Promote Affordable Rural Housing Act
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.
Under the bill, the term development includes activities necessary to develop the land, such as surveying, architecture, and engineering.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7238 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 7238
To amend the Housing Act of 1949 to extend the term of rural housing
site loans and clarify the permissible uses of such loans.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Promote Affordable Rural Housing
Act''.
SEC. 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''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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