Sec. 2. Availability of rural housing vouchers for tenants in projects with maturing loans
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Section 542 of the Housing Act of 1949 ( 42 U.S.C. 1490r ) is amended by adding at the end the following: Subject to the availability of amounts provided in appropriation Acts and to paragraph (3), the Secretary shall provide rural housing vouchers under this section, in the amount provided under this section, to any low-income household (including those not receiving rental assistance) residing in a property that is— financed with a loan made or insured under section 514 or 515 that has been prepaid or has matured after September 30, 2005; or assisted under section 514 or 516 that is owned by a nonprofit organization or public agency.
The Secretary shall, to the maximum extent practicable, administer and operate rural housing vouchers under this section according to regulations and administrative guidance that is applicable to enhanced vouchers under section 8(t) of the United States Housing Act of 1937 ( 42 U.S.C. 1437f(t) ) administered by the Secretary of Housing and Urban Development. The amount of rental assistance provided on behalf of holders of rural housing vouchers under this section shall be the same as the rental assistance provided on behalf of holders of enhanced vouchers under section 8(t) of the United States Housing Act of 1937 ( 42 U.S.C. 1437f(t) ).
The Secretary shall terminate the provision of voucher assistance pursuant to this subsection, with respect to a property, if— at any time, a new loan is made or insured under section 514 or 515 for the property; and as a result of a loan described in subparagraph (A), rental assistance is provided on behalf of the voucher holder in an amount comparable to the rental assistance provided on behalf of the voucher holder under the voucher program. The Secretary shall not issue rural housing vouchers under this section to residents who remain in properties that— were financed with a loan made or insured under section 514 or 515 that has been prepaid; and are subject to any restrictive use agreements entered into pursuant to section 502(c)(5)(G).
The Secretary shall review and approve all proposed rent increases for residents of properties described in paragraph
(1)that are protected by the use agreements described in that paragraph and issue, to those residents, limited voucher assistance that covers the cost of all approved future rent increases that are not related to the cost of prepaying the loan or refinancing the property. . Section 515 of the Housing Act of 1949 ( 42 U.S.C. 1485 ) is amended by adding at the end the following: No owner of a property financed with a loan made or insured under this section, whether the loan is outstanding or fully paid, may refuse to lease an available dwelling unit in the property to a household on behalf of whom voucher assistance is provided under section 542, and to enter into a voucher contract respecting the unit, a proximate cause of which is the status of the current or prospective tenant as a holder of that voucher. .
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Sec. 2
Availability of rural housing vouchers for tenants in projects with maturing loans
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