,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #dieg  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,augu/ #ab1 #bjbe,mr4 
,nunn ( ,i[a 7= himself & ,mr4 ,cleav]7 
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices1 & 9
 addition to ! ,committee on            
,agriculture1 = a p]iod to be           
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to re=m rural h\s+ 
programs1 & = o!r purposes4  #a4 ,%ort  
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,rural ,h\s+  
,s]vice ,re=m ,act ( #bjbe4  7b7 ,table 
( cont5ts ,! table ( cont5ts ( ?is ,act 
is z foll[s3  ,sec4 #a4 ,%ort title2    
table ( cont5ts4 ,title ,i--,/reaml9+ & 
updates ,sec4 #aja4 ,application (      
multifamily mortgage =eclosure proc$ures
 to multifamily mortgages held by !     
,secret>y ( ,agriculture & pres]vation (
 ! r5tal assi/ance contract ^u          
=eclosure4 ,sec4 #ajb4 ,/udy on rural   

h\s+ loans = h\s+ = l[- & mod]ate-income
 families4 ,sec4 #ajc4 ,au?orization (  
appropriations = /aff+ & ,,x upgrades4  
,sec4 #ajd4 ,fund+ = te*nical           
improvem5ts4 ,title ,,ii--,rural h\s+   
pres]vation & revitalization ,sec4 #bja4
 ,p]man5t e/abli%m5t ( h\s+ pres]vation 
& revitalization program4 ,sec4 #bjb4   
,r5tal assi/ance contract au?ority4     
,title ,,iii--,section #ejd loans &     
grants ,sec4 #cja4 ,modifications to    
loans & grants = m9or improvem5ts to f>m
 h\s+ & build+s2 income eligibility4    
,title ,,iv--,rural community developm5t
 initiative grants ,sec4 #dja4 ,rural   
community developm5t initiative4 ,title 
,v--,reports ,sec4 #eja4 ,annual report 
on rural h\s+ programs4 ,sec4 #ejb4     
,,gao report on ,rural ,h\s+ ,s]vice    
te*nology4 ,title ,,vi--,rural h\s+ v\*]
 program ,sec4 #fja4 ,adju/m5t to rural 
developm5t v\*] am\nt4 ,sec4 #fjb4      
,eligibility = rural h\s+ v\*]s4 ,sec4  
#fjc4 ,am\nt ( v\*] assi/ance4 ,title   
,,vii--,transf]s to nonpr(it            

organizations ,sec4 #gja4 ,transf] (    
multifamily rural h\s+ projects4 ,title 
,,viii--,section #ejb loans & gu>antees 
,sec4 #hja4 ,ext5sion ( loan t]m4 ,sec4 
#hjb4 ,release ( liability = section    
#ejb gu>ante$ borr[] ^u assumption (    
orig9al loan by new borr[]4 ,sec4 #hjc4 
,dep>tm5t ( ,agriculture loan           
re/rictions4 ,title ,,ix--,accessory    
dwell+ units ,sec4 #ija4 ,loan          
gu>antees4 ,title ,x--,"t frame =       
complet+ application review ,sec4 #ajja4
 ,application review4  ,i ,/reaml9+ &   
updates  #aja4 ,application (           
multifamily mortgage =eclosure proc$ures
 to multifamily mortgages held by !     
,secret>y ( ,agriculture & pres]vation (
 ! r5tal assi/ance contract ^u =eclosure
  7a7 ,multifamily mortgage proc$ures   
,section #cfc7b7 ( ! ,multifamily       
,mortgage ,=eclosure ,act ( #aiha 7#ab  
,u4,s4,c4 #cgjb7b77 is am5d$-- 7#a7 9   
subp>agraph 7,d71 by /rik+ & at ! end2  
7#b7 9 subp>agraph 7,e71 by /rik+ !     
p]iod at ! end & ins]t+ 2 or2 &  7#c7 by

