Rural Housing Preservation Act

Summary#

This bill creates a permanent Rural Housing Preservation and Revitalization program in Title V of the Housing Act of 1949. The program focuses on preserving and improving multifamily rental properties financed under sections 514, 515, and 516. It requires annual notices to owners about loans maturing within four years and annual tenant notices starting three years before loan maturity. The Secretary may restructure loans (for example, reduce interest, defer payments, or reamortize debt) and offer renewed rental assistance contracts for up to 20 years, subject to annual appropriations. Projects that agree to assistance must sign recorded restrictive use agreements to keep units affordable. If restructuring is not feasible, the Secretary may "decouple" rental assistance from loans and extend rental assistance alone for up to 20 years in some cases. The program may fund technical assistance grants to nonprofits and public housing agencies, create a tenant transfer process for rental assistance or vouchers, and use up to $1,000,000 per year of program funds for administration. The bill also authorizes $50,000,000 for fiscal year 2026 to improve Department of Agriculture technology for multifamily housing, requires a preservation plan to Congress within six months, and establishes a 16-member advisory committee. It sets a rulemaking timeline for implementation and authorizes $200,000,000 per year for the program for fiscal years 2026 through 2030.

What it means for you#

  • Tenants in affected rural multifamily properties will get written notice starting 3 years before a loan matures and each year after. Notices will explain the maturity date, possible outcomes, and how tenants can seek rental assistance or vouchers.
  • Tenants in properties that are prepaid, foreclosed, or matured after September 30, 2005 may be eligible for rural housing vouchers under the bill's added voucher provisions.
  • Property owners can request loan restructures or receive offers from the Secretary to reorganize loan terms. Restructures can include lower interest, deferred payments, or reamortization, but owners must meet conditions and sign restrictive use agreements to keep units affordable.
  • If restructuring is not possible, rental assistance may be renewed or transferred to protect tenants, and a process will be developed to help tenants move assistance to other eligible properties or obtain vouchers.

Expenses#

  • The program is authorized at $200,000,000 per year for each of fiscal years 2026 through 2030.
  • Up to $1,000,000 of amounts made available for the program in any fiscal year may be used for administrative expenses.
  • The bill authorizes $50,000,000 for fiscal year 2026 to improve Department of Agriculture technology for processing and servicing multifamily housing loans; those funds remain available for five years to complete improvements.

Proponents' View#

The bill text describes goals and tools aimed at preserving affordable rural multifamily rental housing, avoiding tenant displacement, providing tenant notice and transfer options, supporting loan restructures to keep properties safe and affordable, and providing technical and financial support to preserve projects.

Opponents' View#

No publicly available information.