The bill would let the Department of Housing and Urban Development (HUD) provide capital assistance to preserve distressed multifamily housing properties connected to certain HUD programs. Eligible properties must have at least five homes and need physical improvements, such as repairs to address safety or accessibility problems. HUD could provide loans at 1% interest and may extend or forgive them when it determines that doing so would preserve affordability. Recipients generally must obtain at least 20% of improvement costs from non-federal sources, though HUD may reduce or waive that requirement. They must agree to keep the property affordable for 30 years and accept certain offered rental assistance contract renewals.
Residents of eligible properties could benefit from physical improvements if the owner receives assistance. The bill does not guarantee that a property will receive funding or specify changes for residents’ rents. Properties receiving assistance would be subject to a 30-year affordable-use agreement.
The bill authorizes HUD to receive such sums as may be necessary, subject to appropriations. It allows funds to cover loans, loan changes, and program administration. The bill sets no specific funding amount. Recipients generally must provide a non-federal contribution of at least 20% of improvement costs, unless HUD grants a reduction or exemption.
No publicly available information.
No publicly available information.