,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #ajdba  ,,9 ,,! ,,h\se ,,(         
,,repres5tatives  ,decemb] #af1         
#bjbd,mr4 ,cleav] introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to      
e/abli% a p]man5t rural h\s+ pres]vation
 & revitalization program1 & = o!r      
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,/rategy & ,inve/m5t 9     
,rural ,h\s+ ,pres]vation ,act ( #bjbc4 
#b4 ,p]man5t e/abli%m5t ( h\s+          
pres]vation & revitalization program    
,title ,v ( ! ,h\s+ ,act ( #aidi 7#db   
,u4,s4,c4 #adga et seq47 is am5d$ by    
add+ at ! end ! foll[+ new section3     
#ede4 ,h\s+ pres]vation & revitalization
 program  7a7 ,e/abli%m5t ,! ,secret>y  
%all c>ry out a program "u ?is section =
 ! pres]vation & revitalization (       
multifamily r5tal h\s+ projects f9anc$  
"u section #eae or bo? sections #ead &  
#eaf4  7b7 ,notice ( matur+ loans  7#a7 
,to own]s ,on an annual basis1 !        
,secret>y %all provide writt5 notice to 

ea* own] ( a prop]ty f9anc$ "u section  
#eae or bo? sections #ead & #eaf t w    
mature )9 ! #d-ye> p]iod beg9n+ ^u !    
provision ( ! notice1 sett+ =? ! options
 & f9ancial inc5tives t are available to
 facilitate ! ext5sion ( ! loan t]m or !
 option to dec\ple a r5tal assi/ance    
contract pursuant to subsection 7f74    
7#b7 ,to t5ants  7,a7 ,9 g5]al ,= ea*   
prop]ty f9anc$ "u section #eae or bo?   
sections #ead & #eaf1 n lat] ?an ! date 
t is #b ye>s be=e ! date t ! loan w     
mature1 ! ,secret>y %all provide writt5 
notice to ea* h\sehold resid+ 9 !       
prop]ty t in=ms !m ( ! date ( ! loan    
maturity1 ! possible actions t may happ5
 ) respect to ! prop]ty ^u t maturity1 &
 h[ to protect _! "r to reside 9 f$]ally
 assi/$ h\s+ aft] t maturity4  7,b7     
,language ,notice "u ?is p>agraph %all  
be provid$ 9 pla9 ,engli% & %all be     
translat$ to o!r languages 9 ! case (   
any prop]ty locat$ 9 an area 9 :i* a    
significant numb] ( resid5ts speak su*  
o!r languages4  7c7 ,loan re/ructur+ ,"u

 ! program "u ?is section1 9 any        
circum/ance 9 :i* ! ,secret>y proposes a
 re/ructur+ to an own] or an own]       
proposes a re/ructur+ to ! ,secret>y1 ! 
,secret>y may re/ructure su* exi/+ h\s+ 
loans1 z ! ,secret>y consid]s           
appropriate1 = ! purpose ( ensur+ t ^?  
projects h suffici5t res\rces to pres]ve
 ! projects to provide safe & af=dable  
h\s+ = l[-income resid5ts & f>m labor]s1
 by-- 7#a7 r$uc+ or elim9at+ int]e/2    
7#b7 def]r+ loan paym5ts2  7#c7         
subord9at+1 r$uc+1 or reamortiz+ loan   
debt2 &  7#d7 provid+ o!r f9ancial      
assi/ance1 includ+ advances1 paym5ts1 & 
inc5tives 7includ+ ! ability ( own]s to 
obta9 reasonable returns on inve/m5t7   
requir$ by ! ,secret>y4  7d7 ,r5ewal (  
r5tal assi/ance  7#a7 ,9 g5]al ,:5 !    
,secret>y proposes to re/ructure a loan 
or agrees to ! proposal ( an own] to    
re/ructure a loan pursuant to subsection
 7c71 ! ,secret>y %all (f] to r5ew !    
r5tal assi/ance contract "u section     
#eba7;a77#b7 = a #bj-ye> t]m t is       

