Sec. 40008. Investments in rural rental housing
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In addition to amounts otherwise available, there is appropriated to the Secretary of Agriculture (in this section referred to as the Secretary ) for fiscal year 2022, out of any money in the Treasury not otherwise appropriated— $4,360,000,000, to remain available until expended, for carrying out new construction, improvements to energy and water efficiency or climate resilience, the removal of health and safety hazards, and the preservation and revitalization of housing authorized under sections 514, 515, and 516 of the Housing Act of 1949 ( 42 U.S.C. 1484 , 1485, and 1486)), subject to the terms and conditions in subsection (b); $200,000,000, to remain available until September 30, 2024, to provide grants under section 521(a)(2) of the Housing Act of 1949 ( 42 U.S.C. 1490a(a)(2) ) or agreements entered into in lieu of debt forgiveness or payments for eligible households as authorized by section 502(c)(5)(D) of the Housing Act of 1949 ( 42 U.S.C. 1472(c)(5)(D) ), to provide continued assistance to households assisted pursuant to Section 3203 of the American Rescue Plan Act of 2021; and $240,000,000, to remain available until expended, for the costs to the Secretary of administering and overseeing the implementation of this section, including information technology, financial reporting, research and evaluations, other cross-program costs in support of programs administered by the Secretary in this title, and other costs.
The Secretary shall provide direct loans and grants, including the cost of modifying loans, as defined in section 502 of the Congressional Budget Act of 1974 ( 2 U.S.C. 661a ), to restructure existing Department of Agriculture multi-family housing loans expressly for the purposes of ensuring the project has sufficient resources to preserve the project for the purpose of providing safe and affordable housing for low-income residents and farm laborers, including— reducing or eliminating interest; deferring loan payments; subordinating, reducing, or re-amortizing loan debt; and providing other financial assistance, including advances, payments, and incentives (including the ability of owners to obtain reasonable returns on investment) required by the Secretary, including such assistance to non-profit entities and public housing authorities.
The Secretary shall as part of the preservation and revitalization agreement obtain a restrictive use agreement consistent with the terms of the restructuring. The Secretary shall have authority to issue such regulations or other notices, guidance, forms, instructions, and publications as may be necessary or appropriate to carry out the programs, projects, or activities authorized under this section, including to ensure that such programs, projects, or activities are completed in a timely and effective manner.
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