The Strategy and Investment in Rural Housing Preservation Act of 2023 establishes a new federal program to help preserve affordable rental housing in rural areas that was financed through existing Department of Agriculture loan programs. The bill authorizes $200 million annually from 2024 through 2028 for the program, which allows the Secretary of Agriculture to restructure maturing loans by reducing interest, deferring payments, or providing other financial assistance to keep properties affordable. Property owners and tenants must receive advance notice of loan maturity, with tenants getting at least two years' warning so they can understand their housing options and rights. The program renews rental assistance contracts for up to 20 years when loans are restructured and can extend additional rental assistance or housing vouchers to unassisted households to ensure affordability. The bill also requires the Agriculture Department to submit a plan to Congress within six months on preserving affordable rural rental housing and to establish an advisory committee of developers, tenants, nonprofit organizations, and financial institutions to help oversee implementation of the preservation efforts.
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