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Strategy and Investment in Rural Housing Preservation Act of 2025

USA119th CongressS-885| Senate 
| Updated: 3/6/2025
Jeanne Shaheen

Jeanne Shaheen

Democratic Senator

New Hampshire

Cosponsors (1)
Jerry Moran (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
The Strategy and Investment in Rural Housing Preservation Act of 2025 establishes a permanent program for the preservation and revitalization of multifamily rental housing projects. This program specifically targets properties financed under sections 514, 515, or 516 of the Housing Act of 1949, aiming to ensure their continued affordability and safety for low-income residents and farm laborers. A key provision requires the Secretary to provide annual written notice to owners and tenants of properties with loans maturing within four years. Owners receive information on loan extension options, while tenants are informed about loan maturity, potential property actions, and their rights to federally assisted housing or vouchers. The program also authorizes the Secretary to restructure existing housing loans through mechanisms like reducing interest, deferring payments, or reamortizing debt to maintain project viability. When loans are restructured, the Secretary must offer to renew rental assistance contracts for up to 20 years, provided the owner commits to maintaining decent, safe, and sanitary housing standards. Additionally, the bill allows for extending rental assistance to unassisted households within these projects to ensure affordability. Owners are required to enter into restrictive use agreements, recorded to obligate them to operate the project in accordance with the program's objectives. For projects where loan restructuring is not feasible, the Secretary may decouple and renew rental assistance contracts for 20 years, contingent on the owner entering a restrictive use agreement and maintaining property standards. The bill also authorizes grants to qualified nonprofit organizations and public housing agencies to provide technical assistance for preserving at-risk multifamily housing. This support includes financial and legal services to facilitate acquisition or preservation. To protect tenants, the Act mandates a process for those in maturing or prepaid projects to transfer rental assistance to another eligible property or obtain a housing voucher, including pre-registration and expedited processing. It expands eligibility for rural housing vouchers to low-income households in projects that have been prepaid without restrictions, foreclosed, or matured without receiving rental assistance. The bill authorizes $200,000,000 annually for the program from fiscal years 2026 through 2030, and an additional $50,000,000 for technology improvements to manage multifamily housing loans. Finally, the legislation requires the Secretary of Agriculture to submit a written plan to Congress within six months, detailing strategies to preserve affordability and prevent tenant displacement, including performance goals and legislative recommendations. An advisory committee, comprising 16 members from various housing and community development sectors, will be established to assist the Secretary in implementing the program and plan, review policies, and report on findings.
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Timeline

Bill from Previous Congress

S 117-4872
Strategy and Investment in Rural Housing Preservation Act of 2022

Bill from Previous Congress

S 118-1490
Strategy and Investment in Rural Housing Preservation Act of 2023
Mar 6, 2025
Introduced in Senate
Mar 6, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    S 117-4872
    Strategy and Investment in Rural Housing Preservation Act of 2022


  • Bill from Previous Congress

    S 118-1490
    Strategy and Investment in Rural Housing Preservation Act of 2023


  • March 6, 2025
    Introduced in Senate


  • March 6, 2025
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Housing and Community Development

Strategy and Investment in Rural Housing Preservation Act of 2025

USA119th CongressS-885| Senate 
| Updated: 3/6/2025
The Strategy and Investment in Rural Housing Preservation Act of 2025 establishes a permanent program for the preservation and revitalization of multifamily rental housing projects. This program specifically targets properties financed under sections 514, 515, or 516 of the Housing Act of 1949, aiming to ensure their continued affordability and safety for low-income residents and farm laborers. A key provision requires the Secretary to provide annual written notice to owners and tenants of properties with loans maturing within four years. Owners receive information on loan extension options, while tenants are informed about loan maturity, potential property actions, and their rights to federally assisted housing or vouchers. The program also authorizes the Secretary to restructure existing housing loans through mechanisms like reducing interest, deferring payments, or reamortizing debt to maintain project viability. When loans are restructured, the Secretary must offer to renew rental assistance contracts for up to 20 years, provided the owner commits to maintaining decent, safe, and sanitary housing standards. Additionally, the bill allows for extending rental assistance to unassisted households within these projects to ensure affordability. Owners are required to enter into restrictive use agreements, recorded to obligate them to operate the project in accordance with the program's objectives. For projects where loan restructuring is not feasible, the Secretary may decouple and renew rental assistance contracts for 20 years, contingent on the owner entering a restrictive use agreement and maintaining property standards. The bill also authorizes grants to qualified nonprofit organizations and public housing agencies to provide technical assistance for preserving at-risk multifamily housing. This support includes financial and legal services to facilitate acquisition or preservation. To protect tenants, the Act mandates a process for those in maturing or prepaid projects to transfer rental assistance to another eligible property or obtain a housing voucher, including pre-registration and expedited processing. It expands eligibility for rural housing vouchers to low-income households in projects that have been prepaid without restrictions, foreclosed, or matured without receiving rental assistance. The bill authorizes $200,000,000 annually for the program from fiscal years 2026 through 2030, and an additional $50,000,000 for technology improvements to manage multifamily housing loans. Finally, the legislation requires the Secretary of Agriculture to submit a written plan to Congress within six months, detailing strategies to preserve affordability and prevent tenant displacement, including performance goals and legislative recommendations. An advisory committee, comprising 16 members from various housing and community development sectors, will be established to assist the Secretary in implementing the program and plan, review policies, and report on findings.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 117-4872
Strategy and Investment in Rural Housing Preservation Act of 2022

Bill from Previous Congress

S 118-1490
Strategy and Investment in Rural Housing Preservation Act of 2023
Mar 6, 2025
Introduced in Senate
Mar 6, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    S 117-4872
    Strategy and Investment in Rural Housing Preservation Act of 2022


  • Bill from Previous Congress

    S 118-1490
    Strategy and Investment in Rural Housing Preservation Act of 2023


  • March 6, 2025
    Introduced in Senate


  • March 6, 2025
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jeanne Shaheen

Jeanne Shaheen

Democratic Senator

New Hampshire

Cosponsors (1)
Jerry Moran (Republican)

Banking, Housing, and Urban Affairs Committee

Housing and Community Development

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted