The Rural Housing Service Reform Act of 2023 modernizes and expands federal programs that help low-income households obtain and maintain housing in rural areas. The bill affects rural homeowners, renters, agricultural workers, and Native American communities, along with nonprofits and lenders serving rural housing needs.
The legislation makes several key changes to rural housing programs. It establishes a permanent housing preservation program with $200 million annually through 2028 to help keep aging multifamily rental properties affordable by restructuring loans, extending rental assistance contracts for up to 20 years, and providing technical assistance to nonprofits acquiring properties. The bill also creates a $50 million annual set-aside program to help Native community development financial institutions make homeownership loans to American Indians, Alaska Natives, and Native Hawaiians in rural and tribal areas, with grants available for operational support. Additionally, it increases the loan limit for farm housing improvements from $7,500 to $15,000, extends the maximum term for rural direct loans from 33 to 40 years to lower monthly payments, and expands eligibility for rural housing vouchers to help tenants when properties exit federal programs.
The bill requires the Department of Agriculture to conduct a study on rental assistance subsidies and issue annual reports on program performance, and it authorizes additional funding for staffing and technology upgrades to support these initiatives.
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