tives that are available to facilitate the extension of 
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 the loan will mature, the 
Secretary shall provide written notice to each 
household residing in the property that informs 
them of the date of the loan maturity, the pos-
sible actions that may happen with respect to 
the property upon that maturity, and how to 
protect their right to reside in federally assisted 
housing after that 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, in any circumstance in which the Sec-
retary proposes a restructuring to an owner or an owner 
proposes a restructuring to the Secretary, the Secretary 
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may restructure such existing housing loans, as the Sec-
retary considers appropriate, for the purpose of ensuring 
that those projects have sufficient resources to preserve 
the projects to provide safe 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.— 
‘‘(1) IN GENERAL.—When the Secretary pro-
poses to restructure a loan or agrees to the proposal 
of an owner 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 appro-
priations, provided that the owner agrees to bring 
the property up to or maintain the property at such 
standards that will ensure maintenance of the prop-
erty as decent, safe, and sanitary housing for the 
full term of the rental assistance contract. 
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‘‘(2) ADDITIONAL RENTAL ASSISTANCE.— 
‘‘(A) IN
GENERAL.—With respect to a 
project described in paragraph (1), if rental as-
sistance is not available for all households in 
the project for which the loan is being restruc-
tured pursuant to subsection (c), the Secretary 
may extend such additional rental assistance to 
unassisted households at that project as is nec-
essary to make the project safe and affordable 
to low-income households. 
‘‘(B) UNAVAILABLE
PROPERTY.—In the 
event that a property is not available to provide 
additional rental assistance to households under 
subparagraph (A), the Secretary may offer a 
rural housing voucher to those households. 
‘‘(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. 
‘‘(2) TERM.— 
‘‘(A) NO EXTENSION OF RENTAL ASSIST-
ANCE CONTRACT.—Except when the Secretary 
enters into a 20-year extension of the rental as-
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sistance contract for a project, the term of the 
restrictive use agreement for the project shall 
be consistent with the term of the restructured 
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 before the end of the term 
of the agreement if the 20-year rental assist-
ance contract for the project with the owner is 
terminated at any time for reasons outside the 
control of the owner. 
‘‘(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) because it is 
not financially feasible or the owner does not agree 
with the proposed restructuring, and the project was 
operating with rental assistance under section 521, 
the Secretary may renew the rental assistance con-
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tract, notwithstanding any provision of section 521, 
for a term, subject to annual appropriations, of 20 
years, provided that the owner enters into a restric-
tive use agreement. 
‘‘(2) ADDITIONAL RENTAL ASSISTANCE.—With 
respect to a project described in paragraph (1), if 
rental assistance is not available for all households 
in the project, the Secretary may extend such addi-
tional rental assistance to unassisted households at 
that project as is necessary to make the project safe 
and affordable to low-income households. 
‘‘(3) 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) the operating cost adjustment factor 
as a payment standard as provided under sec-
tion 524 of the Multifamily Assisted Housing 
Reform and Affordability Act of 1997 (42 
U.S.C. 1437 note). 
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