Sec. 771.

240 words·~1 min read·/bill/115/hr/244/enr/section-771

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The Secretary shall modify the pilot program initiated March 1, 2017, designed to preserve affordable rental housing through non-profit transfer or acquisition of Section 515 properties with expiring mortgages. The program will study effective means to transfer Section 515 properties exiting the program due to mortgage maturity to qualified nonprofit organizations to preserve the properties in the Rural Housing Service multi-family program. The Secretary shall— Conduct limited research under the authority found at section 506(b) of the Housing Act of 1949, as amended (41 U.S.C. §1476(b));

Track the results and identify ways or incentives to create additional opportunities for nonprofits to participate in the preservation of properties; Work collaboratively with third-parties to address concerns identified on the Department issued guidance issued September 16, 2016 titled, March 1, 2017, Pilot Program to Promote Non-Profit Participation in Transactions to Retain the Section 515 Portfolio to maximize research benefits and potential application; and Conduct research for two years after the date of the enactment of this Act and report the findings to the Committees on Appropriations of both Houses of Congress: , That there is hereby appropriated $1,000,000, to remain available until September 30, 2018, to provide grants to qualified non-profit organizations and public housing authorities to provide technical assistance, including financial and legal services, to RHS multi-family housing borrowers to facilitate the acquisition of RHS multi-family housing properties in areas where the Secretary determines a risk of loss of affordable housing.

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41 USC 1476(b)

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Sec. 771

Cite41 USC 1476(b)

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