‘‘(II) in the case of an application for 
transfer of ownership of multiple projects, 
but not exceeding 10 projects, 90 days; 
and 
‘‘(III) in the case of an application for 
transfer of ownership of 11 or more 
projects, 120 days. 
‘‘(iii) DEADLINE FOR OFFICE OF RENTAL 
HOUSING PRESERVATION.—In the case of any 
complete application for a transfer of ownership 
of a project, or projects, that is transferred pur-
suant to clause (i), shall be processed, and ap-
proved or denied, before the expiration of the 
period that begins upon receipt of the complete 
application and consists of— 
‘‘(I) in the case of an application for 
transfer of ownership of a single project, 
30 days; 
‘‘(II) in the case of an application for 
transfer of ownership of multiple projects, 
but not exceeding 10 projects, 60 days; 
and 
‘‘(III) in the case of an application for 
transfer of ownership of 11 or more 
projects, 120 days. 
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‘‘(iv) APPEALS.—Only decisions regarding 
complete applications shall be appealable to the 
National Appeals Division of the Department of 
Agriculture.’’. 
SEC. 4. REPORT. 
Not later than July 1, 2008, the Secretary of Agri-
culture shall submit a report to the Committee on Finan-
cial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of 
the Senate that— 
(1) identifies the actions that the Secretary has 
taken to coordinate with other Federal agencies, in-
cluding the Department of Housing and Urban De-
velopment and the Internal Revenue Service, and, in 
particular, with the program for rental assistance 
under section 8 of the United States Housing Act of 
1937, the multifamily mortgage insurance programs 
under title II of the National Housing Act, the pro-
gram under section 42 of the Internal Revenue Code 
of 1986 for low-income housing tax credits, and the 
program for tax-exempt bonds under section 142 of 
such Code; 
(2) identifies and describes any resulting im-
provements within Rural Housing Service of the De-
partment of Agriculture in expediting the transfer of 
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ownership of projects with loans made or insured 
under section 515 of the Housing Act of 1949; and 
(3) makes recommendations for any legislative 
changes that are needed for the prompt processing 
of applications for such ownership transfers and for 
the transfer of such projects. 
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Union Calendar No. 288 
110TH CONGRESS 
1ST SESSION 
H. R. 3873 
[Report No. 110–464] 
A BILL 
To expedite the transfer of ownership of rural mul-
tifamily housing projects with loans made or in-
sured under section 515 of the Housing Act of 
1949 so that such projects are rehabilitated and 
preserved for use for affordable housing. 
DECEMBER 4, 2007 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
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