subject to annual appropriations1       
provid$ t ! own] agrees to br+ ! prop]ty
 up to or ma9ta9 ! prop]ty at su* /&>ds 
t w ensure ma9t5ance ( ! prop]ty z      
dec5t1 safe1 & sanit>y h\s+ = ! full t]m
 ( ! r5tal assi/ance contract4  7#b7    
,additional r5tal assi/ance  7,a7 ,9    
g5]al ,) respect to a project describ$ 9
 p>agraph 7#a71 if r5tal assi/ance is n 
available = all h\seholds 9 ! project = 
:i* ! loan is be+ re/ructur$ pursuant to
 subsection 7c71 ! ,secret>y may ext5d  
su* additional r5tal assi/ance to       
unassi/$ h\seholds at t project z is    
necess>y to make ! project safe &       
af=dable to l[-income h\seholds4  7,b7  
,unavailable prop]ty ,9 ! ev5t t a      
prop]ty is n available to provide       
additional r5tal assi/ance to h\seholds 
"u subp>agraph 7,a71 ! ,secret>y may (f]
 a rural h\s+ v\*] to ^? h\seholds4  7e7
 ,re/rictive use agreem5ts  7#a7        
,requirem5t ,z "p ( ! pres]vation &     
revitalization agreem5t = a project1 !  
,secret>y %all obta9 a re/rictive use   

agreem5t t obligates ! own] to op]ate ! 
project 9 accordance ) ?is title4  7#b7 
,t]m  7,a7 ,no ext5sion ( r5tal         
assi/ance contract ,except :5 !         
,secret>y ent]s into a #bj-ye> ext5sion 
( ! r5tal assi/ance contract = a        
project1 ! t]m ( ! re/rictive use       
agreem5t = ! project %all be consi/5t ) 
! t]m ( ! re/ructur$ loan = ! project4  
7,b7 ,ext5sion ( r5tal assi/ance        
contract ,if ! ,secret>y ent]s into a   
#bj-ye> ext5sion ( ! r5tal assi/ance    
contract = a project1 ! t]m ( !         
re/rictive use agreem5t = ! project %all
 be = #bj ye>s4  7,c7 ,t]m9ation ,!     
,secret>y may t]m9ate ! #bj-ye> use     
re/rictive use agreem5t = a project be=e
 ! end ( ! t]m ( ! agreem5t if ! #bj-ye>
 r5tal assi/ance contract = ! project ) 
! own] is t]m9at$ at any "t = reasons   
outside ! control ( ! own]4  7f7        
,dec\pl+ ( r5tal assi/ance  7#a7 ,r5ewal
 ( r5tal assi/ance contract ,if !       
,secret>y det]m9es t a matur+ loan = a  
project _c reasonably be re/ructur$ 9   

accordance ) subsection 7c7 because x is
 n f9ancially feasible or ! own] does n 
agree ) ! propos$ re/ructur+1 & !       
project 0 op]at+ ) r5tal assi/ance "u   
section #eba1 ! ,secret>y may r5ew !    
r5tal assi/ance contract1 not)/&+ any   
provision ( section #eba1 = a t]m1      
subject to annual appropriations1 ( #bj 
ye>s1 provid$ t ! own] ent]s into a     
re/rictive use agreem5t4  7#b7          
,additional r5tal assi/ance ,) respect  
to a project describ$ 9 p>agraph 7#a71  
if r5tal assi/ance is n available = all 
h\seholds 9 ! project1 ! ,secret>y may  
ext5d su* additional r5tal assi/ance to 
unassi/$ h\seholds at t project z is    
necess>y to make ! project safe &       
af=dable to l[-income h\seholds4  7#c7  
,r5ts ,any agreem5t to ext5d ! t]m ( !  
r5tal assi/ance contract "u section #eba
 = a project %all obligate ! own] to    
cont9ue to ma9ta9 ! project z dec5t1    
safe & sanit>y h\s+ & to op]ate !       
developm5t 9 accordance ) ?is title1    
except t r5ts %all be bas$ on ! less]   

(-- 7,a7 ! budget-bas$ ne$s ( ! project2
 or  7,b7 ! op]at+ co/ adju/m5t factor z
 a paym5t /&>d z provid$ "u section #ebd
 ( ! ,multifamily ,assi/$ ,h\s+ ,re=m & 
,af=dability ,act ( #aiig 7#db ,u4,s4,c4
 #adcg note74  7#d7 ,conditions =       
approval  7,a7 ,plan ,be=e ! approval ( 
a r5tal assi/ance contract au?oriz$ "u  
?is section1 ! ,secret>y %all require ! 
own] to submit to ! ,secret>y a plan t  
id5tifies f9anc+ s\rces & a timetable = 
r5ovations & improvem5ts det]m9$ to be  
necess>y by ! ,secret>y to ma9ta9 &     
pres]ve ! project4  7,b7 ,automatic     
approval ,if a plan submitt$ "u         
subp>agraph 7,a7 is n act$ ^u by !      
,secret>y )9 #cj days ( ! submission1 ! 
r5tal assi/ance contract is             
automatically approv$ = n m ?an a #a-ye>
 p]iod4  7g7 ,multifamily h\s+ transf]  
te*nical assi/ance ,"u ! program "u ?is 
section1 ! ,secret>y may provide grants 
to qualifi$ nonpr(it organizations &    
public h\s+ ag5cies to provide te*nical 
assi/ance1 includ+ f9ancial & legal     

