This bill establishes a permanent federal program to preserve and revitalize affordable multifamily rental housing in rural areas that was financed through the U.S. Department of Agriculture. The program helps property owners restructure maturing loans by reducing interest rates, deferring payments, or providing other financial assistance, while requiring owners to keep properties affordable for low-income residents and farmworkers. The bill requires the Agriculture Department to notify both property owners and tenants at least three years before loan maturity, inform tenants of their housing options, and help coordinate rental assistance transfers or housing vouchers if properties leave the affordable housing program. The legislation authorizes $200 million annually from fiscal years 2026 through 2030 for the preservation program, plus $50 million in 2026 for technology improvements to loan servicing systems. The bill also establishes an advisory committee with representatives from developers, nonprofits, housing finance agencies, tenants, and farmworker organizations to help implement the program and develop a preservation strategy.
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