This bill creates a new federal program to help preserve affordable multifamily housing properties that are in poor condition or facing financial difficulty. The legislation allows the Department of Housing and Urban Development to offer low-interest loans (at 1 percent) to owners of apartment complexes with five or more units that receive federal assistance, enabling them to make critical repairs and improvements needed to keep the housing safe and habitable. Property owners must agree to keep units affordable for 30 years, secure at least 20 percent of improvement costs from non-federal sources, and demonstrate that regular rents cannot cover the debt for necessary repairs. The Secretary of HUD has flexibility to modify or even forgive loans if doing so will preserve affordability. The bill authorizes $25 million in funding for fiscal year 2025 and allows for additional funding in future years as Congress determines necessary.
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