Detailed Summary

Rural Housing Preservation Act of 2007 - Amends the Housing Act of 1949 to require the Secretary of Agriculture to carry out a preservation program to provide financial incentives and other assistance to owners of Section 515 rural multifamily housing projects through long-term use agreements entered into between the project owners and the Secretary.

(A Section 515 project is one involving housing and related facilities for elderly persons and families or other persons and families of low income.)<br>

Authorizes the Secretary to give priority to applications for eligible projects located on tribal trust lands or other Indian areas, in colonias, or in other small, poor, low-income communities.

Requires the Secretary to prepare and approve a long-term viability plan for each eligible project for which the owner requests to participate. Allows the Secretary, subject to certain conditions, to offer a project owner a financial restructuring plan, based on the long-term viability plan, and specified project preservation incentives.

Specifies compliance requirements for rents for any eligible households residing in a dwelling unit in any preserved Section 515 project, including: (1) a disregard for certain earned income for residents; and (2) phase-in of rent increases.

Establishes conditions that makes certain project owners ineligible to participate in the preservation program.

Requires the Secretary to make rural preservation and rural tenant protection vouchers available to certain eligible households.

Requires the Secretary to give priority, in entering into contracts involving financing for new construction of a Section 515 project, for projects located in eligible rural areas needing affordable low-income rental housing because of prepayment of Section 515 loans.

Status of the Legislation

Latest Major Action: 3/25/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on Housing and Community Opportunity.

Points in Favor

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Points Against

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