Promote Affordable Rural Housing Act

Bill: 118-hr-7238
Sponsor: full_name: Rep. Nunn, Zachary [R-IA-3]
Introduced: 2024-02-05
Policy area: Housing and Community Development
Latest action: action_date: 2024-02-05
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2024-02-05
action_desc: Introduced in House
text: <p><strong>Promote Affordable Rural Housing Act</strong></p><p>This bill extends from two years to five years the repayment term for certain loans to finance the purchase and development of housing sites for low- or moderate-income families under the Department of Agriculture Section 524 Rural Housing Site Loan program.</p><p>Under the bill, the term <em>development</em> includes activities necessary to develop the&nbsp;land, such as surveying, architecture, and engineering.</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 7238 IN THE HOUSE OF REPRESENTATIVES February 5, 2024 Mr. Nunn of Iowa (for himself and Mr. Nickel ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Housing Act of 1949 to extend the term of rural housing site loans and clarify the permissible uses of such loans.

1. Short title This Act may be cited as the Promote Affordable Rural Housing Act . 2. Financial assistance to nonprofit organizations to provide sites for rural housing for low- and moderate-income families Section 524(a)(1) of the Housing Act of 1949 ( 42 U.S.C. 1490d(a)(1) ) is amended— (1) in the first sentence, by inserting after development of land the following: , including for activities necessary for the development of land, such as surveying, architecture, and engineering, ; and (2) in the second sentence— (A) by striking two years and inserting five years ; and (B) by striking or within such additional period as may be authorized by the Secretary in any case as being necessary to carry out the purposes of this section .