I 
115TH CONGRESS 
2D SESSION 
H. R. 5352 
To provide rental assistance to low-income tenants of certain multifamily 
rural housing projects, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 20, 2018 
Ms. KUSTER of New Hampshire (for herself, Mr. NOLAN, and Ms. SHEA-POR-
TER) introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To provide rental assistance to low-income tenants of certain 
multifamily rural housing projects, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Rural Housing Preser-
vation Act of 2018’’. 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
SEC. 2. AVAILABILITY OF RURAL HOUSING VOUCHERS FOR 
TENANTS IN PROJECTS WITH MATURING 
LOANS. 
(a) IN GENERAL.—Section 542 of the Housing Act 
of 1949 (42 U.S.C. 1490r) is amended by adding at the 
end the following new subsections: 
‘‘(c) RURAL VOUCHERS FOR TENANTS OF PROJECTS 
WITH PREPAID OR MATURING LOANS.— 
‘‘(1) AUTHORITY.—Subject to the availability of 
amounts provided in appropriation Acts and to para-
graph (3), the Secretary shall provide rural housing 
vouchers under this section, in the amount provided 
under this section, to any low-income household (in-
cluding those not receiving rental assistance) resid-
ing in a property financed with a loan made or in-
sured under section 514 or 515 (42 U.S.C. 1484, 
1485) which has been prepaid, has been foreclosed, 
or has matured, after September 30, 2005, or resid-
ing in a property assisted under section 514 or 516 
(42 U.S.C. 1484, 1486) that is owned by a nonprofit 
organization or public agency. 
‘‘(2) ADMINISTRATION
AND
SUBSIDIES.—The 
Secretary shall, to the maximum extent practicable, 
administer and operate such vouchers with current 
regulations and administrative guidance applicable 
to enhanced vouchers under section 8(t) of the 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
to section 502(c)(5)(G). The Secretary shall review and 
approve all proposed rent increases for residents of such 
properties that are protected by such use agreements and 
issue, to such residents, limited voucher assistance that 
covers the cost of all approved future rent increases that 
are not related to the cost of prepaying the loan or refi-
nancing the property.’’. 
(b) REQUIREMENT FOR SECTION 515 PROJECTS TO 
ACCEPT VOUCHERS.—Section 515 of the Housing Act of 
1949 (42 U.S.C. 1485) is amended by adding at the end 
the following new subsection: 
‘‘(bb) REQUIREMENT TO ACCEPT RURAL HOUSING 
VOUCHERS.—No owner of a property previously financed 
with a loan made or insured under this section, whether 
such loan is outstanding or fully paid, may refuse to lease 
an available dwelling unit in the property to a household 
on behalf of whom voucher assistance is provided under 
section 542 (42 U.S.C. 1490r), and to enter into a voucher 
contract respecting such unit, a proximate cause of which 
is the status of such current or prospective tenant as a 
holder of such voucher.’’. 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
SEC. 3. DECOUPLING RENTAL ASSISTANCE FROM MATUR-
ING RURAL HOUSING LOANS. 
Paragraph (2) of section 521(a) of the Housing Act 
of 1949 (42 U.S.C. 1490a(a)(2)) is amended by adding 
at the end the following new subparagraph: 
‘‘(F) RENTAL ASSISTANCE FOR PROJECTS 
WITH MATURED LOANS.— 
‘‘(i) AUTHORITY.—To continue to 
make decent, safe and sanitary housing 
available 
to 
low-income 
occupants 
of 
projects originally financed with a loan 
made or insured under section 514 or 515 
that has matured on or after the date of 
the enactment of this subparagraph or 
with a grant under section 516, and at 
rental rates commensurate to income as 
specified in subparagraph (A) of this para-
graph, the Secretary may, subject to the 
availability of amounts provided in appro-
priation Acts, contract to make, make, and 
renew annual assistance payments pursu-
ant to this subparagraph to the owners of 
such projects. 
‘‘(ii) OFFER.—The Secretary shall en-
sure that an offer to provide a contract for 
assistance payments pursuant to this sub-
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
paragraph shall be extended to all owners 
of projects described in clause (i) not later 
than 24 months before the maturation of 
the loan (except in the case of loans ma-
turing after the date that is 24 months be-
fore the date of the enactment of this sub-
paragraph). 
‘‘(iii) TERMS.—Each contract for as-
sistance payments pursuant to this sub-
paragraph shall— 
‘‘(I) have a term of 20 years and 
be subject to availability of amounts 
provided in annual appropriations 
Acts; 
‘‘(II) cover all new and existing 
households residing in the project, re-
gardless of whether or not they were 
previously assisted under the rental 
assistance program authorized under 
subparagraph (A); 
‘‘(III) be recorded at such local 
real property recording office as is 
prescribed by the State in which the 
project is located; 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
‘‘(IV) bind the owner of the 
project and the owner’s successors to 
continue to operate the project in ac-
cordance with such agreements; 
‘‘(V) require the owner (and such 
successors) to agree to continue to op-
erate the projects as if it were subject 
to an existing loan under section 514 
or 515 or grant under section 516, as 
applicable; 
‘‘(VI) extend to residents of the 
project all the rights that at the time 
such contract is entered into are ex-
tended to residents of projects subject 
to an existing loan under section 514 
or 515 or a grant under section 516, 
as applicable; 
‘‘(VII) require the owner (and 
such successors) to maintain the as-
sisted housing as decent, safe, and 
sanitary housing; and 
‘‘(VIII) provide that the Sec-
retary may renew the contract for ad-
ditional 5-year terms if the assisted 
housing is maintained in such decent, 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
safe, and sanitary condition, as deter-
mined by the Secretary. 
