Sec. 204. Rural housing service program improvements
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Section 504(a) of the Housing Act of 1949 ( 42 U.S.C. 1474(a) ) is amended— in the first sentence, by inserting and may make a loan to an eligible low-income applicant after applicant ; and by striking $7,500 and inserting $15,000 . Title V of the Housing Act of 1949 ( 42 U.S.C. 1471 et seq. ), as amended by this section, is amended by adding at the end the following: The Secretary shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and publish on a website of the Department of Agriculture an annual report on the rural housing programs carried out under this title.
The report required under subsection
(a)shall include significant details on the information about the health of the programs carried out by the Rural Housing Service, including— raw data about loan performance that can be sorted by program and region; a description of the housing stock of such programs; information about why properties end participation in such programs, including maturation prepayment, foreclosure, or other servicing issues; and risk ratings for properties assisted under such programs. Data included in a report required under subsection
(a)may be aggregated or anonymized to protect the financial information and personal information of program participants. . It is the sense of the Congress, not later than 90 days after the date on which the Secretary of Agriculture receives an application for a loan, grant or combined loan and grant under section 502 or 504 of the Housing Act of 1949 ( 42 U.S.C. 1472 , 1474), the Secretary of Agriculture should— review the application; complete the underwriting; make a determination of eligibility with respect to the application; and notify the applicant of determination. Not later than 90 days after the date of enactment of this Act, and annually thereafter until the date described in subparagraph (B), the Secretary of Agriculture shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that— details the timeliness of eligibility determinations and final determinations with respect to applications under section 502 and 504 of the Housing Act of 1949 ( 42 U.S.C. 1472 , 1474), including justifications for any eligibility determinations taking longer than 90 days; and includes recommendations to shorten the timeline for notifications of eligibility determinations described in subparagraph
(A)to not more than 90 days. The date described in this paragraph is the date on which, during the preceding 5-year period, the Secretary of Agriculture provides each eligibility determination described in subparagraph
(A)during the 90-day period beginning on the date on which each application is received. Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Congress a report that includes— an analysis of how the outdated technology used by the Rural Housing Service impacts participants in the programs of the Rural Housing Service; an estimate of the amount of funding that is needed to modernize the technology used by the Rural Housing Service; and an estimate of the number and type of new employees the Rural Housing Service needs to modernize the technology used by the Rural Housing Service.
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