Establishes the small rental housing development initiative to fund affordable rental housing in rural areas.

The bill establishes the small rental housing development initiative to provide funding to eligible applicants for constructing affordable rental housing in rural areas. It defines "small rental housing developments" as affordable rental apartment buildings of between two and twenty units for low to moderate-income households. Eligible applicants must be housing or community development not-for-profit organizations. The initiative offers zero-interest loans for up to 20 years, with potential forgiveness if the property remains affordable.

Establishes the small rental housing development initiative to fund affordable rental housing in rural areas.

The bill establishes the small rental housing development initiative to provide funding to eligible applicants for constructing affordable rental housing in rural areas. It defines "small rental housing developments" as affordable rental apartment buildings of between two and twenty units for low to moderate-income households. Eligible applicants must be housing or community development not-for-profit organizations. The initiative offers zero-interest loans for up to 20 years, with potential forgiveness if the property remains affordable.