,,ii #aahth ,,congress #ast ,session ,s4 #achi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #a1 #bjbc,ms4 ,smith 7for herself and ,mr4 ,rounds7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to reform rural housing programs1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,rural ,housing ,service ,reform ,act of #bjbc4 7b7 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,,title ,i--,streamlining and updates,sec4 #aja4 ,application of multifamily mortgage foreclosure procedures to multifamily mortgages held by the ,secretary of ,agriculture4,sec4 #ajb4 ,study on rural housing loans for housing for low- and moderate-income families4,sec4 #ajc4 ,authorization of appropriations for staffing needs and information technology upgrades4,,title ,,ii--,rural housing preservation and revitalization,sec4 #bja4 ,permanent establishment of housing preservation and revitalization program4,sec4 #bjb4 ,eligibility for rural housing vouchers4,sec4 #bjc4 ,amount of voucher assistance4,sec4 #bjd4 ,rental assistance contract authority4,sec4 #bje4 ,funding for multifamily technical improvements4,,title ,,iii--,native ,,cdfi relending,sec4 #cja4 ,native ,,cdfi relending program4,,title ,,iv--,section #ejd loans and grants,sec4 #dja4 ,modifications to loans and grants for minor improvements to farm housing and buildings4,,title ,v--,rural community development initiative grants,sec4 #eja4 ,rural ,community ,development ,initiative4,,title ,,vi--,annual report,sec4 #fja4 ,annual report on rural housing programs4,,title ,,vii--,rural housing voucher program,sec4 #gja4 ,adjustment to rural development voucher amount4,,title ,,viii--,transfers to nonprofit organizations,sec4 #hja4 ,transfer of elderly rural housing projects4,,title ,,ix--,term of direct loans made by the ,rural ,housing ,service,sec4 #ija4 ,extension of loan term4 ,i ,streamlining and updates #aja4 ,application of multifamily mortgage foreclosure procedures to multifamily mortgages held by the ,secretary of ,agriculture ,the ,multifamily ,mortgage ,foreclosure ,act of #aiha 7#ab ,u4,s4,c4 #cgja et seq47 is amended-- 7#a7 in section #cfc 7#ab ,u4,s4,c4 #cgjb7-- 7,a7 in paragraph 7#b7-- 7i7 in subparagraph 7,d71 by striking and at the end2 7ii7 in subparagraph 7,e71 by striking the period at the end and inserting 2 or2 and 7iii7 by adding at the end the following3 7,f7 section #ead1 #eae1 or #ech of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adhd1 #adhe1 #adijp74 2 and 7,b7 in paragraph 7#aj7-- 7i7 by striking means the ,secretary and inserting the following3 means-- 7,a7 the ,secretary 2 7ii7 in subparagraph 7,a71 as so designated1 by striking the period at the end and inserting 1 with respect to a multifamily mortgage described in subparagraph 7,a71 7,b71 7,c71 7,d71 or 7,e7 of paragraph 7#b72 and2 and 7iii7 by adding at the end the following3 7,b7 the ,secretary of ,agriculture1 with respect to a multifamily mortgage described in paragraph 7#b77;,f74 4 #ajb4 ,study on rural housing loans for housing for low- and moderate-income families ,not later than #f months after the date of enactment of this ,act1 the ,secretary of ,agriculture shall conduct a study and submit to ,congress a publicly available report on the loan program under section #eba of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adij;a71 including-- 7#a7 the total amount provided by the ,secretary in subsidies under such section #eba2 7#b7 how much of the subsidies are being recaptured2 and 7#c7 the amount of time and costs associated with recapturing those subsidies4 #ajc4 ,authorization of appropriations for staffing needs and information technology upgrades ,there is authorized to be appropriated to the ,secretary of ,agriculture such sums as may be necessary for increased staffing needs and information technology upgrades to support all preservation efforts of the ,rural ,housing ,service4 ,,ii ,rural housing preservation and revitalization #bja4 ,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 following3 #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 the 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 the loan will mature1 the ,secretary shall provide written notice to each household residing in the property that informs them of the date of the loan maturity1 the possible actions that may happen with respect to the property upon that maturity1 and how to protect their right to reside in federally assisted housing after that 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 in any circumstance in which the ,secretary proposes a restructuring to an owner or an owner proposes a restructuring to the ,secretary1 the ,secretary may restructure such existing housing loans1 as the ,secretary considers appropriate1 for the purpose of ensuring that those 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 7#a7 ,in general ,when the ,secretary proposes to restructure a loan or agrees to the proposal of an owner 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 maintenance of the property as decent1 safe1 and sanitary housing for the full term of the rental assistance contract4 7#b7 ,additional rental assistance ,with respect to a project described in paragraph 7#a71 if rental assistance is not available for all households in the project for which the loan is being restructured pursuant to subsection 7c71 the ,secretary may extend such