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Tuesday, May 30, 2006 - Legislation Being Considered to Revitalize Rural Housing

The House of Representatives' Housing Subcommittee has approved HR 5039, the “Saving America's Rural Housing Act of 2006”.  This legislation will allow owners of many older Section 515 rural rental properties to pay off their mortgages early, create a voucher program for tenants, and give Section 515 owners ways to restructure their properties' financing to provide capital for revitalization. The 515 program provides low-interest loans to entities that develop and operate rental properties for low-income rural residents.  The full Committee will consider the legislation in mid-June.  There is no companion as of yet in the Senate.

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