Sec. 229. Plan for preserving affordability of rental projects
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Not later than 6 months after the date of the enactment of this Act, the Secretary of Agriculture (referred to in this section as the Secretary ) shall submit a written plan to Congress for preserving the affordability for low-income families of rental projects for which loans were made under section 514 or 515 of the Housing Act of 1949 (42 U.S.C. 1484 and 1485) and avoiding the displacement of tenant households. Such plan 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.
Not less frequently than quarterly, the Secretary shall consult with the individuals described in paragraph
(2)to assist the Secretary— in preserving the properties described in subsection
(a)through the housing preservation and revitalization program authorized under section 545 of the Housing Act of 1949, as added by section 226; and in implementing the plan required under subsection (a). The individuals described in this paragraph are— a State Director of Rural Development for the Department of Agriculture; the Administrator for Rural Housing Service of 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 ( 42 U.S.C. 1484 , 1485, and 1486); 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; and 2 representatives from nonprofit organizations representing farm workers, including one organization representing farm worker women. In consulting with the individuals described in paragraph (2), the Secretary may request that such individuals— assist the Rural Housing Service of the Department of Agriculture to improve estimates of the size, scope, and condition of the rental housing portfolio of the Service, including the time frames for maturity of mortgages and costs for preserving the portfolio as affordable housing; review current policies and procedures of the Rural Housing Service regarding— the preservation of affordable rental housing financed under sections 514, 515, 516, and 538 of the Housing Act of 1949 ( 42 U.S.C. 1484 , 1485, 1486, and 1490); the housing preservation and revitalization program authorized under section 545 of such Act, as added by section 226; and the rental assistance program; make recommendations regarding improvements and modifications to the policies and procedures referred to in subparagraph (B); and provide ongoing review of Rural Housing Service program results. Any amounts made available for administrative costs of the Department of Agriculture may be used for costs of travel by individuals described in paragraph
(2)to carry out the activities described in paragraph (3).
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Sec. 229
Plan for preserving affordability of rental projects
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