S. 1260
Introduced in Senate · April 10, 2025April 2, 2025
Ms. Smith (for herself, Mr. Rounds, Mr. Daines, Mr. Fetterman, Mr. Crapo, Mr. Warner, Mr. Cramer, Mr. Warnock, Mrs. Shaheen, and Mr. Moran) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To reform rural housing programs, and for other purposes.
1. Short title; table of contents; TITLE I—STREAMLINING AND UPDATES; 101. Application of multifamily mortgage foreclosure procedures to multifamily mortgages held by the Secretary of Agriculture and preservation of the rental assistance contract upon foreclosure; 102. Study on rural housing loans for housing for low- and moderate-income families; 103. Authorization of appropriations for staffing and IT upgrades; 104. Funding for technical improvements; TITLE II—RURAL HOUSING PRESERVATION AND REVITALIZATION; 201. Permanent establishment of housing preservation and revitalization program; 202. Rental assistance contract authority; TITLE III—NATIVE CDFI RELENDING; 301. Native CDFI relending program; TITLE IV—SECTION 504 LOANS AND GRANTS; 401. Modifications to loans and grants for minor improvements to farm housing and buildings; income eligibility; TITLE V—RURAL COMMUNITY DEVELOPMENT INITIATIVE GRANTS; 501. Rural community development initiative; TITLE VI—REPORTS; 601. Annual report on rural housing programs; 602. GAO report on Rural Housing Service technology; TITLE VII—RURAL HOUSING VOUCHER PROGRAM; 701. Adjustment to rural development voucher amount; 702. Eligibility for rural housing vouchers; 703. Amount of voucher assistance; TITLE VIII—TRANSFERS TO NONPROFIT ORGANIZATIONS; 801. Transfer of multifamily rural housing projects; TITLE IX—SECTION 502 LOANS AND GUARANTEES; 901. Extension of loan term; 902. Release of liability for section 502 guaranteed borrower upon assumption of original loan by new borrower; 903. Department of Agriculture loan restrictions; TITLE X—ACCESSORY DWELLING UNITS; 1001. Loan guarantees; TITLE XI—TIME FRAME FOR COMPLETING APPLICATION REVIEW; 1101. Application review
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,