additional rental assistance to unassisted households at that project as is necessary to make the project safe and affordable to low-income households4 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 a 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 before the end of the term of the agreement if the #bj-year rental assistance contract for the project with the owner is terminated at any time for reasons outside the control of the owner4 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 because it is not financially feasible or the owner does not agree with the proposed restructuring1 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 not less than #aj years but not more than #bj years4 7#b7 ,additional rental assistance ,with respect to a project described in paragraph 7#a71 if rental assistance is not available for all households in the project for which the loan is being restructured pursuant to subsection 7c71 the ,secretary may extend such additional rental assistance to unassisted households at that project as is necessary to make the project safe and affordable to low-income households4 7#c7 ,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 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 7#d7 ,conditions for approval 7,a7 ,plan ,before the approval of a rental assistance contract authorized under this section1 the ,secretary shall require the owner to submit to the ,secretary a plan that identifies financing sources and a timetable for renovations and improvements determined to be necessary by the ,secretary to maintain and preserve the project4 7,b7 ,automatic approval ,if a plan submitted under subparagraph 7,a7 is not acted upon by the ,secretary within #cj days of the submission1 the rental assistance contract is automatically approved for not more than a #a-year period4 7g7 ,multifamily housing transfer technical assistance ,under the program under this section1 the ,secretary may provide grants to qualified nonprofit 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 7c7-- 7#a7 a tenant residing in the project shall have #ah months before loan maturation or prepayment to transfer the rental assistance assigned to the unit of the tenant to another rental project originally financed under section #eae or both sections #ead and #eaf1 and such tenants will have priority for admission over other applicants2 and 7#b7 the owner of the initial project may rent the previous unit of the tenant 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 #bjbd through #bjbh4 7k7 ,rulemaking 7#a7 ,in general ,not later than #ahj days after the date of enactment of the ,rural ,housing ,service ,reform ,act of #bjbc1 the ,secretary shall-- 7,a7 publish an advance notice of proposed rulemaking2 and 7,b7 consult with appropriate stakeholders4 7#b7 ,interim final rule ,not later than #a year after the date of enactment of the ,rural ,housing ,service ,reform ,act of #bjbc1 the ,secretary shall publish an interim final rule to carry out this section4 4 #bjb4 ,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 following3 7c7 ,eligibility of households in sections #ead1 #eae1 and #eaf projects 7#a7 ,in general ,the ,secretary may provide rural housing vouchers under this section for any low-income household 7including those not receiving rental assistance7 residing-- 7,a7 for a term longer than the remaining term of their lease in effect just prior to prepayment1 in a property financed with a loan made or insured under section #ead or #eae that has-- 7i7 been prepaid without restrictions imposed by the ,secretary pursuant to section #ejb7;c77#e77;,g77ii77,i72 7ii7 been foreclosed2 or 7iii7 matured after ,september #cj1 #bjje2 or 7,b7 in a property assisted under section #ead or #eaf4 7#b7 ,priority ,the ,secretary shall prioritize the provision of rental housing vouchers under this section for projects owned by nonprofit organizations and their affiliates or public agencies4 4 #bjc4 ,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 the assistance is provided shall be determined as provided in subsection 7a7 of such section #edb4 #bjd4 ,rental assistance contract authority ,section #eba7;d7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adij;a7d77 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 by redesignating subparagraphs 7,b7 and 7,c7 as subparagraphs 7,c7 and 7,d71 respectively2 7,b7 by inserting after subparagraph 7,a7 the following3 7,b7 upon request of an owner of a project financed under section #ead or #eae1 the ,secretary is authorized to enter into renewal of such agreements for a period of #bj years or the term of the loan1 whichever is shorter1 subject to amounts made available in appropriations ,acts2 2 and 7,c7 in subparagraph 7,c71 as so redesignated1 by striking subparagraph 7,a7 and inserting subparagraphs 7,a7 and 7,b72 and 7,d7 in subparagraph 7,d71 as so redesignated1 by striking subparagraphs 7,a7 and 7,b7 and inserting subparagraphs 7,a71 7,b71 and 7,c72 and 7#b7 by adding at the end the following3 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 unused 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 before the termination2 or 7ii7 newly occupies a dwelling unit in the rental project during that #f-month period2 and 7,b7 except for assistance used as provided in subparagraph 7,a71 the ,secretary shall use such remaining authority