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 ‘‘Strategy and Invest-
ment in Rural Housing Preservation Act of 2019’’. 
SEC. 2. PERMANENT ESTABLISHMENT OF HOUSING PRES-
ERVATION AND REVITALIZATION PROGRAM. 
Title V of the Housing Act of 1949 (42 U.S.C. 1471 
et seq.) is amended by adding at the end the following 
new section: 
‘‘SEC. 545. HOUSING PRESERVATION AND REVITALIZATION 
PROGRAM. 
‘‘(a) ESTABLISHMENT.—The Secretary shall carry 
out a program under this section for the preservation and 
revitalization of multifamily rental housing projects fi-
nanced under section 515 or both sections 514 and 516. 
‘‘(b) NOTICE OF MATURING LOANS.— 
‘‘(1) TO
OWNERS.—On an annual basis, the 
Secretary shall provide written notice to each owner 
of a property financed under section 515 or both 
sections 514 and 516 that will mature within the 4- 
year period beginning upon the provision of such no-
tice, setting forth the options and financial incen-
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 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
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.
‘‘(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
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