To preserve and protect multifamily housing properties assisted by the Secretary of Housing and Urban Development.
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Summary
This bill authorizes the Department of Housing and Urban Development to provide capital assistance, including direct loans at 1% interest, to owners and operators of distressed multifamily housing properties to fund necessary physical improvements and repairs. Eligible properties must be HUD-assisted housing with five or more units that face physical obsolescence or economic non-viability, and recipients must commit to maintaining affordability for 30 years and accept rental assistance contract renewals. The bill allows the Secretary to modify, extend, or forgive loans if necessary to preserve affordability, and requires recipients to secure at least 20% of improvement costs from non-federal sources unless the Secretary determines an exemption is warranted.
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