Sec. 108. Investments in rural rental housing
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In addition to amounts otherwise available, there is appropriated to the Rural Housing Service of the Department of Agriculture for fiscal year 2026, out of any money in the Treasury not otherwise appropriated— $1,800,000,000, to remain available until September 30, 2031, for the Administrator of the Rural Housing Service for making loans and grants for 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 for other purposes described under section 514 of the Housing Act of 1949 ( 42 U.S.C. 1484 ), subsections (a)(1) through (a)(2), (b)(1) through (b)(3), (b)(5) through (aa)(2)(A), and (aa)(4) of section 515 of such Act ( 42 U.S.C. 1485(a)(1) –42 U.S.C. 1485(a)(2), 42 U.S.C. 1485(b)(1) –(b)(3), 42 U.S.C. 1485(b)(5) – 42 U.S.C. 1485(aa)(2)(A) , 42 U.S.C. 1485(aa)(4) ), and 516 of such act ( 42 U.S.C. 1486 ), subject to the terms and conditions in subsection (b); $100,000,000, to remain available until September 30, 2031, to provide continued assistance pursuant to section 3203 of the American Rescue Plan Act of 2021; and $100,000,000, to remain available until September 30, 2032, for the costs to the Rural Housing Service of the Department of Agriculture 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 Administrator of the Rural Housing Service of the Department of Agriculture shall provide direct loans and grants, including the cost of modifying loans, 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 Administrator of the Rural Housing Service of the Department of Agriculture shall as part of the preservation and revitalization agreement obtain a restrictive use agreement consistent with the terms of the restructuring. The Administrator of the Rural Housing Service of the Department of Agriculture shall have authority to issue such regulations, notices, or other guidance, forms, instructions, and publications to carry out the programs, projects, or activities authorized under this section to ensure that such programs, projects, or activities are completed in a timely and effective manner.
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