 add+ at ! end ! foll[+3  7,f7 section  
#ead1 #eae1 or #ech ( ! ,h\s+ ,act (    
#aidi 7#db ,u4,s4,c4 #adhd1 #adhe1      
#adijp74  4  7b7 ,pres]vation ( contract
 ,section #eba7;d7 ( ! ,h\s+ ,act (     
#aidi 7#db ,u4,s4,c4 #adij;a7d77 is     
am5d$ by add+ at ! end ! foll[+3  7#c7  
,not)/&+ any o!r provision ( law 9      
manag+ & dispos+ ( any multifamily      
prop]ty t is own$ or has a mortgage held
 by ! ,secret>y1 & dur+ ! process (     
=eclosure on any prop]ty ) a contract = 
r5tal assi/ance "u ?is section-- 7,a7 ! 
,secret>y %all ma9ta9 any r5tal         
assi/ance paym5ts t are atta*$ to any   
dwell+ units 9 ! prop]ty2 &  7,b7 !     
r5tal assi/ance contract may be us$ to  
provide fur!r assi/ance to exi/+        
projects "u #ead1 #eae1 or #eaf4  4     
#ajb4 ,/udy on rural h\s+ loans = h\s+ =
 l[- & mod]ate-income families ,n lat]  
?an #f mon?s aft] ! date ( enactm5t (   
?is ,act1 ! ,secret>y ( ,agriculture    
%all conduct a /udy & submit to         
,congress a publicly available report on

 ! loan program "u section #eba ( !     
,h\s+ ,act ( #aidi 7#db ,u4,s4,c4       
#adij;a71 includ+--  7#a7 ! total am\nt 
provid$ by ! ,secret>y 9 subsidies "u   
su* section #eba to borr[]s ) loans made
 pursuant to section #ejb ( su* ,act    
7#db ,u4,s4,c4 #adgb72  7#b7 h[ mu* ( ! 
subsidies describ$ 9 p>agraph 7#a7 are  
be+ recaptur$2 &  7#c7 ! am\nt ( "t &   
co/s associat$ ) recaptur+ ^? subsidies4
  #ajc4 ,au?orization ( appropriations =
 /aff+ & ,,x upgrades ,!re is au?oriz$  
to be appropriat$ to ! ,secret>y (      
,agriculture = ea* ( fiscal ye>s #bjbf  
?r\gh #bjcj su* sums z may be necess>y =
 increas$ /aff+ ne$s & in=mation        
te*nology upgrades to support all ,rural
 ,h\s+ ,s]vice programs4  #ajd4 ,fund+ =
 te*nical improvem5ts  7a7 ,au?orization
 ( appropriations ,!re is au?oriz$ to be
 appropriat$ to ! ,secret>y (           
,agriculture su* sums z may be necess>y 
= fiscal ye> #bjbf = improvem5ts to !   
te*nology ( ! ,rural ,h\s+ ,s]vice ( !  
,dep>tm5t ( ,agriculture us$ to process 

& manage h\s+ loans4  7b7 ,availability 
,am\nts appropriat$ pursuant to         
subsection 7a7 %all rema9 available     
until ! date t is #e ye>s aft] ! date ( 
! appropriation4  7c7 ,timel9e ,!       
,secret>y ( ,agriculture %all make !    
improvem5ts describ$ 9 subsection 7a7   
dur+ ! #e-ye> p]iod beg9n+ on ! date on 
:i* am\nts are appropriat$ "u subsection
 7a74  ,,ii ,rural h\s+ pres]vation &   
revitalization  #bja4 ,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[+3  #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 #ead1 #eae1  
or #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  

#ead1 #eae1 or #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 ,on an annual     
basis1 = ea* prop]ty f9anc$ "u section  
#ead1 #eae1 or #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 (-- 7i7 ! date ( !   
loan maturity2  7ii7 ! possible actions 
t may happ5 ) respect to ! prop]ty ^u t 
maturity2 &  7iii7 h[ to protect _! "r  
to reside 9 f$]ally assi/$ h\s+1 or h[  
to secure h\s+ v\*]1 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>y2 &  7#e7         
p]man5tly remov+ a portion ( ! h\s+     
units f income re/rictions :5 su/a9$    
vacancies h occurr$4  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 t]m t is ! %ort] ( #bj 
ye>s & ! t]m ( ! re/ructur$ loan1       
subject to annual appropriations1       
provid$ t ! own] agrees to br+ ! prop]ty
 up to 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 ,) 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  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 is record$ &  
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 = ! long] (--  7i7 #bj ye>s2 or 
7ii7 ! rema9+ t]m ( ! loan = t project4 
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   
loan matur+ dur+ ! #d-ye> p]iod beg9n+  
^u ! provision ( ! notice requir$ "u    

