of voucher assistance in accordance with para-
graph (3). The plan shall encourage and facili-
tate owners of projects to maintain the projects, 
or to transfer projects to owners who will main-
tain projects, as housing affordable to low-in-
come residents. 
‘‘(B) IMPLEMENTATION.—The Secretary 
shall implement this subsection not later than 
the expiration of the 90-day period beginning 
on the date of the enactment of the Saving 
America’s Rural Housing Act of 2006. Notwith-
standing that full implementation of this sub-
section may not have been completed, the Sec-
retary may not delay the processing of any re-
quest to prepay a loan made under section 515. 
‘‘(2) NOTICE OF PREPAYMENT AND SALE.—As 
a condition of prepayment of a loan made or insured 
under section 515, the project owner shall, not less 
than 90 days before taking any action to prepay the 
loan or sell the project for which the loan was made, 
provide the following notices: 
‘‘(A) NOTICE TO TENANTS.—To the ten-
ants of the project, notice of the prepayment, as 
follows: 
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‘‘(i) The notice shall include informa-
tion sufficient to inform tenants of the 
availability of vouchers pursuant to para-
graph (3), actions tenants must take to re-
ceive voucher assistance, the date prepay-
ment is expected to take place, a telephone 
number and electronic mail address at 
which to contact the owner of the project, 
and any limitations, use, and other terms 
the Secretary considers appropriate. 
‘‘(ii) In the case of any prepayment 
involving transfer of the ownership of a 
project, the notice shall include the name 
of the transferee, the date that the trans-
fer was agreed to, the date the transfer is 
to take place, and telephone numbers and 
electronic mail addresses at which to con-
tact the transferor and transferee. 
‘‘(B) NOTICE
TO
SECRETARY.—To the 
Secretary, notice that the requirements under 
subparagraph (A) have been met, which shall 
identify the date that notice under such sub-
paragraph was made and the names or each 
tenant to which such notice was provided. 
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‘‘(3) RURAL
TENANT
PROTECTION
VOUCH-
ERS.— 
‘‘(A) IN
GENERAL.—If the owner of a 
housing project subject to a loan made under 
section 515 prepays the loan, the Secretary 
shall, to the extent that amounts for assistance 
under this paragraph are provided in advance 
in appropriation Acts, make voucher assistance 
available to each low-income family who on the 
date of prepayment is residing in a dwelling 
unit in the project. 
‘‘(B) USE.—A voucher under this para-
graph for a family may be used for rental of a 
dwelling unit in the project that the family re-
sides in on the date of the prepayment referred 
to in subparagraph (A) or for a dwelling unit 
elsewhere. 
‘‘(C) RIGHT TO USE.—In the case of a 
project for which a loan made under section 
515 is prepaid, the owner of the project may 
not refuse to lease, to a family for whom vouch-
er assistance under this paragraph is made 
available, any available rental dwelling unit in 
the project a proximate cause of which is the 
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status of such family as a recipient of such as-
sistance. 
‘‘(D) 
AMOUNT
OF
ASSISTANCE.—The 
amount of rental assistance provided under a 
voucher under this paragraph on behalf of a 
tenant shall be the amount by which— 
‘‘(i) the lesser of (I) the rent for the 
dwelling unit rented using such voucher, or 
(II) the rent for a comparable unit in the 
same market area as the housing project 
for which the loan was prepaid; exceeds 
‘‘(ii) the lesser of (I) the amount of 
rent paid by the tenant for the dwelling 
unit occupied by the tenant at the time of 
the prepayment referred to in paragraph 
(1), or (II) the amount equal to 30 percent 
of the tenant’s adjusted income (as such 
term is defined in section 3(b) of the 
United States Housing Act of 1937 (42 
U.S.C. 1437a(b)). 
‘‘(E) RURAL AFFORDABLE VOUCHER.—For 
communities with insufficient affordable hous-
ing alternatives, as determined by the Sec-
retary, voucher assistance under this paragraph 
may be provided in accordance with section 
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8(t)(1) of the United States Housing Act of 
1937 (42 U.S.C. 1437f(t)(1)). 
‘‘(F) ADMINISTRATION.—To the maximum 
extent practicable, the Secretary shall admin-
ister voucher assistance under this paragraph in 
accordance with regulations and administrative 
guidance for housing vouchers administered by 
the Secretary of Housing and Urban Develop-
ment under section 8 of such Act. 
‘‘(G) HOMEOWNERSHIP OPPORTUNITIES.— 
A voucher under this paragraph may be used by 
a tenant to make payments towards the pur-
chase of a single-family home anywhere in the 
United States, subject to subsidy limits for 
vouchers under this title and the same limita-
tions applicable under section 8(y) of the 
United States Housing Act of 1937 (42 U.S.C. 
1437f(y) to the use of tenant-based assistance 
under such section 8 for homeownership. 
‘‘(4) PREPAYMENT
STANDARDS
FOR
PRE-1989 
LOANS.—In the case of a loan made or insured 
under section 515 pursuant to a contract entered 
into before December 15, 1989: 
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), the Secretary shall approve any 
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offer to prepay such a loan that meets the fol-
lowing requirements: 
‘‘(i) The borrower under the loan has 
not been provided any assistance to extend 
low-income 
use 
pursuant 
to 
section 
502(c)(4) of this Act, as such section was 
in effect before the date of the enactment 
of the Saving America’s Rural Housing 
Act of 2006. 
‘‘(ii) The loan was not at any time re-
stricted by servicing actions, including 
transfers. 
‘‘(iii) The 20-year period during which 
the project is subject to use restrictions 
under the loan has concluded. 
‘‘(B) PROHIBITION.—The Secretary may 
not approve any offer to prepay such a loan 
during the 20-year period during which the 
project is subject to use restrictions under the 
loan. 
‘‘(5) SALE RESTRICTIONS.—During the period 
that begins upon the owner providing notice to the 
Secretary under paragraph (2)(B) and having a du-
ration of 75 days, the owner may not sell the prop-
erty except to a purchaser who enters into such 
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binding agreements for purchase at market rates as 
the Secretary considers necessary to continue the 
property use restrictions with respect to the project 
in accordance with this title for a period of 20 years. 
This paragraph may not be construed to prohibit an 
owner, during such period, from soliciting or receiv-
ing any offers of sale or purchase. 
‘‘(6) DATABASE OF POTENTIAL BUYERS.—The 
Secretary shall establish and maintain a database of 
potential buyers of projects with loans made under 
section 515. Such database shall include only per-
sons who have expressed an interest to the Secretary 
in purchasing such projects at fair market value and 
maintaining the projects for use as affordable hous-
ing.’’. 
SEC. 4. CONFORMING AMENDMENTS TO TITLE V OF THE 
HOUSING ACT OF 1949. 
Title V of the Housing Act of 1949 is amended— 
(1) 
in 
section 
502(b)(2) 
(42 
U.S.C. 
1472(b)(2))— 
(A) by striking ‘‘or 515’’; and 
(B) by inserting before the semicolon at 
the end the following: ‘‘and any prepayment of 
a loan made or insured under section 515 shall 
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be subject to the provisions of subsection (i)’’; 
and 
(2) in section 537(b)(1) (42 U.S.C. 1490p– 
1(b)(1)), by inserting before the semicolon the fol-
lowing: ‘‘ and to administer the revitalization pro-
gram under section 544’’. 
Æ 
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