Rural Rental Housing Displacement Prevention Act of 1987

Summary

Rural Rental Housing Displacement Prevention Act of 1987 - Amends the Housing Act of 1949 to direct the Secretary of Agriculture, before accepting prepayment or refinancing of any rural rental housing loan made or insured prior to December 21, 1979, to require the borrower to offer to sell such housing and related facilities to a qualified nonprofit organization. Directs the Secretary to provide specified financial assistance, including rental assistance, to facilitate such sale. Prohibits subsequent property transfers during the term of the transferred loan unless there is no longer a need for such low-income housing. Authorizes appropriations to the Rural Housing Insurance Fund for reimbursement of financial assistance provided under this Act.

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1 official file

• Introduced in House

  summary · EN · 10 February 1987

  Open at official source

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