This bill establishes a permanent rural housing preservation program administered by the U.S. Department of Agriculture to help keep affordable rental housing available in rural areas. The program targets multifamily rental housing projects that received federal loans for low-income residents and farm laborers, many of which have loans maturing soon and are at risk of being converted to market-rate housing or lost entirely. The bill requires the Secretary of Agriculture to notify property owners and tenants in advance of loan maturity dates and offers financial tools like loan restructuring, extended rental assistance contracts for twenty years, and technical assistance grants to help preserve these properties as affordable housing. It authorizes $200 million annually from fiscal year 2024 through 2028 for the preservation program, plus an additional $50 million in 2024 for improving the Department's technology systems. The legislation also establishes an advisory committee of developers, tenants, state housing agencies, and other stakeholders to oversee implementation and report to Congress on the program's progress.
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