‘‘(iv) ACTUAL MARKET RENTALS.— 
‘‘(I) IN
GENERAL.—A contract 
for assistance provided pursuant to 
this subparagraph for a project shall 
provide assistance to the owner based 
on an initial reasonable operating 
budget the rents for which do not ex-
ceed such actual market rental rates 
for the area in which the project is lo-
cated, as are established by the Sec-
retary. 
‘‘(II) ADJUSTMENT; RENEWAL.— 
The Secretary shall adjust the actual 
market rental rates used for purposes 
of this clause annually. 
‘‘(v) 
RENEWAL; 
ADJUSTMENT.—In 
providing assistance pursuant to this sub-
paragraph, the Secretary shall require the 
owner of the project to renew the assist-
ance provided to each household not less 
frequently than annually, in accordance 
with the provisions of subparagraph (A), 
and shall adjust the amount of assistance 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
provided to a household at any other time 
upon a decrease in the household’s month-
ly income of $100 or more. 
‘‘(vi) ADMINISTRATION.—Rental as-
sistance contracts authorized by this sub-
paragraph shall, except as otherwise pro-
vided in this subparagraph, be adminis-
tered by the Secretary in the same manner 
as rental assistance contracts for projects 
having existing loans made or insured 
under section 515 or existing loans and 
grants made under sections 514 and 
516.’’. 
SEC. 4. UNIFORM STANDARDS FOR TRANSFERS OF SEC-
TION 515 PROPERTIES USING LOW-INCOME 
TAX CREDITS. 
Section 515 of the Housing Act of 1949 (42 U.S.C. 
1485), as amended by the preceding provisions of this Act, 
is further amended by adding at the end the following new 
subsection: 
‘‘(cc) REQUIREMENTS FOR TRANSFERS OF PROP-
ERTIES INVOLVING LOW-INCOME HOUSING TAX CRED-
ITS.—The Secretary shall establish, without exception, 
uniform requirements, terms, and conditions for any sale 
or transfer of a property financed with a loan under this 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
section to any entity, including a nonprofit organization, 
that is seeking to acquire such property with amounts au-
thorized under this section and any low-income housing 
tax credit under section 42 of the Internal Revenue Code 
of 1986.’’. 
SEC. 5. RURAL MULTIFAMILY HOUSING REVITALIZATION 
PROGRAM. 
Section 515 of the Housing Act of 1949 (42 U.S.C. 
1485), as amended by the preceding provisions of this Act, 
is further amended by adding at the end the following new 
subsection: 
‘‘(dd) MULTIFAMILY
HOUSING
REVITALIZATION 
PROGRAM.— 
‘‘(1) IN GENERAL.—The Secretary may estab-
lish a Multifamily Housing Revitalization Program 
for the preservation and revitalization of multifamily 
housing projects funded with loans made available 
pursuant to this section and sections 514 and 516 
to ensure that such projects have sufficient resources 
to provide safe and affordable housing for low-in-
come residents and farm laborers. 
‘‘(2) OPTIONS.—In carrying out paragraph (1), 
the Secretary may— 
‘‘(A) with respect to such loans— 
‘‘(i) reduce or eliminate interest; 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
‘‘(ii) defer loan payments; and 
‘‘(iii) subordinate, reduce, or reamor-
tize loan debt; and 
‘‘(B) provide other financial assistance, in-
cluding— 
‘‘(i) advances; and 
‘‘(ii) payments and incentives (includ-
ing the ability of owners to obtain reason-
able returns on investment). 
‘‘(3) REQUIREMENTS.—In exchange for assist-
ance provided pursuant to this subsection, the Sec-
retary shall enter into a restrictive use agreement 
with the property owner to ensure that the property 
remains subject to low-income use restrictions for an 
additional period of time consistent with the terms 
of the restructuring. 
‘‘(4) USE
OF
FUNDS
FOR
RURAL
HOUSING 
VOUCHERS.— 
‘‘(A) AUTHORITY.—If the Secretary deter-
mines that additional voucher funds under sec-
tion 542 (42 U.S.C. 1490r) are needed, funds 
for the revitalization program under this sub-
section may be used for such vouchers for any 
low-income household (including those not re-
ceiving rental assistance) residing in a property 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
financed with a loan under this section that has 
been prepaid after September 30, 2005. 
‘‘(B) AMOUNT.—Notwithstanding section 
542, the amount of a voucher provided pursu-
ant to this paragraph shall be the difference be-
tween comparable market rent for the unit and 
the tenant-paid rent for such unit. 
‘‘(C) AVAILABILITY.—Funds made avail-
able for vouchers pursuant to this paragraph 
shall be subject to the availability of annual ap-
propriations. 
‘‘(D) ADMINISTRATION.—The Secretary 
shall, to the maximum extent practicable, ad-
minister vouchers provided pursuant to this 
paragraph with current regulations and admin-
istrative guidance applicable to housing vouch-
ers under section 8 of the United States Hous-
ing Act of 1937 (42 U.S.C. 1437f) adminis-
tered by the Secretary of Housing and Urban 
Development. 
‘‘(5) USE OF VOUCHER FUNDS FOR REVITAL-
IZATION
PROGRAM.—If the Secretary determines 
that additional funds for the revitalization program 
under this section are needed, funds for the rural 
housing voucher program under section 542 may be 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS
used for the revitalization program under this sec-
tion.’’. 
SEC. 6. REGULATIONS. 
The Secretary of Agriculture shall issue regulations 
necessary to carry out the amendments made by this Act 
not later than the expiration of the 120-day period begin-
ning on the date of the enactment of this Act. 
Æ 
VerDate Sep 11 2014 
20:48 Apr 02, 2018
Jkt 079200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6301
E:\BILLS\H5352.IH
H5352
khammond on DSK30JT082PROD with BILLS