subsection 7b77#a7 = 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 #eba & !  
recipi5t is a borr[] "u section #ead or 
#eae1 ! ,secret>y may r5ew ! r5tal      
assi/ance contract1 not)/&+ any         
requirem5t "u section #eba t ! recipi5t 
be a curr5t borr[] "u section #ead or   
#eae1 = a t]m ( #bj ye>s1 subject to    
annual appropriations4  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 ! 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#c7 ,r5ts  7,a7 ,9 g5]al   
,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 safe1 &    
sanit>y h\s+ & to op]ate ! developm5t z 
af=dable h\s+ 9 a mann] t meets ! goals 
( ?is title4  7,b7 ,r5t am\nts ,subject 
to subp>agraph 7,c71 9 sett+ r5ts1 !    
,secret>y-- 7i7 %all det]m9e ! maximum  
initial r5t bas$ on curr5t fair m>ket   
r5ts e/abli%$ "u section #h ( ! ,unit$  
,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4
 #adcg;f72 &  7ii7 may annually adju/ ! 
r5t det]m9$ "u clause 7i7 by ! op]at+   
co/ adju/m5t factor z provid$ "u section
 #ebd ( ! ,multifamily ,assi/$ ,h\s+    
,re=m & ,af=dability ,act ( #aiig 7#db  
,u4,s4,c4 #adcg;f note74  7,c7 ,high]   
r5t  7i7 ,9 g5]al ,subp>agraph 7,b7 %all
 n apply if ! ,secret>y det]m9es t !    
budget-bas$ ne$s ( a project require a  
high] r5t ?an ! r5t describ$ 9          
subp>agraph 7,b74  7ii7 ,r5t ,if !      
,secret>y makes a positive det]m9ation  
"u clause 7i71 ! ,secret>y may approve a
 budget-bas$ r5t level = ! project4     
7#d7 ,conditions = approval ,be=e !     

approval ( a r5tal assi/ance contract   
au?oriz$ "u ?is section1 ! ,secret>y    
%all require1 ?r\gh an annual notice 9 !
 ,f$]al ,regi/]1 ! own] to submit to !  
,secret>y a plan t id5tifies f9anc+     
s\rces & a timetable = r5ovations &     
improvem5ts det]m9$ to be necess>y by ! 
,secret>y to ma9ta9 & pres]ve ! project4
  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 or pres]vation ( su*       
multifamily h\s+ prop]ties 9 areas :]e !
 ,secret>y det]m9es !re is a risk ( loss
 ( af=dable h\s+4  7h7 ,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  7i7             

,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ = ! program  
"u ?is section su* sums z may be        
necess>y = ea* ( fiscal ye>s #bjbf ?r\gh
 #bjcj4  7j7 ,rulemak+  7#a7 ,9 g5]al ,n
 lat] ?an #ahj days aft] ! date (       
enactm5t ( ! ,rural ,h\s+ ,s]vice ,re=m 
,act ( #bjbe1 ! ,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 (
 ! ,rural ,h\s+ ,s]vice ,re=m ,act (    
#bjbe1 ! ,secret>y %all publi% an int]im
 f9al rule to c>ry out ?is section4  4  
#bjb4 ,r5tal assi/ance contract au?ority
 ,section #eba7;d7 ( ! ,h\s+ ,act (     
#aidi 7#db ,u4,s4,c4 #adij;a7d771 z     
am5d$ by section #aja7;b71 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 #eae1 

! ,secret>y is au?oriz$ to ent] into    
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$1 by    
/rik+ subp>agraphs 7,a7 & 7,b7 & ins]t+ 
subp>agraphs 7,a71 7,b71 & 7,c72  7#b7 9
 p>agraph 7#b71 by /rik+ %all & ins]t+  
may2 &  7#c7 by add+ at ! end ! foll[+3 
7#d7 ,9 ! case ( any r5tal assi/ance    
contract au?ority t becomes available   
because ( ! t]m9ation ( assi/ance on    
behalf ( an assi/$ family-- 7,a7 at !   
option ( ! own] ( ! r5tal project1 !    
,secret>y %all provide ! own] a p]iod ( 
n m ?an #f mon?s be=e unus$ assi/ance is
 made available pursuant to subp>agraph 
7,b7 dur+ :i* ! own] may use su*        
assi/ance au?ority to provide assi/ance 
on behalf ( an eligible unassi/$ family 
t--  7i7 is resid+ 9 ! same r5tal       

