Policy
Shawn Poynter / There Is More Work To Be Done
Shawn Poynter / There Is More Work To Be Done
The Rural Housing Preservation Act of 2016 was introduced in the House and Senate on April 12, 2016. H.R. 4908 is sponsored by Rep. Ann Kuster (D-NH) and Rep. Rick Nolan (D-MN). S. 2783 is sponsored by Sen. Jeanne Shaheen (D-NH). The bills, reportedly inspired by a crisis at a USDA-funded rental property in New Hampshire, aim to address the problems that may arise when USDA-financed Section 515 mortgages reach the end of their terms. Without their USDA financing, these rural rental properties lose not only their low-interest mortgages but also their Section 521 Rental Assistance (RA), which keeps rents to a level tenants can afford while providing cash flow to property owners to cover ongoing expenses.
The bills’ provisions would:
The bills would not:
H.R. 4908 was referred to the House Financial Services Committee, and S. 2783 to the Senate Committee on Banking, Housing, and Urban Affairs. Those committees have jurisdiction over the housing programs of both HUD and USDA. As of April 21, neither committee has scheduled any action on the bill.