H.R.3620 - Strategy and Investment in Rural Housing Preservation Act of 2019116th Congress (2019-2020)
|Sponsor:||Rep. Clay, Wm. Lacy [D-MO-1] (Introduced 07/05/2019)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Meetings:||07/11/19 10:00AM|
|Committee Reports:||H. Rept. 116-198|
|Latest Action:||Senate - 09/11/2019 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
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Summary: H.R.3620 — 116th Congress (2019-2020)All Information (Except Text)
Passed House (09/10/2019)
Strategy and Investment in Rural Housing Preservation Act of 2019
This bill provides assistance to rural, multifamily rental-housing projects and tenants.
Specifically, the Department of Agriculture (USDA) must implement a program for the preservation and revitalization of such housing projects financed with USDA loans. As part of this program, USDA may restructure existing housing loans by, for example, reducing or eliminating interest and deferring loan payments.
Further, USDA must annually provide, to owners of properties with loans that will mature within four years, written notice explaining the options to restructure such loans. USDA must also provide, to households in properties with loans that will mature within two years, written notice of actions that may happen upon the loan's maturity and information on how to protect their right to reside in federally assisted housing.
Additionally, USDA may provide technical assistance grants to qualified nonprofit organizations and public housing agencies to help borrowers acquire multifamily rental-housing properties in areas where there is a risk of loss of affordable housing.
Further, USDA may provide rural housing vouchers for low-income households (including those not receiving rental assistance) residing in certain properties financed with or insured by USDA loans.
USDA must also establish an advisory committee to assist in preserving such properties and implementing a specified plan to preserve their affordability for low-income families.
The bill also extends existing housing protections for victims of domestic violence, dating violence, sexual assault, and stalking to victims who receive housing voucher assistance. (These protections include a protection against eviction on the basis of being a victim of domestic violence.)