project 9 :i* ! assi/$ family resid$    
be=e ! t]m9ation2 or  7ii7 newly        
occupies a dwell+ unit 9 ! r5tal project
 dur+ t #f-mon? p]iod2 &  7,b7 except = 
assi/ance us$ z provid$ 9 subp>agraph   
7,a71 ! ,secret>y %all use su* rema9+   
au?ority to provide assi/ance on behalf 
( eligible families resid+ 9 o!r r5tal  
projects orig9ally f9anc$ "u section    
#ead1 #eae1 or #eaf4  4  ,,iii ,section 
#ejd loans & grants  #cja4              
,modifications to loans & grants = m9or 
improvem5ts to f>m h\s+ & build+s2      
income eligibility ,section #ejd7;a7 ( !
 ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4      
#adgd7;a77 is am5d$--  7#a7 9 ! fir/    
s5t5ce1 by ins]t+ & may make a loan to  
an eligible l[-income applicant aft]    
applicant2  7#b7 by ins]t+ ,n less ?an  
#fj p]c5t ( loan funds made available "u
 ?is section %all be res]v$ & made      
available = v l[-income applicants4 aft]
 ! fir/ s5t5ce2 &  7#c7 by /rik+ #g1ejj 
& ins]t+ #ae1jjj4  ,,iv ,rural community
 developm5t initiative grants  #dja4    

,rural community developm5t initiative  
,subtitle ,e ( ! ,consolidat$ ,f>m &    
,rural ,developm5t ,act 7#g ,u4,s4,c4   
#bjji et seq47 is am5d$ by add+ at ! end
 ! foll[+3  #cha,o4 ,rural community    
developm5t initiative  7a7 ,def9itions  
,9 ?is section3 7#a7 ,eligible entity ,!
 t]m eligible entity means--  7,a7 a    
private1 nonpr(it community-bas$ h\s+ or
 community developm5t organization2     
7,b7 a rural community2 or  7,c7 a      
f$]ally recogniz$ ,indian ,tribe4  7#b7 
,eligible int]m$i>y ,! t]m eligible     
int]m$i>y means a qualifi$--  7,a7      
private1 nonpr(it organization2 or  7,b7
 public organization4  7b7 ,e/abli%m5t  
,! ,secret>y %all e/abli% a ,rural      
,community ,developm5t ,initiative1 "u  
:i* ! ,secret>y %all provide grants to  
eligible int]m$i>ies to c>ry out        
programs to provide f9ancial & te*nical 
assi/ance to eligible entities to       
develop ! capacity & ability ( eligible 
entities to c>ry out projects to improve
 h\s+1 community facilities1 & community

 & economic developm5t projects 9 rural 
areas4  7c7 ,am\nt ( grants ,! am\nt ( a
 grant provid$ to an eligible int]m$i>y 
"u ?is section %all be n m ?an #bej1jjj4
  7d7 ,mat*+ funds  7#a7 ,9 g5]al ,an   
eligible int]m$i>y receiv+ a grant "u   
?is section %all provide mat*+ funds f  
o!r s\rces1 includ+ ,f$]al funds =      
relat$ activities1 9 an am\nt n less ?an
 ! am\nt ( ! grant4  7#b7 ,waiv] ,!     
,secret>y may waive p>agraph 7#a7 )     
respect to a project t w\ld be c>ri$ out
 9 a p]si/5tly poor rural region1 z     
det]m9$ by ! ,secret>y4  4  ,v ,reports 
#eja4 ,annual report on rural h\s+      
programs ,title ,v ( ! ,h\s+ ,act (     
#aidi 7#db ,u4,s4,c4 #adga et seq471 z  
am5d$ by ?is ,act1 is am5d$ by add+ at !
 end ! foll[+3  #edf4 ,annual report    
7a7 ,9 g5]al ,! ,secret>y %all submit to
 ! appropriate committees ( ,congress & 
publi% on ! website ( ! ,dep>tm5t (     
,agriculture an annual report on rural  
h\s+ programs c>ri$ out "u ?is title1   
:i* %all include significant details on 

