This bill reforms the Rural Housing Service by modernizing its programs and expanding affordable housing assistance in rural areas. The legislation creates a permanent housing preservation program offering loan restructuring, rental assistance renewals for up to 20 years, and technical assistance grants to help keep rural multifamily properties affordable. It expands rural housing vouchers to help low-income households in properties with maturing or foreclosed loans, and establishes a $50 million annual set-aside program directing loans through Native community development financial institutions to serve Native American, Alaska Native, and Native Hawaiian homebuyers on tribal lands. The bill increases direct loan terms from 33 to 40 years, doubles the cap on Section 504 farm housing improvement grants from $7,500 to $15,000, and authorizes nearly $300 million over five years for staffing, technology upgrades, and housing programs. The bill also requires the Agriculture Department to provide annual notices to property owners and tenants about loan maturity options and mandates congressional reporting on rural housing program performance and technology needs.
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