Owners may ask for a 20-year renewal, and freed assistance is reused
What the document says“``(B) upon request of an owner of a project financed under section 514 or 515, the Secretary is authorized to enter into renewal of such agreements for a period of 20 years or the term of the loan, whichever is shorter, subject to amounts made available in appropriations Acts;'';”
The section amends section 521(d) of the Housing Act of 1949 to let the Secretary of Agriculture, at an owner's request, renew a rental assistance agreement for 20 years or the loan term, whichever is shorter, subject to appropriations, and changes a requirement in paragraph (2) from shall to may. It also adds a rule that where contract authority is freed by the end of assistance to a family, the owner has up to six months to use it for another eligible unassisted family in the same project, after which the Secretary must use what remains for eligible families in other projects originally financed under sections 514, 515, or 516.
What the document actually says“``(B) upon request of an owner of a project financed under section 514 or 515, the Secretary is authorized to enter into renewal of such agreements for a period of 20 years or the term of the loan, whichever is shorter, subject to amounts made available in appropriations Acts;'';”
An owner may ask for the rent aid deal to be renewed. The farm agency may then renew it for 20 years, or for the length of the loan if that is shorter. Money must be set aside for it.
When one family leaves, its aid is freed. The owner gets six months to use it for another family there. After that it moves to other projects.
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