Rural Housing Preservation Act of 2007

To establish a program to preserve rural multifamily housing assisted under the Housing Act of 1949.

10/30/2007--Introduced.
Rural Housing Preservation Act of 2007 - Amends the Housing Act of 1949 to require the Secretary of Agriculture to carry out a preservation program to provide financial incentives and other assistance to owners of Section 515 rural multifamily housing projects through long-term use agreements entered into between the project owners and the Secretary. (A Section 515 project is one involving housing and related facilities for elderly persons and families or other persons and families of low income.)
Authorizes the Secretary to give priority to applications for eligible projects located on tribal trust lands or other Indian areas, in colonias, or in other small, poor, low-income communities.
Requires the Secretary to prepare and approve a long-term viability plan for each eligible project for which the owner requests to participate. Allows the Secretary, subject to certain conditions, to offer a project owner a financial restructuring plan, based on the long-term viability plan, and specified project preservation incentives.
Specifies compliance requirements for rents for any eligible households residing in a dwelling unit in any preserved Section 515 project, including:
(1) a disregard for certain earned income for residents; and
(2) phase-in of rent increases.
Establishes conditions that makes certain project owners ineligible to participate in the preservation program.
Requires the Secretary to make rural preservation and rural tenant protection vouchers available to certain eligible households.
Requires the Secretary to give priority, in entering into contracts involving financing for new construction of a Section 515 project, for projects located in eligible rural areas needing affordable low-income rental housing because of prepayment of Section 515 loans.


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Sponsor

• Rep. Lincoln Davis [D, TN-4]
• and 3 Co-Sponsors
  • Rep. Dan Boren [D, OK-2]
  • Rep. Geoff Davis [R, KY-4]
  • Rep. Paul Hodes [D, NH-2]
  close

Committees

• House Financial Services
• 1 more
  • House Financial Services
  close

Amendments

This bill has no amendments.

Amendments to H.R.4002

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
October 30, 2007

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All Bill Actions

• Mar 25, 2008: Referred to the Subcommittee on Housing and Community Opportunity.
• Oct 30, 2007: Referred to the House Committee on Financial Services.
• Introduced on Oct 30, 2007.

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Related Issue Areas:

• Welfare
• Rural housing
• Rural affairs
• Rental housing
• 21 more
• Rent
• Public contracts
• Mortgages
• Minorities
• Low-income housing
• Indians
• Indian lands
• Indian housing
• Housing subsidies
• Housing for the aged
• Housing finance
• Government lending
• Economic policy
• Depressed areas
• Colonias
• Building construction
• Budgets
• Apartment houses
• Aged
• Affordable housing
• Housing

Data from the Congressional Research Service

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Blog Coverage

September 03, 2008 The GOP Strategy on Palin: The "Alaska Maverick"

Here is the governor's office release on HR 4002, and NOTE the language in it about the 1998 amendment. [interestingly, look at the DATE on this--8/29/08. This must have been put up in response to press questions? Odd. ...

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October 29, 2007 Bill Action: Introduced: HR 4002: To establish a program to ...

Rep. Lincoln Davis [D-TN] introduced HR 4002: To establish a program to preserve rural multifamily housing assisted under the Housing Act of 1949. [This event matched these trackers: Active Legislation ]

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October 29, 2007 HR 4002, To establish a program to preserve rural multifamily ...

HR 4002 would establish a program to preserve rural multifamily housing assisted under the Housing Act of 1949.... Vote on This Bill: For | Against.

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