,h\s+  
,act ( #aidi 7#db ,u4,s4,c4 #adijr7 is  
am5d$ by add+ at ! end ! foll[+3  7c7   
,rural v\*]s = t5ants ( projects )      
prepaid or matur+ loans  7#a7 ,au?ority 
,subject to ! availability ( am\nts     
provid$ 9 appropriation ,acts & to      
p>agraph 7#c71 ! ,secret>y %all provide 
rural h\s+ v\*]s "u ?is section1 9 !    
am\nt provid$ "u ?is section1 to any    
l[-income h\sehold 7includ+ ^? n receiv+

 r5tal assi/ance7 resid+ 9 a prop]ty t  
is--  7,a7 f9anc$ ) a loan made or      
insur$ "u section #ead or #eae t has be5
 prepaid or has matur$ aft] ,septemb]   
#cj1 #bjje2 or  7,b7 assi/$ "u section  
#ead or #eaf t is own$ by a nonpr(it    
organization or public ag5cy4  7#b7     
,adm9i/ration & subsidies  7,a7 ,9 g5]al
 ,! ,secret>y %all1 to ! maximum ext5t  
practicable1 adm9i/] & op]ate rural h\s+
 v\*]s "u ?is section accord+ to        
regulations & adm9i/rative guidance t is
 applicable to enhanc$ v\*]s "u section 
#h7t7 ( ! ,unit$ ,/ates ,h\s+ ,act (    
#aicg 7#db ,u4,s4,c4 #adcg;f7t77        
adm9i/]$ by ! ,secret>y ( ,h\s+ & ,urban
 ,developm5t4  7,b7 ,am\nt ( assi/ance  
,! am\nt ( r5tal assi/ance provid$ on   
behalf ( hold]s ( rural h\s+ v\*]s "u   
?is section %all be ! same z ! r5tal    
assi/ance provid$ on behalf ( hold]s (  
enhanc$ v\*]s "u section #h7t7 ( !      
,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db   
,u4,s4,c4 #adcg;f7t774  7#c7 ,t]m9ation 
( assi/ance ,! ,secret>y %all t]m9ate ! 

provision ( v\*] assi/ance pursuant to  
?is subsection1 ) respect to a prop]ty1 
if--  7,a7 at any "t1 a new loan is made
 or insur$ "u section #ead or #eae = !  
prop]ty2 &  7,b7 z a result ( a loan    
describ$ 9 subp>agraph 7,a71 r5tal      
assi/ance is provid$ on behalf ( ! v\*] 
hold] 9 an am\nt comp>able to ! r5tal   
assi/ance provid$ on behalf ( ! v\*]    
hold] "u ! v\*] program4  7d7           
,limitation relat+ to projects ) prepaid
 loans  7#a7 ,9 g5]al ,! ,secret>y %all 
n issue rural h\s+ v\*]s "u ?is section 
to resid5ts :o rema9 9 prop]ties t--    
7,a7 7 f9anc$ ) a loan made or insur$ "u
 section #ead or #eae t has be5 prepaid2
 &  7,b7 are subject to any re/rictive  
use agreem5ts ent]$ into pursuant to    
section #ejb7;c77#e77;,g74  7#b7 ,review
 & approval ,! ,secret>y %all-- 7,a7    
review & approve all propos$ r5t        
increases = resid5ts ( prop]ties        
describ$ 9 p>agraph 7#a7 t are protect$ 
by ! use agreem5ts describ$ 9 t         
p>agraph2 &  7,b7 issue1 to ^? resid5ts1

 limit$ v\*] assi/ance t cov]s ! co/ (  
all approv$ future r5t increases t are n
 relat$ to ! co/ ( prepay+ ! loan or    
ref9anc+ ! prop]ty4  4  7b7 ,requirem5t 
= section #eae projects ,to accept v\*]s
 ,section #eae ( ! ,h\s+ ,act ( #aidi   
7#db ,u4,s4,c4 #adhe7 is am5d$ by add+  
at ! end ! foll[+3  7bb7 ,requirem5t ,to
 accept rural h\s+ v\*]s ,no own] ( a   
prop]ty f9anc$ ) a loan made or insur$  
"u ?is section1 :e!r ! loan is out/&+ or
 fully paid1 may refuse to lease an     
available dwell+ unit 9 ! prop]ty to a  
h\sehold on behalf ( :om v\*] assi/ance 
is provid$ "u section #edb1 & to ent]   
into a v\*] contract respect+ ! unit1 a 
proximate cause ( :i* is ! /atus ( !    
curr5t or prospective t5ant z a hold] ( 
t v\*]4  4  #c4 ,dec\pl+ r5tal assi/ance
 f matur+ rural h\s+ loans ,section     
#eba7;a77#b7 ( ! ,h\s+ ,act ( #aidi 7#db
 ,u4,s4,c4 #adij;a7a77#b77 is am5d$ by  
add+ at ! end ! foll[+3  7,f7 ,r5tal    
assi/ance = projects ) matur$ loans  7i7
 ,au?ority ,to cont9ue to make dec5t1   

