HR 3620 RFS
the loan term or the option to decouple a rental as-
sistance contract pursuant to subsection (f). 
‘‘(2) TO TENANTS.— 
‘‘(A) IN GENERAL.—For each property fi-
nanced under section 515 or both sections 514 
and 516, not later than the date that is 2 years 
before the date that such loan will mature, the 
Secretary shall provide written notice to each 
household residing in such property that in-
forms them of the date of the loan maturity, 
the possible actions that may happen with re-
spect to the property upon such maturity, and 
how to protect their right to reside in federally 
assisted housing after such maturity. 
‘‘(B) LANGUAGE.—Notice under this para-
graph shall be provided in plain English and 
shall be translated to other languages in the 
case of any property located in an area in which 
a significant number of residents speak such 
other languages. 
‘‘(c) LOAN RESTRUCTURING.—Under the program 
under this section, the Secretary may restructure such ex-
isting housing loans, as the Secretary considers appro-
priate, for the purpose of ensuring that such projects have 
sufficient resources to preserve the projects to provide safe 
VerDate Sep 11 2014 
22:07 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H3620.RFS
H3620
pamtmann on DSKBC07HB2PROD with BILLS
HR 3620 RFS
and affordable housing for low-income residents and farm 
laborers, by— 
‘‘(1) reducing or eliminating interest; 
‘‘(2) deferring loan payments; 
‘‘(3) subordinating, reducing, or reamortizing 
loan debt; and 
‘‘(4) providing other financial assistance, in-
cluding advances, payments, and incentives (includ-
ing the ability of owners to obtain reasonable re-
turns on investment) required by the Secretary. 
‘‘(d) RENEWAL OF RENTAL ASSISTANCE.—When the 
Secretary offers to restructure a loan pursuant to sub-
section (c), the Secretary shall offer to renew the rental 
assistance contract under section 521(a)(2) for a 20-year 
term that is subject to annual appropriations, provided 
that the owner agrees to bring the property up to such 
standards that will ensure its maintenance as decent, safe, 
and sanitary housing for the full term of the rental assist-
ance contract. 
‘‘(e) RESTRICTIVE USE AGREEMENTS.— 
‘‘(1) REQUIREMENT.—As part of the preserva-
tion and revitalization agreement for a project, the 
Secretary shall obtain a restrictive use agreement 
that obligates the owner to operate the project in ac-
cordance with this title. 
VerDate Sep 11 2014 
22:07 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H3620.RFS
H3620
pamtmann on DSKBC07HB2PROD with BILLS
HR 3620 RFS
‘‘(2) TERM.— 
‘‘(A) NO EXTENSION OF RENTAL ASSIST-
ANCE CONTRACT.—Except when the Secretary 
enters into a 20-year extension of the rental as-
sistance contract for the project, the term of 
the restrictive use agreement for the project 
shall be consistent with the term of the restruc-
tured loan for the project. 
‘‘(B) EXTENSION OF RENTAL ASSISTANCE 
CONTRACT.—If the Secretary enters into a 20- 
year extension of the rental assistance contract 
for a project, the term of the restrictive use 
agreement for the project shall be for 20 years. 
‘‘(C) TERMINATION.—The Secretary may 
terminate the 20-year use restrictive use agree-
ment for a project prior to the end of its term 
if the 20-year rental assistance contract for the 
project with the owner is terminated at any 
time for reasons outside the owner’s control. 
‘‘(f) DECOUPLING OF RENTAL ASSISTANCE.— 
‘‘(1) RENEWAL OF RENTAL ASSISTANCE CON-
TRACT.—If the Secretary determines that a matur-
ing loan for a project cannot reasonably be restruc-
tured in accordance with subsection (c) and the 
project was operating with rental assistance under 
VerDate Sep 11 2014 
22:07 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H3620.RFS
H3620
pamtmann on DSKBC07HB2PROD with BILLS
HR 3620 RFS
section 521, the Secretary may renew the rental as-
sistance contract, notwithstanding any provision of 
section 521, for a term, subject to annual appropria-
tions, of at least 10 years but not more than 20 
years. 
‘‘(2) RENTS.—Any agreement to extend the 
term of the rental assistance contract under section 
521 for a project shall obligate the owner to con-
tinue to maintain the project as decent, safe and 
sanitary housing and to operate the development in 
accordance with this title, except that rents shall be 
based on the lesser of— 
‘‘(A) the budget-based needs of the project; 
or 
‘‘(B) (ii) the operating cost adjustment 
factor as a payment standard as provided under 
section 524 of the Multifamily Assisted Hous-
ing Reform and Affordability Act of 1997 (42 
U.S.C. 1437 note). 
‘‘(g) MULTIFAMILY HOUSING TRANSFER TECHNICAL 
ASSISTANCE.—Under the program under this section, the 
Secretary may provide grants to qualified non-profit orga-
nizations and public housing agencies to provide technical 
assistance, including financial and legal services, to bor-
rowers under loans under this title for multifamily housing 
VerDate Sep 11 2014 
22:07 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H3620.RFS
H3620
pamtmann on DSKBC07HB2PROD with BILLS
HR 3620 RFS
to facilitate the acquisition of such multifamily housing 
properties in areas where the Secretary determines there 
is a risk of loss of affordable housing. 
‘‘(h) TRANSFER OF RENTAL ASSISTANCE.—After the 
loan or loans for a rental project originally financed under 
section 515 or both sections 514 and 516 have matured 
or have been prepaid and the owner has chosen not to 
restructure the loan pursuant to subsection (c), a tenant 
residing in such project shall have 18 months prior to loan 
maturation or prepayment to transfer the rental assist-
ance assigned to the tenant’s unit to another rental project 
originally financed under section 515 or both sections 514 
and 516, and the owner of the initial project may rent 
the tenant’s previous unit to a new tenant without income 
restrictions. 
‘‘(i) ADMINISTRATIVE EXPENSES.—Of any amounts 
made available for the program under this section for any 
fiscal year, the Secretary may use not more than 
$1,000,000 for administrative expenses for carrying out 
such program. 
‘‘(j) AUTHORIZATION OF APPROPRIATIONS.—There 
is authorized to be appropriated for the program under 
this section $200,000,000 for each of fiscal years 2020 
through 2024.’’. 
VerDate Sep 11 2014 
22:07 Sep 11, 2019
Jkt 089200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H3620.RFS
H3620
pamtmann on DSKBC07HB2PROD with BILLS