Saving America's Rural Housing Act of 2006

Summary

Saving America's Rural Housing Act of 2006 - Amends the Housing Act of 1949 to direct the Secretary of Agriculture to implement a revitalization program to provide financial incentives and other assistance to owners of eligible projects through voluntary long-term use agreements entered into between the project owners and the Secretary. Prescribes implementation guidelines, including requirements for a long-term viability plan, a financial restructuring plan, and revitalization incentives. Revises the authority of the Secretary to make loans to private nonprofit corporations, consumer cooperatives, and Indian tribes to provide rental or cooperative housing and related facilities for elderly or handicapped persons, families of low or moderate income, or other persons and families of low income in rural areas (Section 515 financing). Authorizes the Secretary, when entering into contracts involving Section 515 financing for new construction, to grant priority to projects in areas with a need for affordable low-income rental housing due to prepayment of Section 515 loans or insured loans. Repeals certain restrictions on the prepayment of Section 515 loans or insured loans; but specifies new conditions on prepayment of such loans. Directs the Secretary to: (1) develop a plan to administer requests to prepay Section 515 multifamily housing loans; and (2) make voucher assistance available to each low-income family who on the date of prepayment is residing in a dwelling unit if the owner prepays certain multifamily housing loans made under the Act. Prescribes uses for such vouchers, including rental assistance, right to use an available rental dwelling unit, and homeownership. Sets forth prepayment standards for pre-1989 loans. Instructs the Secretary to establish and maintain a database of potential buyers of projects with specified loans. Restricts such database to persons who have expressed an interest in purchasing the projects at fair market value and maintaining them as affordable housing.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 27 July 2006

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• Reported in House (PDF)

  Reported in House · EN · 27 July 2006

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• Reported to House with amendment(s)

  summary · EN · 27 July 2006

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• Introduced in House (text)

  Introduced in House · EN · 29 March 2006

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• Introduced in House (PDF)

  Introduced in House · EN · 29 March 2006

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• Introduced in House

  summary · EN · 29 March 2006

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