safe1 & sanit>y h\s+ available to       
l[-income occupants ( projects orig9ally
 f9anc$ ) a loan made or insur$ "u      
section #ead or #eae t has matur$ on or 
aft] ! date ( enactm5t ( ?is subp>agraph
 or ) a grant provid$ "u section #eaf1 &
 at r5tal rates comm5surate to income z 
specifi$ 9 subp>agraph 7,a71 ! ,secret>y
 may1 subject to ! availability ( am\nts
 provid$ 9 appropriation ,acts1 contract
 to make & r5ew annual assi/ance paym5ts
 pursuant to ?is subp>agraph to ! own]s 
( ^? projects4  7ii7 ,(f] ,! ,secret>y  
%all ensure t an (f] to provide a       
contract = assi/ance paym5ts pursuant to
 ?is subp>agraph %all be ext5d$ to all  
own]s ( projects describ$ 9 clause 7i7 n
 lat] ?an #bd mon?s be=e ! maturation ( 
! loan 7except 9 ! case ( loans matur+  
aft] ! date t is #bd mon?s be=e ! date (
 enactm5t ( ?is subp>agraph74  7iii7    
,t]ms ,ea* contract = assi/ance paym5ts 
pursuant to ?is subp>agraph %all-- 7,i7 
h a t]m ( #bj ye>s & be subject to      
availability ( am\nts provid$ 9 annual  

appropriations ,acts2  7,,ii7 cov] all  
new & exi/+ h\seholds resid+ 9 !        
project1 reg>dless ( :e!r or n !        
h\seholds 7 previ\sly assi/$ "u ! r5tal 
assi/ance program au?oriz$ "u           
subp>agraph 7,a72  7,,iii7 be record$ at
 su* local real prop]ty record+ (fice z 
is prescrib$ by ! ,/ate 9 :i* ! project 
is locat$2  7,,iv7 b9d ! own] ( !       
project & successors ( ! own] to cont9ue
 to op]ate ! project 9 accordance ) su* 
agreem5ts2  7,v7 require ! own] &       
successors ( ! own] to agree to cont9ue 
to op]ate ! project z if ! project 7    
subject to an exi/+ loan "u section #ead
 or #eae or a grant "u section #eaf1 z  
applicable2  7,,vi7 ext5d to resid5ts ( 
! project all ! rights t at ! "t !      
contract is ent]$ into are ext5d$ to    
resid5ts ( projects subject to an exi/+ 
loan "u section #ead or #eae or a grant 
"u section #eaf1 z applicable2  7,,vii7 
require ! own] & successors ( ! own] to 
ma9ta9 ! assi/$ h\s+ z dec5t1 safe1 &   
sanit>y h\s+2 &  7,,viii7 provide t !   

,secret>y may r5ew ! contract =         
additional #e-ye> t]ms if ! assi/$ h\s+ 
is ma9ta9$ 9 a dec5t1 safe1 & sanit>y   
condition1 z det]m9$ by ! ,secret>y4    
7iv7 ,actual m>ket r5tals  7,i7 ,9 g5]al
 ,a contract = assi/ance paym5ts provid$
 pursuant to ?is subp>agraph = a project
 %all provide assi/ance to ! own] bas$  
on an initial reasonable op]at+ budget !
 r5ts = :i* d n exce$ su* actual m>ket  
r5tal rates = ! area 9 :i* ! project is 
locat$1 z are e/abli%$ by ! ,secret>y4  
7,,ii7 ,adju/m5t2 r5ewal ,! ,secret>y   
%all annually adju/ ! actual m>ket r5tal
 rates us$ = purposes ( ?is clause4  7v7
 ,r5ewal2 adju/m5t ,9 provid+ assi/ance 
pursuant to ?is subp>agraph1 ! ,secret>y
 %all require ! own] ( ! project to r5ew
 ! assi/ance provid$ to ea* h\sehold n  
less frequ5tly ?an annually1 9          
accordance ) ! provisions ( subp>agraph 
7,a71 & %all adju/ ! am\nt ( assi/ance  
provid$ to a h\sehold at any o!r "t ^u a
 decrease 9 ! mon?ly income ( ! h\sehold
 ( #ajj or m4  7vi7 ,adm9i/ration       