! heal? ( ,rural ,h\s+ ,s]vice programs1
 includ+--  7#a7 raw data sortable by   
programs & by region reg>d+ loan        
p]=mance2  7#b7 ! h\s+ /ock ( ^?        
programs1 includ+ in=mation on :y       
prop]ties end p>ticipation 9 ^?         
programs1 su* z = maturation1 prepaym5t1
 =eclosure1 or o!r s]vic+ issues2 &     
7#c7 risk rat+s = prop]ties assi/$ "u ^?
 programs4  7b7 ,protection ( in=mation 
,! data includ$ 9 ea* report requir$ "u 
subsection 7a7 may be aggregat$ or      
anonymiz$ to protect p>ticipant f9ancial
 or p]sonal in=mation4  4  #ejb4 ,,gao  
report on ,rural ,h\s+ ,s]vice te*nology
 ,n lat] ?an #a ye> aft] ! date (       
enactm5t ( ?is ,act1 ! ,comptroll]      
,g5]al ( ! ,unit$ ,/ates %all submit to 
,congress a report t includes-- 7#a7 an 
analysis ( h[ ! outdat$ te*nology us$ by
 ! ,rural ,h\s+ ,s]vice impacts         
p>ticipants 9 ! programs ( ! ,rural     
,h\s+ ,s]vice2  7#b7 an e/imate ( !     
am\nt ( fund+ t is ne$$ to mod]nize !   
te*nology us$ by ! ,rural ,h\s+ ,s]vice2

 &  7#c7 an e/imate ( ! numb] & type (  
new employees ! ,rural ,h\s+ ,s]vice    
ne$s to mod]nize ! te*nology us$ by !   
,rural ,h\s+ ,s]vice4  ,,vi ,rural h\s+ 
v\*] program  #fja4 ,adju/m5t to rural  
developm5t v\*] am\nt  7a7 ,9 g5]al ,n  
lat] ?an #b ye>s aft] ! date ( enactm5t 
( ?is ,act1 ! ,secret>y ( ,agriculture  
%all issue regulations to e/abli% a     
process = adju/+ ! v\*] am\nt provid$ "u
 section #edb ( ! ,h\s+ ,act ( #aidi    
7#db ,u4,s4,c4 #adijr7 aft] ! issuance (
 ! v\*] foll[+ an int]im or annual      
review ( ! am\nt ( ! v\*]4  7b7 ,int]im 
review ,! int]im review describ$ 9      
subsection 7a7 %all1 at ! reque/ ( a    
t5ant1 all[ = a recalculation ( ! v\*]  
am\nt :5 ! t5ant exp]i5ces a r$uction 9 
income1 *ange 9 family composition1 or  
*ange 9 r5tal rate4  7c7 ,annual review 
7#a7 ,9 g5]al ,! annual review describ$ 
9 subsection 7a7 %all require t5ants to 
annually rec]tify ! family composition (
 ! h\sehold & t ! family income ( !     
h\sehold does n exce$ #hj p]c5t ( ! area

 m$ian income at a "t det]m9$ by !      
,secret>y ( ,agriculture4  7#b7         
,consid]ations ,if a t5ant does n       
rec]tify ! family composition & family  
income ( ! h\sehold )9 ! "t frame       
requir$ "u p>agraph 7#a71 ! ,secret>y ( 
,agriculture--  7,a7 %all consid] :e!r  
ext5uat+ circum/ances caus$ ! delay 9   
rec]tification2 &  7,b7 may alt]        
associat$ consequ5ces = ! failure to    
rec]tify bas$ on ^? circum/ances4  7#c7 
,effective date ,foll[+ ! annual review 
( a v\*] "u subsection 7a71 ! updat$    
v\*] am\nt %all be effective on ! #a/   
day ( ! mon? foll[+ ! expiration ( !    
v\*]4  7d7 ,deadl9e ,! process e/abli%$ 
"u subsection 7a7 %all require !        
,secret>y ( ,agriculture to review &    
update ! v\*] am\nt describ$ 9          
subsection 7a7 = a t5ant n lat] ?an #fj 
days be=e ! end ( ! v\*] t]m4  #fjb4    
,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 ,! ,secret>y may provide rural 
h\s+ v\*]s "u ?is section = any         
l[-income h\sehold 7includ+ ^? n receiv+
 r5tal assi/ance7 resid+ = a t]m long]  
?an ! rema9+ t]m ( _! lease t is 9      
effect on ! date ( prepaym5t1 =eclosure1
 or mortgage maturity1 9 a prop]ty      
f9anc$ ) a loan "u section #ead or #eae 
or a grant "u section #eaf t has--  7#a7
 be5 prepaid ) or )\t re/rictions impos$
 by ! ,secret>y pursuant to section     
#ejb7;c77#e77;,g77ii77,i72  7#b7 be5    
=eclos$2 or  7#c7 matur$ aft] ,septemb] 
#cj1 #bjje4  4  #fjc4 ,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  
#edb1 includ+ provid+ = int]im & annual 
review ( ! v\*] am\nt 9 ! ev5t ( a *ange

