Senate Introduces Companion Rural Housing Preservation Act of 2019

Senators Jeanne Shaheen (D-NH) and Tina Smith (D-MN) introduced the Rural Housing Preservation Act of 2019 (S. 2567). The bill would expand U.S. Department of Agriculture (USDA) Rural Development (RD) rental assistance programs, permanently authorize the U.S. Department of Agriculture’s (USDA) Multifamily Housing Preservation and Revitalization program, and direct RD to better align its policies with the LIHTC program. Similar legislation (H.R. 3620) was passed by the House of Representatives on September 10. The House version of the bill also authorizes $1 billion to carry out the program and requires USDA to create a plan for preservation of rural multifamily housing backed by USDA loans and would establish an advisory committee to advise USDA in implementing this plan.