,except z o!rwise provid$ 9 ?is         
subp>agraph1 r5tal assi/ance contracts  
au?oriz$ by ?is subp>agraph %all be     
adm9i/]$ by ! ,secret>y 9 ! same mann] z
 r5tal assi/ance contracts = projects   
hav+ exi/+ loans made or insur$ "u      
section #eae or exi/+ loans & grants    
made "u sections #ead & #eaf4  4  #d4   
,uni=m /&>ds = transf]s ( section #eae  
prop]ties us+ l[-income tax cr$its      
,section #eae ( ! ,h\s+ ,act ( #aidi    
7#db ,u4,s4,c4 #adhe71 z am5d$ by ?is   
,act1 is am5d$ by add+ at ! end !       
foll[+3  7cc7 ,requirem5ts = transf]s ( 
prop]ties involv+ l[-,income h\s+ tax   
cr$its ,! ,secret>y %all e/abli%1 )\t   
exception1 uni=m requirem5ts1 t]ms1 &   
conditions = any sale or transf] ( a    
prop]ty f9anc$ ) a loan "u ?is section  
to any entity1 includ+ a nonpr(it       
organization1 t is seek+ to acquire t   
prop]ty ) am\nts au?oriz$ "u ?is section
 & any l[-income h\s+ tax cr$it "u      
section #db ( ! ,int]nal ,rev5ue ,code (
 #aihf4  4  #e4 ,rural multifamily h\s+ 

revitalization program ,section #eae ( !
 ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4      
#adhe71 z am5d$ by ?is ,act1 is am5d$ by
 add+ at ! end ! foll[+3  7cc7          
,multifamily h\s+ revitalization program
  7#a7 ,9 g5]al ,! ,secret>y may e/abli%
 a ,multifamily ,h\s+ ,revitalization   
,program = ! pres]vation &              
revitalization ( multifamily h\s+       
projects fund$ ) loans made available   
pursuant to ?is section & sections #ead 
& #eaf to ensure t ^? projects h        
suffici5t res\rces to provide safe &    
af=dable h\s+ = l[-income resid5ts & f>m
 labor]s4  7#b7 ,options ,9 c>ry+ out   
p>agraph 7#a71 ! ,secret>y may-- 7,a7 ) 
respect to ! loans--  7i7 r$uce or      
elim9ate int]e/2  7ii7 def] loan        
paym5ts2 &  7iii7 subord9ate1 r$uce1 or 
reamortize loan debt2 &  7,b7 provide   
o!r f9ancial assi/ance1 includ+--  7i7  
advances2 &  7ii7 paym5ts & inc5tives   
7includ+ ! ability ( own]s to obta9     
reasonable returns on inve/m5t74  7#c7  
,requirem5ts ,9 ex*ange = assi/ance     

provid$ pursuant to ?is subsection1 !   
,secret>y %all ent] into a re/rictive   
use agreem5t ) ! prop]ty own] to ensure 
t ! prop]ty rema9s subject to l[-income 
use re/rictions = an additional p]iod ( 
"t consi/5t ) ! t]ms ( ! re/ructur+4    
7#d7 ,use ( funds = rural h\s+ v\*]s    
7,a7 ,au?ority ,if ! ,secret>y det]m9es 
t additional v\*] funds "u section #edb 
are ne$$1 funds = ! revitalization      
program "u ?is subsection may be us$ =  
^? v\*]s = any l[-income h\sehold       
7includ+ ^? n receiv+ r5tal assi/ance7  
resid+ 9 a prop]ty f9anc$ ) a loan "u   
?is section t has be5 prepaid aft]      
,septemb] #cj1 #bjje4  7,b7 ,am\nt      
,not)/&+ section #edb1 ! am\nt ( a v\*] 
provid$ pursuant to ?is p>agraph %all be
 ! diff]5ce betwe5 comp>able m>ket r5t =
 ! unit & ! t5ant-paid r5t = ! unit4    
7,c7 ,availability ,funds made available
 = v\*]s pursuant to ?is p>agraph %all  
be subject to ! availability ( annual   
appropriations4  7,d7 ,adm9i/ration ,!  
,secret>y %all1 to ! maximum ext5t      

practicable1 adm9i/] v\*]s provid$      
pursuant to ?is p>agraph ) regulations &
 adm9i/rative guidance t is applicable  
to h\s+ v\*]s "u section #h ( ! ,unit$  
,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4
 #adcg;f7 adm9i/]$ by ! ,secret>y (     
,h\s+ & ,urban ,developm5t4  7#e7 ,use (
 v\*] funds = revitalization program ,if
 ! ,secret>y det]m9es t additional funds
 = ! revitalization program "u ?is      
subsection are ne$$1 funds = ! rural    
h\s+ v\*] program "u section #edb may be
 us$ = ! revitalization program "u ?is  
subsection4  4  #f4 ,regulations ,n lat]
 ?an #abj days aft] ! date ( enactm5t ( 
?is ,act1 ! ,secret>y ( ,agriculture    
%all issue regulations necess>y to c>ry 
out ! am5dm5ts made by ?is ,act4