Rental assistance may be renewed for 20 years even without a restructuring
What the document says“the Secretary may renew the rental assistance contract, notwithstanding any requirement under section 521 that the recipient be a current borrower under section 514 or 515, for a term of 20 years, subject to annual appropriations.”
The new section 545 lets the Secretary of Agriculture renew a rental assistance contract for 20 years, subject to annual appropriations, where a loan maturing within four years of the owner notice cannot reasonably be restructured because it is not financially feasible or the owner does not agree, and the project was operating with rental assistance under section 521 with a borrower under section 514 or 515. The usual requirement that the recipient be a current borrower does not apply.
What the document actually says“the Secretary may renew the rental assistance contract, notwithstanding any requirement under section 521 that the recipient be a current borrower under section 514 or 515, for a term of 20 years, subject to annual appropriations.”
The farm agency may renew the rent aid for 20 years. It may do so even though the owner is no longer a borrower. Money must still be set aside each year.
To decouple is to split the rent aid from the loan. Without it, aid ends when the loan does. This lets the aid carry on.
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