s]vices1 to borr[]s "u loans "u ?is     
title = multifamily h\s+ to facilitate !
 acquisition ( su* multifamily h\s+     
prop]ties 9 areas :]e ! ,secret>y       
det]m9es !re is a risk ( loss ( af=dable
 h\s+4  7h7 ,transf] ( r5tal assi/ance  
,aft] ! loan or loans = a r5tal project 
orig9ally f9anc$ "u section #eae or bo? 
sections #ead & #eaf h matur$ or h be5  
prepaid & ! own] has *os5 n to          
re/ructure ! loan pursuant to subsection
 7c7-- 7#a7 a t5ant resid+ 9 ! project  
%all h #ah mon?s be=e loan maturation or
 prepaym5t to transf] ! r5tal assi/ance 
assign$ to ! unit ( ! t5ant to ano!r    
r5tal project orig9ally f9anc$ "u       
section #eae or bo? sections #ead &     
#eaf1 & su* t5ants w h priority =       
admission ov] o!r applicants2 &  7#b7 ! 
own] ( ! initial project may r5t !      
previ\s unit ( ! t5ant to a new t5ant   
)\t income re/rictions4  7i7            
,adm9i/rative exp5ses ,( any am\nts made
 available = ! program "u ?is section = 
any fiscal ye>1 ! ,secret>y may use n m 

?an #a1jjj1jjj = adm9i/rative exp5ses = 
c>ry+ out su* program4  7j7             
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ = ! program  
"u ?is section #bjj1jjj1jjj = ea* (     
fiscal ye>s #bjbd ?r\gh #bjbh4  7k7     
,rulemak+  7#a7 ,9 g5]al ,n lat] ?an    
#ahj days aft] ! date ( enactm5t ( !    
,/rategy & ,inve/m5t 9 ,rural ,h\s+     
,pres]vation ,act ( #bjbc1 ! ,secret>y  
%all-- 7,a7 publi% an advance notice (  
propos$ rulemak+2 &  7,b7 consult )     
appropriate /akehold]s4  7#b7 ,int]im   
f9al rule ,n lat] ?an #a ye> aft] ! date
 ( enactm5t ( ! ,/rategy & ,inve/m5t 9  
,rural ,h\s+ ,pres]vation ,act ( #bjbc1 
! ,secret>y %all publi% an int]im f9al  
rule to c>ry out ?is section4  4  #c4   
,eligibility = rural h\s+ v\*]s ,section
 #edb ( ! ,h\s+ ,act ( #aidi 7#db       
,u4,s4,c4 #adijr7 is am5d$ by add+ at ! 
end ! foll[+3  7c7 ,eligibility (       
h\seholds 9 sections #ead1 #eae1 & #eaf 
projects  7#a7 ,9 g5]al ,! ,secret>y may
 provide rural h\s+ v\*]s "u ?is section

 = any l[-income h\sehold 7includ+ ^? n 
receiv+ r5tal assi/ance7 resid+-- 7,a7 =
 a t]m long] ?an ! rema9+ t]m ( _! lease
 9 effect j prior to prepaym5t1 9 a     
prop]ty f9anc$ ) a loan made or insur$  
"u section #ead or #eae t has-- 7i7 be5 
prepaid )\t re/rictions impos$ by !     
,secret>y pursuant to section           
#ejb7;c77#e77;,g77ii77,i72  7ii7 be5    
=eclos$2 or  7iii7 matur$ aft] ,septemb]
 #cj1 #bjje & ! prop]ty is n receiv+    
r5tal assi/ance "u section #ede7;f72 or 
7,b7 9 a prop]ty assi/$ "u section #ead 
or #eaf4  7#b7 ,priority ,! ,secret>y   
%all prioritize ! provision ( r5tal h\s+
 v\*]s "u ?is section = projects own$ by
 nonpr(it organizations & _! affiliates 
or public ag5cies4  4  #d4 ,am\nt ( v\*]
 assi/ance ,not)/&+ any o!r provision ( 
law1 9 ! case ( any rural h\s+ v\*]     
provid$ pursuant to section #edb ( !    
,h\s+ ,act ( #aidi 7#db ,u4,s4,c4       
#adijr71 ! am\nt ( ! mon?ly assi/ance   
paym5t = ! h\sehold on ^: behalf !      
assi/ance is provid$ %all be det]m9$ z  