to provide assistance on behalf of eligible families residing in other rental projects originally financed under section #eae or both sections #ead and #eaf4 4 #bje4 ,funding for multifamily technical improvements 7a7 ,authorization of appropriations ,there is authorized to be appropriated to the ,secretary of ,agriculture such sums as may be necessary for fiscal year #bjbd for improving the technology of the ,department of ,agriculture used to process loans for multifamily housing and otherwise managing that housing4 7b7 ,timeline ,the improvements required under subsection 7a7 shall be made within the #e-year period beginning upon the appropriation of amounts under subsection 7a71 and those amounts shall remain available until the expiration of that #e-year period4 ,,iii ,native ,,cdfi relending #cja4 ,native ,,cdfi relending program ,section #ejb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb7 is amended by adding at the end the following3 7j7 ,set aside for native community development financial institutions 7#a7 ,definitions ,in this subsection-- 7,a7 the term ,alaska ,native has the meaning given the term ,native in section #c7;b7 of the ,alaska ,native ,claims ,settlement ,act 7#dc ,u4,s4,c4 #afjb7;b772 7,b7 the term appropriate congressional committees means-- 7i7 the ,committee on ,agriculture of the ,senate2 7ii7 the ,committee on ,indian ,affairs of the ,senate2 7iii7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7iv7 the ,committee on ,agriculture of the ,house of ,representatives2 7v7 the ,committee on ,natural ,resources of the ,house of ,representatives2 and 7vi7 the ,committee on ,financial ,services of the ,house of ,representatives2 7,c7 the term community development financial institution has the meaning given the term in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb72 7,d7 the term ,indian ,tribe has the meaning given the term ,indian tribe in section #d of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dajc72 7,e7 the term ,native community development financial institution means an entity-- 7i7 that has been certified as a community development financial institution by the ,secretary of the ,treasury2 7ii7 that is not less than #ej percent owned or controlled by members of ,indian ,tribes1 ,alaska ,native communities1 or ,native ,hawaiian communities2 and 7iii7 for which not less than #ej percent of the activities of the entity serve ,indian ,tribes1 ,alaska ,native communities1 or ,native ,hawaiian communities2 7,f7 the term ,native ,hawaiian has the meaning given the term in section #hja of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dbba72 and 7,g7 the term priority ,tribal land means-- 7i7 any land located within the boundaries of-- 7,i7 an ,indian reservation1 pueblo1 or rancheria2 or 7,,ii7 a former reservation within ,oklahoma2 7ii7 any land not located within the boundaries of an ,indian reservation1 pueblo1 or rancheria1 the title to which is held-- 7,i7 in trust by the ,united ,states for the benefit of an ,indian ,tribe or an individual ,indian2 7,,ii7 by an ,indian ,tribe or an individual ,indian1 subject to restriction against alienation under laws of the ,united ,states2 or 7,,iii7 by a dependent ,indian community2 7iii7 any land located within a region established pursuant to section #g7;a7 of the ,alaska ,native ,claims ,settlement ,act 7#dc ,u4,s4,c4 #afjf7;a772 7iv7 ,hawaiian ,home ,lands1 as defined in section #hja of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dbba72 or 7v7 those areas or communities designated by the ,assistant ,secretary of ,indian ,affairs of the ,department of the ,interior that are near1 adjacent1 or contiguous to reservations where financial assistance and social service programs are provided to ,indians because of their status as ,indians4 7#b7 ,purpose ,the purpose of this subsection is to-- 7,a7 increase homeownership opportunities for ,indian ,tribes1 ,alaska ,native ,communities1 and ,native ,hawaiian communities in rural areas2 and 7,b7 provide capital to ,native community development financial institutions to increase the number of mortgage transactions carried out by those institutions4 7#c7 ,set aside for ,native ,c,d,f,is ,of amounts appropriated to make direct loans under this section for each fiscal year1 the ,secretary shall use #ej1jjj1jjj to make direct loans to ,native community development financial institutions in accordance with this subsection4 7#d7 ,application requirements ,a ,native community development financial institution desiring a loan under this subsection shall demonstrate that the institution-- 7,a7 can provide the non-,federal cost share required under paragraph 7#f72 and 7,b7 is able to originate and service loans for single family homes4 7#e7 ,lending requirements ,a ,native community development financial institution that receives a loan pursuant to this subsection shall-- 7,a7 use those amounts to make loans to borrowers-- 7i7 who otherwise meet the requirements for a loan under this section2 and 7ii7 who-- 7,i7 are members of an ,indian ,tribe1 an ,alaska ,native community1 or a ,native ,hawaiian community2 or 7,,ii7 maintain a household in which not less #a member is a member of an ,indian ,tribe1 an ,alaska ,native community1 or a ,native ,hawaiian community2 and 7,b7 in making loans under subparagraph 7,a71 give priority to borrowers described in that