The bill would let the Department of Housing and Urban Development offer loans to help repair distressed multifamily housing with at least five units that receives certain forms of federal housing support. Repairs may address safety, accessibility, or other problems that threaten a property's future as suitable housing. To qualify, owners or approved buyers must agree to keep the property affordable for 30 years and meet other requirements. The loans would have a 1% interest rate and could be extended or partly or fully forgiven if the department finds that would preserve affordability.
Residents of eligible properties could benefit from repairs to unsafe or inaccessible buildings. Owners and approved buyers could seek loans, but would have to meet the bill's conditions, including keeping housing affordable for 30 years. The bill also calls for outreach and consultation with residents and community stakeholders.
The bill authorizes Congress to provide whatever sums are necessary, but does not specify an amount. Recipients generally would have to obtain at least 20% of repair costs from non-federal sources. The department could lower or waive that requirement if an applicant cannot secure the match despite reasonable efforts.
No publicly available information.
No publicly available information.