Promote Affordable Rural Housing Act

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)]

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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.


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                    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''.
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