Rental assistance must be offered for up to 20 years with a restructuring
What the document says“the Secretary shall offer to renew the rental assistance contract under section 521(a)(2) for a term that is the shorter of 20 years and the term of the restructured loan, subject to annual appropriations, provided that the owner agrees to bring the property up to such standards that will ensure maintenance of the property as decent, safe, and sanitary housing”
The new section 545 requires the Secretary of Agriculture, when a loan is restructured, to offer to renew the rental assistance contract for the shorter of 20 years and the term of the restructured loan, subject to annual appropriations, provided the owner agrees to bring the property up to standards keeping it decent, safe, and sanitary for the full term. Where assistance is not available for every household, the Secretary may extend more to unassisted households as needed to make the project safe and affordable.
What the document actually says“the Secretary shall offer to renew the rental assistance contract under section 521(a)(2) for a term that is the shorter of 20 years and the term of the restructured loan, subject to annual appropriations, provided that the owner agrees to bring the property up to such standards that will ensure maintenance of the property as decent, safe, and sanitary housing”
The farm agency must offer to renew the rent aid. The term is 20 years or the length of the new loan, whichever is shorter. The owner must agree to bring the building up to standard.
Rent aid pays part of what a tenant owes. It runs only as long as Congress funds it each year. The offer here comes with a repair promise.
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