subparagraph who are residing on priority ,tribal land4 7#f7 ,non-,federal cost share 7,a7 ,in general ,a ,native community development financial institution that receives a loan under this section shall be required to match not less than #bj percent of the amount received4 7,b7 ,waiver ,in the case of a loan for which amounts are used to make loans to borrowers described in paragraph 7#e77;,b71 the ,secretary shall waive the non-,federal cost share requirement described in subparagraph 7,a7 with respect to those loan amounts4 7#g7 ,reporting 7,a7 ,annual report by ,native ,c,d,f,is ,each ,native community development financial institution that receives a loan pursuant to this subsection shall submit an annual report to the ,secretary on the lending activities of the institution using the loan amounts1 which shall include-- 7i7 a description of the outreach efforts of the institution in local communities to identify eligible borrowers2 7ii7 a description of how the institution leveraged additional capital to reach prospective borrowers2 7iii7 the number of loan applications received1 approved1 and deployed2 7iv7 the average loan amount2 7v7 the number of finalized loans that were made on ,tribal trust lands and not on ,tribal trust lands2 and 7vi7 the number of finalized loans that were made on priority ,tribal land and not priority ,tribal land4 7,b7 ,annual report to ,congress ,not later than #a year after the date of enactment of this subsection1 and every year thereafter1 the ,secretary shall submit to the appropriate congressional communities a report that includes-- 7i7 a list of loans made to ,native community development financial institutions pursuant to this subsection1 including the name of the institution and the loan amount2 7ii7 the percentage of loans made under this section to members of ,indian ,tribes1 ,alaska ,native communities1 and ,native ,hawaiian communities1 respectively1 including a breakdown of loans made to households residing on and not on ,tribal trust lands2 and 7iii7 the average loan amount made by ,native community development financial institutions pursuant to this subsection4 7,c7 ,evaluation of program ,not later than #c years after the date of enactment of this subsection1 the ,secretary and the ,secretary of the ,treasury shall conduct an evaluation of and submit to the appropriate congressional committees a report on the program under this subsection1 which shall-- 7i7 evaluate the effectiveness of the program1 including an evaluation of the demand for loans under the program2 and 7ii7 include recommendations relating to the program1 including whether-- 7,i7 the program should be expanded to such that all community development financial institutions may make loans under the program to the borrowers described in paragraph 7#e72 and 7,,ii7 the set aside amount paragraph 7#c7 should be modified in order to match demand under the program4 7#h7 ,grants for operational support 7,a7 ,in general ,the ,secretary shall make grants to ,native community development financial institutions that receive a loan under this section to provide operational support and other related services to those institutions1 subject to-- 7i7 to the satisfactory performance1 as determined by the ,secretary1 of a ,native community development financial institution in carrying out this section2 and 7ii7 the availability of funding4 7,b7 ,amount ,a ,native community development financial institution that receives a loan under this section shall be eligible to receive an annual grant described in subparagraph 7,a7 in an amount equal to not less than #bj percent and not more than #be percent of the total outstanding balance of loans made by the ,native community development financial institution under the program under this section as of the date on which the grant is awarded4 7#i7 ,outreach and technical assistance ,there is authorized to be appropriated to the ,secretary #a1jjj1jjj for each of fiscal years #bjbd1 #bjbe1 and #bjbf-- 7,a7 to provide technical assistance to ,native community development financial institutions-- 7i7 relating to homeownership and other housing-related assistance provided by the ,secretary2 and 7ii7 to assist those institutions to perform outreach to eligible homebuyers relating to the loan program under this section2 or 7,b7 to provide funding to a national organization representing ,native ,american housing interests to perform outreach and provide technical assistance as described in clauses 7i7 and 7ii71 respectively1 of subparagraph 7,a74 4 ,,iv ,section #ejd loans and grants #dja4 ,modifications to loans and grants for minor improvements to farm housing and buildings ,section #ejd7;a7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgd7 is amended by striking #g1ejj and inserting #ae1jjj4 ,v ,rural community development initiative grants #eja4 ,rural ,community ,development ,initiative ,subtitle ,e of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #bjji et seq47 is amended by adding at the end the following3 #cha,o4 ,rural ,community ,development ,initiative 7a7 ,definitions ,in this section3 7#a7 ,eligible entity ,the term eligible entity means-- 7,a7 a private1 nonprofit community-based housing or community development organization2 7,b7 a low-income rural community2 or 7,c7 a federally recognized ,indian ,tribe4 7#b7 ,eligible intermediary ,the term