Sec. 7. Plan for preserving affordability of rental projects
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The Secretary of Agriculture (in this section referred to as the Secretary ) shall submit a written plan to the Congress, not later than the expiration of the 6-month period beginning on the date of the enactment of this Act, for preserving the affordability for low-income families of rental projects for which loans were made or insured under section 514 or 515 of the Housing Act of 1949 and avoiding the displacement of tenant households, which shall— set forth specific performance goals and measures; set forth the specific actions and mechanisms by which such goals will be achieved; set forth specific measurements by which progress towards achievement of each goal can be measured; provide for detailed reporting on outcomes; and include any legislative recommendations to assist in achievement of the goals under the plan.
The Secretary shall establish an advisory committee whose purpose shall be to assist the Secretary in preserving section 515 and 514 properties through the multifamily housing preservation and revitalization program under section 545 and in implementing the plan required under subsection (a). The advisory shall consist of 13 members, appointed by the Secretary, as follows: A State Director of Rural Development for the Department of Agriculture. 2 representatives of for-profit developers or owners of multifamily rural rental housing. 2 representatives of nonprofit developers or owners of multifamily rural rental housing. 2 representatives of State housing finance agencies. 2 representatives of tenants of multifamily rural rental housing. 1 representative of a community development financial institution that is involved in preserving the affordability of housing assisted under sections 514, 515, and 516 of the Housing Act of 1949. 1 representative of a nonprofit organization that operates nationally and has actively participated in the preservation of housing assisted by the Rural Housing Service by conducting research regarding, and providing financing and technical assistance for, preserving the affordability of such housing. 1 representative of low-income housing tax credit investors. 1 representative of regulated financial institutions that finance affordable multifamily rural rental housing developments.
The advisory committee shall meet not less often than once each calendar quarter. In providing assistance to the Secretary to carry out its purpose, the advisory committee shall carry out the following functions: Assisting the Rural Housing Service of the Department of Agriculture to improve estimates of the size, scope, and condition of rental housing portfolio of the Service, including the time frames for maturity of mortgages and costs for preserving the portfolio as affordable housing.
Reviewing current policies and procedures of the Rural Housing Service regarding preservation of affordable rental housing financed under sections 514, 515, and 538 of the Housing Act of 1949, the Multifamily Preservation and Revitalization Demonstration program (MPR), and the rental assistance program and making recommendations regarding improvements and modifications to such policies and procedures. Providing ongoing review of Rural Housing Service program results. Providing reports to the Congress and the public on meetings, recommendations, and other findings of the advisory committee.
Any amounts made available for administrative costs of the Department of Agriculture may be used for costs of travel by members of the advisory committee to meetings of the committee.