Sec. 701. Adjustment to rural development voucher amount

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Not later than 2 years after the date of enactment of this Act, the Secretary of Agriculture shall issue regulations to establish a process for adjusting the voucher amount provided under section 542 of the Housing Act of 1949 ( 42 U.S.C. 1490r ) after the issuance of the voucher following an interim or annual review of the amount of the voucher. The interim review described in subsection

(a)shall, at the request of a tenant, allow for a recalculation of the voucher amount when the tenant experiences a reduction in income, change in family composition, or change in rental rate. The annual review described in subsection

(a)shall require tenants to annually recertify the family composition of the household and that the family income of the household does not exceed 80 percent of the area median income at a time determined by the Secretary. If a tenant does not recertify the family composition and family income of the household within the time frame required under paragraph (1), the Secretary of Agriculture— shall consider whether extenuating circumstances caused the delay in recertification; and may alter associated consequences for the failure to recertify based on those circumstances. Following the annual review of a voucher under subsection (a), the updated voucher amount shall be effective on the 1st day of the month following the expiration of the voucher. The process established under subsection

(a)shall require the Secretary of Agriculture to review and update the voucher amount described in subsection

(a)for a tenant not later than 60 days before the end of the voucher term.