(RECAP: Last week, Representative Kuster (D-NH) introduced the Rural Housing Preservation Act of 2016, H.R. 4908, which seeks to provide relief to rural multifamily developments financed under the U.S. Department of Agriculture (USDA) Section 515 Rural Rental Housing Loan Program that will lose rental assistance in the future due to pre-paid or maturing mortgages. Since 2004, USDA appropriations bills have included provisions to make residents of properties with pre-paid mortgages eligible for USDA Section 542 housing vouchers. However, residents in maturing mortgage properties are not eligible for Section 542 vouchers under these provisions. H.R. 4908 would authorize USDA to provide vouchers to eligible residents in properties with pre-paid and maturing mortgages.)
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