eligible intermediary means a qualified-- 7,a7 private1 nonprofit organization2 or 7,b7 public organization4 7b7 ,establishment ,the ,secretary shall establish a ,rural ,community ,development ,initiative1 under which the ,secretary shall provide grants to eligible intermediaries to carry out programs to provide financial and technical assistance to eligible entities to develop the capacity and ability of eligible entities to carry out projects to improve housing1 community facilities1 and community and economic development projects in rural areas4 7c7 ,amount of grants ,the amount of a grant provided to an eligible intermediary under this section shall be not more than #bej1jjj4 7d7 ,matching funds 7#a7 ,in general ,an eligible intermediary receiving a grant under this section shall provide matching funds from other sources1 including ,federal funds for related activities1 in an amount not less than the amount of the grant4 7#b7 ,waiver ,the ,secretary may waive paragraph 7#a7 with respect to a project that would be carried out in a persistently poor rural region1 as determined by the ,secretary4 4 ,,vi ,annual report #fja4 ,annual report on rural housing programs ,title ,v of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adga et seq471 as amended by this ,act1 is amended by adding at the end the following #edf4 ,annual report ,the ,secretary shall submit to the appropriate committees of ,congress and publish on the website of the ,department of ,agriculture an annual report on rural housing programs carried out under this title1 which shall include significant details on the health of ,rural ,housing ,service programs1 including-- 7#a7 raw data sortable by services and by region regarding loan performance2 7#b7 the housing stock of those programs1 including information on why properties end participation in those programs1 such as for maturation1 prepayment1 foreclosure1 or other servicing issues2 and 7#c7 risk ratings for properties assisted under those programs4 4 ,,vii ,rural housing voucher program #gja4 ,adjustment to rural development voucher amount 7a7 ,in general ,not later than #b years after the date of enactment of this ,act1 the ,secretary of ,agriculture shall issue regulations to establish a process for adjusting the voucher amount provided under section #edb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adijr7 after the issuance of the voucher following an interim or annual review of the amount of the voucher4 7b7 ,interim review ,the interim review described in subsection 7a7 shall1 at the request of a tenant1 allow for a recalculation of the voucher amount when the tenant experiences a reduction in income or change in family composition4 7c7 ,annual review 7#a7 ,in general ,the annual review described in subsection 7a7 shall require tenants to annually recertify the family composition of the household and that the family income of the household does not exceed #hj percent of the area median income at a time determined by the ,secretary4 7#b7 ,considerations ,if a tenant does not recertify the family composition and family income of the household within the timeframe required under paragraph 7#a71 the ,secretary of ,agriculture-- 7,a7 shall consider whether extenuating circumstances caused the delay in recertification2 and 7,b7 may alter associated consequences for the failure to recertify based on those circumstances4 7#c7 ,effective date ,following the annual review of a voucher under subsection 7a71 the updated voucher amount shall be effective on the #ast day of the month following the expiration of the voucher4 7d7 ,deadline ,the process established under subsection 7a7 shall require the ,secretary of ,agriculture to review and update the voucher amount described in subsection 7a7 for a tenant not later than #fj days before the end of the voucher term4 ,,viii ,transfers to nonprofit organizations #hja4 ,transfer of elderly rural housing projects ,section #eae of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adhe7 is amended-- 7#a7 in subsection 7h71 by adding at the end the following3 7#c7 ,transfer to nonprofit organizations ,a nonprofit or public body purchaser1 including a limited partnership with a nonprofit controlled general partner1 may purchase a property for which a loan is made or insured under this section that has received a market value appraisal1 without addressing rehabilitation needs at the time of purchase1 if the purchaser-- 7,a7 makes a commitment to address rehabilitation needs during ownership and long-term use restrictions on the property2 and 7,b7 at the time of purchase1 accepts long-term use restrictions on the property4 2 and 7#b7 in subsection 7w77#a71 in the first sentence in the matter preceding subparagraph 7,a71 by striking #i percent and inserting #ej percent4 ,,ix ,term of direct loans made by the ,rural ,housing ,service #ija4 ,extension of loan term 7a7 ,in general ,section #ejb7;a77#b7 of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb7;a77#b77 is amended to read as follows3 7#b7 ,the ,secretary may extend the period of any loan made under this section for a total term of not more than #dj years4 4 7b7 ,application ,the amendment made under subsection 7a7 shall apply with respect to loans made under section #ejb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb7 before1 on1 or after the date of enactment of this ,act4