Strategy and Investment in Rural Housing Preservation Act of 2023

[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 10421 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 10421 To establish a permanent rural housing preservation and revitalization program, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES December 16, 2024 Mr. Cleaver introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To establish a permanent rural housing preservation and revitalization program, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Strategy and Investment in Rural Housing Preservation Act of 2023''. SEC. 2. PERMANENT ESTABLISHMENT OF HOUSING PRESERVATION AND REVITALIZATION PROGRAM. Title V of the Housing Act of 1949 (42 U.S.C. 1471 et seq.) is amended by adding at the end the following new section: ``SEC. 545. HOUSING PRESERVATION AND REVITALIZATION PROGRAM. ``(a) Establishment.--The Secretary shall carry out a program under this section for the preservation and revitalization of multifamily rental housing projects financed under section 515 or both sections 514 and 516. ``(b) Notice of Maturing Loans.-- ``(1) To owners.--On an annual basis, the Secretary shall provide written notice to each owner of a property financed under section 515 or both sections 514 and 516 that will mature within the 4-year period beginning upon the provision of the notice, setting forth the options and financial incentives that are available to facilitate the extension of the loan term or the option to decouple a rental assistance contract pursuant to subsection (f). ``(2) To tenants.-- ``(A) In general.--For each property financed under section 515 or both sections 514 and 516, not later th