provid$ 9 subsection 7a7 ( su* section  
#edb4  #e4 ,r5tal assi/ance contract    
au?ority ,section #eba7;d7 ( ! ,h\s+    
,act ( #aidi 7#db ,u4,s4,c4 #adij;a7d77 
is am5d$-- 7#a7 9 p>agraph 7#a7-- 7,a7  
by r$esignat+ subp>agraphs 7,b7 & 7,c7 z
 subp>agraphs 7,c7 & 7,d71 respectively2
  7,b7 by ins]t+ aft] subp>agraph 7,a7 !
 foll[+3  7,b7 ^u reque/ ( an own] ( a  
project f9anc$ "u section #ead or #eae  
or an own] :o has ent]$ into a          
re/rictive use agreem5t "u section      
#ede7;e71 ! ,secret>y is au?oriz$ to    
ent] into a r5ewal ( su* agreem5ts = a  
p]iod ( #bj ye>s or ! t]m ( ! loan1     
:i*ev] is %ort]1 subject to am\nts made 
available 9 appropriations ,acts2  2    
7,c7 9 subp>agraph 7,c71 z s r$esignat$1
 by /rik+ subp>agraph 7,a7 & ins]t+     
subp>agraphs 7,a7 & 7,b72 &  7,d7 9     
subp>agraph 7,d71 z s r$esignat$1 by    
/rik+ subp>agraphs 7,a7 & 7,b7 & ins]t+ 
subp>agraphs 7,a71 7,b71 & 7,c72 &  7#b7
 9 p>agraph 7#b7-- 7,a7 by /rik+ %all & 
ins]t+ may2 &  7,b7 by ins]t+ 7o!r ?an !

 au?ority describ$ 9 p>agraph 7#a77;,b77
 aft] ?is section4  #f4 ,fund+ =        
multifamily te*nical improvem5ts  7a7   
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ to !         
,secret>y ( ,agriculture #ej1jjj1jjj =  
fiscal ye> #bjbd = improv+ ! te*nology (
 ! ,dep>tm5t ( ,agriculture us$ to      
process loans = multifamily h\s+ &      
o!rwise manag+ t h\s+4  7b7 ,timel9e ,! 
improvem5ts requir$ "u subsection 7a7   
%all be made )9 ! #e-ye> p]iod beg9n+ ^u
 ! appropriation ( am\nts "u subsection 
7a71 & ^? am\nts %all rema9 available   
until ! expiration ( t #e-ye> p]iod4    
#g4 ,plan = pres]v+ af=dability ( r5tal 
projects  7a7 ,plan ,n lat] ?an #f mon?s
 aft] ! date ( enactm5t ( ?is ,act1 !   
,secret>y ( ,agriculture 79 ?is section 
ref]r$ to z ! ,secret>y7 %all submit to 
,congress a writt5 plan = pres]v+ !     
af=dability = l[-income families ( r5tal
 projects = :i* loans 7 made "u section 
#ead or #eae ( ! ,h\s+ ,act ( #aidi 7#db
 ,u4,s4,c4 #adhd1 #adhe7 & avoid+ !     

displacem5t ( t5ant h\seholds1 :i*      
%all-- 7#a7 set =? specific p]=mance    
goals & measures2  7#b7 set =? !        
specific actions & me*anisms by :i* ^?  
goals w be a*iev$2  7#c7 set =? specific
 measurem5ts by :i* progress t[>ds      
a*ievem5t ( ea* goal c be measur$2  7#d7
 provide = detail$ report+ on outcomes2 
&  7#e7 include any legislative         
recomm5dations to assi/ 9 a*ievem5t ( ! 
goals "u ! plan4  7b7 ,advisory         
committee  7#a7 ,e/abli%m5t2 purpose ,! 
,secret>y %all e/abli% an advisory      
committee 79 ?is section ref]r$ to z !  
advisory committee7 to assi/ ! ,secret>y
 9-- 7,a7 pres]v+ prop]ties assi/$ "u   
section #ead or #eae ( ! ,h\s+ ,act (   
#aidi 7#db ,u4,s4,c4 #adhd1 #adhe7 ?r\gh
 ! multifamily h\s+ pres]vation &       
revitalization program "u section #ede (
 su* ,act1 z add$ by section #b ( ?is   
,act2 &  7,b7 implem5t+ ! plan requir$  
"u subsection 7a74  7#b7 ,memb] ,!      
advisory committee %all consi/ ( #af    
memb]s1 appo9t$ by ! ,secret>y1 z       

