H.R. 7238 — Introduced in House

I 118th CONGRESS 2d Session H. R. 7238 IN THE HOUSE OF REPRESENTATIVES February 5, 2024Mr. Nunn of Iowa (for himself and Mr. Nickel) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Housing Act of 1949 to extend the term of rural housing site loans and clarify the permissible uses of such loans. 1. Short title This Act may be cited as the Promote Affordable Rural Housing Act. 2. Financial assistance to nonprofit organizations to provide sites for rural housing for low- and moderate-income families Section 524(a)(1) of the Housing Act of 1949 (42 U.S.C. 1490d(a)(1)) is amended— (1) in the first sentence, by inserting after development of land the following: , including for activities necessary for the development of land, such as surveying, architecture, and engineering,; and (2) in the second sentence— (A) by striking two years and inserting five years; and (B) by striking or within such additional period as may be authorized by the Secretary in any case as being necessary to carry out the purposes of this section.