 9 h\sehold composition or income or    
r5tal rate4  ,,vii ,transf]s to nonpr(it
 organizations  #gja4 ,transf] (        
multifamily rural h\s+ projects ,section
 #eae ( ! ,h\s+ ,act ( #aidi 7#db       
,u4,s4,c4 #adhe7 is am5d$-- 7#a7 9      
subsection 7h71 by add+ at ! end !      
foll[+3  7#c7 ,transf] to nonpr(it      
organizations ,a nonpr(it or public body
 pur*as]1 includ+ a limit$ p>tn]%ip ) a 
g5]al p>tn] ) ! pr9cipal purpose (      
provid+ af=dable h\s+1 may pur*ase a    
prop]ty = :i* a loan is made or insur$  
"u ?is section t has receiv$ a m>ket    
value appraisal1 )\t address+           
rehabilitation ne$s at ! "t ( pur*ase1  
if ! pur*as]-- 7,a7 makes a commitm5t to
 address rehabilitation ne$s dur+       
own]%ip & long-t]m use re/rictions on ! 
prop]ty2 &  7,b7 at ! "t ( pur*ase1     
accepts long-t]m use re/rictions on !   
prop]ty4  2 &  7#b7 9 subsection        
7w77#a71 9 ! fir/ s5t5ce 9 ! matt]      
prec$+ subp>agraph 7,a71 by /rik+ #i    
p]c5t & ins]t+ #be p]c5t4  ,,viii       

,section #ejb loans & gu>antees  #hja4  
,ext5sion ( loan t]m  7a7 ,9 g5]al      
,section #ejb7;a77#b7 ( ! ,h\s+ ,act (  
#aidi 7#db ,u4,s4,c4 #adgb7;a77#b77 is  
am5d$-- 7#a7 by ins]t+ 7,a7 be=e ,!     
,secret>y2  7#b7 9 subp>agraph 7,a71 z s
 designat$1 by /rik+ p>agraph & ins]t+  
subp>agraph2 &  7#c7 by add+ at ! end ! 
foll[+3  7,b7 ,! ,secret>y may ref9ance 
or modify ! p]iod ( any loan1 includ+   
any ref9anc$ loan1 made "u ?is section 9
 accordance ) t]ms & conditions z !     
,secret>y %all prescribe1 b 9 no ev5t   
%all ! total t]m ( ! loan f ! date ( !  
ref9ance or modification exce$ #dj ye>s4
  4  7b7 ,application ,! am5dm5t made "u
 subsection 7a7 %all apply ) respect to 
loans made "u section #ejb ( ! ,h\s+    
,act ( #aidi 7#db ,u4,s4,c4 #adgb7 be=e1
 on1 or aft] ! date ( enactm5t ( ?is    
,act4  #hjb4 ,release ( liability =     
section #ejb gu>ante$ borr[] ^u         
assumption ( orig9al loan by new borr[] 
,section #ejb7;h77#aj7 ( ! ,h\s+ ,act ( 
#aidi 7#db ,u4,s4,c4 #adgb7;h77#aj77 is 

am5d$ to read z foll[s3  7#aj7 ,transf] 
& assumption ,^u ! transf] ( prop]ty =  
:i* a gu>ante$ loan "u ?is subsection 0 
made & ! assumption ( ! gu>ante$ loan by
 an approv$ eligible borr[]1 ! orig9al  
borr[] ( a gu>ante$ loan "u ?is         
subsection %all be reliev$ ( liability )
 respect to ! loan4  4  #hjc4 ,dep>tm5t 
( ,agriculture loan re/rictions  7a7    
,def9itions ,9 ?is section1 ! t]ms ,/ate
 & ,tribal organization h ! mean+s giv5 
^? t]ms 9 section #feh,p ( ! ,*ild ,c>e 
& ,developm5t ,block ,grant ,act ( #aiij
 7#db ,u4,s4,c4 #ihehn74  7b7 ,revision 
,! ,secret>y ( ,agriculture %all revise 
section #ceee4ajb7;c7 ( title #g1 ,code 
( ,f$]al ,regulations1 to exclude f !   
re/riction "u t section--  7#a7 a       
home-bas$ bus9ess t is a lic5s$1        
regi/]$1 or regulat$ *ild c>e provid] "u
 ,/ate law or by a ,tribal organization2
 &  7#b7 an applicant t has appli$ to   
become a lic5s$1 regi/]$1 or regulat$   
*ild c>e provid] "u ,/ate law or by a   
,tribal organization4  ,,ix ,accessory  

