Affordable Housing Preservation Act of 2005 - Directs the Secretary of Housing and Urban Development (HUD) to make grants to states (40%) and localities (60%) for the preservation and promotion of low-income housing.
States that grants shall be: (1) used for housing project acquisition, rehabilitation, capital expenditures, and related development costs; or (2) to eligible entities for operational, working capital, and organizational expenses, and predevelopment activities to acquire housing that will remain affordable for low-income or very low-income families.
Sets forth eligibility requirements for: (1) projects with HUD-insured mortgages; (2) projects with section 8 project based assistance; (3) projects purchased by residents; and (4) rural rental assistance projects.
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