Vouchers may go to households in projects that prepaid, foreclosed, or matured
What the document says“``(1) been prepaid with or without restrictions imposed by the Secretary pursuant to section 502(c)(5)(G)(ii)(I); ``(2) been foreclosed; or ``(3) matured after September 30, 2005.''.”
The section adds a new subsection (c) to section 542 of the Housing Act of 1949 letting the Secretary of Agriculture give rural housing vouchers to any low-income household, including those not receiving rental assistance, living for a term longer than the remainder of their lease in a property financed under sections 514, 515, or 516 whose loan has been prepaid, foreclosed, or matured after September 30, 2005. A separate subsection sets how the monthly assistance payment is worked out and provides for interim and annual review.
What the document actually says“``(1) been prepaid with or without restrictions imposed by the Secretary pursuant to section 502(c)(5)(G)(ii)(I); ``(2) been foreclosed; or ``(3) matured after September 30, 2005.''.”
The loan was paid off early, with or without conditions. Or the property was foreclosed on. Or the loan came due after September 30, 2005.
A voucher helps a tenant pay rent. When a building leaves the program, the tenant can be left exposed. This widens who may get one.
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