foll[s3 7,a7 ,a ,/ate ,director ( ,rural
 ,developm5t = ! ,dep>tm5t (            
,agriculture4  7,b7 ,! ,adm9i/rator =   
,rural ,h\s+ ,s]vice ( ! ,dep>tm5t (    
,agriculture4  7,c7 ,two repres5tatives 
( =-pr(it develop]s or own]s (          
multifamily rural r5tal h\s+4  7,d7 ,two
 repres5tatives ( nonpr(it develop]s or 
own]s ( multifamily rural r5tal h\s+4   
7,e7 ,two repres5tatives ( ,/ate h\s+   
f9ance ag5cies4  7,f7 ,two              
repres5tatives ( t5ants ( multifamily   
rural r5tal h\s+4  7,g7 ,"o             
repres5tative ( a community developm5t  
f9ancial in/itution t is involv$ 9      
pres]v+ ! af=dability ( h\s+ assi/$ "u  
sections #ead1 #eae1 & #eaf ( ! ,h\s+   
,act ( #aidi 7#db ,u4,s4,c4 #adhd1      
#adhe1 #adhf74  7,h7 ,"o repres5tative (
 a nonpr(it organization t op]ates      
nationally & has actively p>ticipat$ 9 !
 pres]vation ( h\s+ assi/$ by ! ,rural  
,h\s+ ,s]vice by conduct+ rese>* reg>d+1
 & provid+ f9anc+ & te*nical assi/ance  
=1 pres]v+ ! af=dability ( t h\s+4  7,i7

 ,"o repres5tative ( l[-income h\s+ tax 
cr$it inve/ors4  7,j7 ,"o repres5tative 
( regulat$ f9ancial in/itutions t f9ance
 af=dable multifamily rural r5tal h\s+  
developm5ts4  7,k7 ,two repres5tatives f
 nonpr(it organizations repres5t+       
f>mwork]s1 includ+ #a organization      
repres5t+ f>mwork] wom54  7#c7 ,meet+s  
,! advisory committee %all meet n less  
(t5 ?an once ea* cal5d> qu>t]4  7#d7    
,functions ,9 provid+ assi/ance to !    
,secret>y to c>ry out ! purpose ( !     
advisory committee1 ! advisory committee
 %all c>ry out ! foll[+ functions3 7,a7 
,assi/+ ! ,rural ,h\s+ ,s]vice ( !      
,dep>tm5t ( ,agriculture to improve     
e/imates ( ! size1 scope1 & condition ( 
r5tal h\s+ portfolio ( ! ,rural ,h\s+   
,s]vice1 includ+ ! "t frames = maturity 
( mortgages & co/s = pres]v+ ! portfolio
 z af=dable h\s+4  7,b7 ,review+        
policies & proc$ures ( ! ,rural ,h\s+   
,s]vice reg>d+ pres]vation ( af=dable   
r5tal h\s+ f9anc$ "u sections #ead1     
#eae1 #eaf1 & #ech ( ! ,h\s+ ,act (     

#aidi 7#db ,u4,s4,c4 #adhd1 #adhe1      
#adhf1 #adijp-#b71 ! ,multifamily       
,pres]vation & ,revitalization          
,demon/ration program1 & ! r5tal        
assi/ance program & mak+ recomm5dations 
reg>d+ improvem5ts & modifications to ^?
 policies & proc$ures4  7,c7 ,provid+   
ongo+ review ( ,rural ,h\s+ ,s]vice     
program results4  7,d7 ,provid+ reports 
to ,congress & ! public on meet+s1      
recomm5dations1 & o!r f9d+s ( ! advisory
 committee4  7#e7 ,travel co/s ,any     
am\nts made available = adm9i/rative    
co/s ( ! ,dep>tm5t ( ,agriculture may be
 us$ = co/s ( travel by memb]s ( !      
advisory committee to meet+s ( !        
advisory committee4