dwell+ units  #ija4 ,loan gu>antees     
,section #ejb7;h77#d7 ( ! ,h\s+ ,act (  
#aidi 7#db ,u4,s4,c4 #adgb7;h77#d77 is  
am5d$-- 7#a7 by r$esignat+ subp>agraphs 
7,a71 7,b71 & 7,c7 z clauses 7i71 7ii71 
& 7iii71 respectively2  7#b7 by /rik+   
,loans may be gu>ante$ & ins]t+ !       
foll[+3  7,a7 ,def9ition ,9 ?is         
p>agraph1 ! t]m accessory dwell+ unit   
means a s+le1 habitable liv+ unit--  7i7
 ) means ( sep>ate +ress & egress2  7ii7
 t is usually subord9ate 9 size2  7iii7 
t c be add$ to1 creat$ )91 or deta*$ f a
 prim>y #a-unit1 s+le-family dwell+2 &  
7iv7 9 comb9ation ) a prim>y #a-unit1   
s+le-family dwell+1 con/itutes a s+le   
int]e/ 9 real e/ate4  7,b7  ,s+le-family
 requirem5t  ,loans may be gu>ante$  2 &
  7#c7 by add+ at ! end ! foll[+3  7,c7 
,rule ( con/ruction ,no?+ 9 ?is p>agraph
 %all be con/ru$ to prohibit ! leas+ (  
an accessory dwell+ unit or ! use (     
r5tal income d]iv$ f su* a lease to     
qualify = a loan gu>ante$ "u ?is        
subsection-- 7i7 aft] ! date ( enactm5t 

( ! ,rural ,h\s+ ,s]vice ,re=m ,act (   
#bjbe2 &  7ii7 if ! prop]ty t is !      
subject ( ! loan 0 con/ruct$ be=e ! date
 ( enactm5t ( ! ,rural ,h\s+ ,s]vice    
,re=m ,act ( #bjbe4  4  ,x ,"t frame =  
complet+ application review  #ajja4     
,application review  7a7 ,s5se (        
,congress ,x is ! s5se ( ,congress1 n   
lat] ?an #ij days aft] ! date on :i* !  
,secret>y ( ,agriculture receives an    
application = a loan1 grant or comb9$   
loan & grant "u section #ejb or #ejd ( !
 ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4      
#adgb1 #adgd71 ! ,secret>y (            
,agriculture %\ld--  7#a7 review !      
application2  7#b7 complete ! und]writ+2
  7#c7 make a det]m9ation ( eligibility 
) respect to ! application2 &  7#d7     
notify ! applicant ( det]m9ation4  7b7  
,report  7#a7 ,9 g5]al ,n lat] ?an #ij  
days aft] ! date ( enactm5t ( ?is ,act1 
& annually !reaft] until ! date describ$
 9 p>agraph 7#b71 ! ,secret>y (         
,agriculture %all submit to ! ,committee
 on ,bank+1 ,h\s+1 & ,urban ,affairs ( !

 ,s5ate & ! ,committee on ,f9ancial     
,s]vices ( ! ,h\se ( ,repres5tatives a  
report-- 7,a7 detail+ ! timel9ess (     
eligibility det]m9ations & f9al         
det]m9ations ) respect to applications  
"u section #ejb & #ejd ( ! ,h\s+ ,act ( 
#aidi 7#db ,u4,s4,c4 #adgb1 #adgd71     
includ+ ju/ifications = any eligibility 
det]m9ations tak+ long] ?an #ij days2   
7,b7 t includes recomm5dations to %ort5 
! timel9e = notifications ( eligibility 
det]m9ations describ$ 9 p>agraph 7#a7 to
 n m ?an #ij days4  7#b7 ,date describ$ 
,! date describ$ 9 ?is p>agraph is !    
date on :i*1 dur+ ! prec$+ #e-ye> p]iod1
 ! ,secret>y ( ,agriculture provides ea*
 eligibility det]m9ation describ$ 9     
p>agraph 7#a7 dur+ ! #ij-;day p]iod     
beg9n+ on ! date on :i* ea* application 
is receiv$4