Bills · S 885
IN COMMITTEE· 119TH CONGRESS
Senate BillS 885Alternative and renewable resourcesLow- and moderate-income housing
Strategy and Investment in Rural Housing Preservation Act of 2025
INTRO MAR 6· LAST ACTION MAR 6
READING
13MIN
COSPONSORS
1
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because affordable housing in rural areas is a critical issue, and many properties built decades ago with government support are reaching the end of their original loan terms. Without intervention, owners might sell these properties, convert them to market-rate housing, or allow them to deteriorate, leading to a significant loss of affordable rental units. This loss disproportionately impacts low-income families, seniors, and farm workers in rural communities who often have limited housing options.
If this bill becomes law, it provides a stable framework to proactively preserve these existing affordable homes, preventing displacement and ensuring rural communities retain essential housing stock. If it doesn't pass, the expiration of these loans could accelerate the decline of affordable housing options in rural America, forcing more families into difficult situations and exacerbating housing insecurity in already vulnerable areas.
KEY PROVISIONS
5AI-extractedPROVISION 01
Establishes a permanent program to preserve and revitalize rural multifamily rental housing projects financed under sections 514, 515, or 516 of the Housing Act of 1949.
This creates a lasting system to address the ongoing challenge of expiring affordable housing loans in rural areas.
PROVISION 02
Requires annual written notices to owners (4 years out) and tenants (3 years out) regarding maturing loans, available options, and tenant rights.
Ensures transparency and provides stakeholders with advance information to plan for loan maturity, protecting both owners and tenants.
PROVISION 03
Allows the Secretary to restructure existing housing loans through methods like reducing interest, deferring payments, or providing other financial assistance to ensure projects remain affordable.
Provides financial flexibility to owners to keep properties viable and affordable for low-income residents and farm laborers.
PROVISION 04
Authorizes renewal of rental assistance contracts (up to 20 years) if loans are restructured or, in some cases, even if they can't be restructured, provided owners agree to restrictive use agreements.
Continues subsidies that make housing affordable for tenants and ensures properties remain dedicated to affordable housing.
PROVISION 05
Mandates that owners enter into restrictive use agreements, recorded documents that obligate them to operate the projects in accordance with affordable housing rules.
Legally binds owners to maintain the affordable nature of the properties for an extended period, protecting the public investment.
SPONSORSHIP
1 + 1
D· New Hampshire
YRS IN OFFICE
17
BILLS LED
99
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 1 IND 0
ACTION TIMELINE
2 EVENTSMAR 6
Introduced in Senate
MAR 6
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
BILL INFO
TypeSenate Bill
NumberS 885
Congress119th
StatusIn Committee
IntroducedMar 6, 2025
Last actionMar 6, 2025
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED MAR 6, 2025
Senate BillS 885Alternative and renewable resourcesLow- and moderate-income housing
Strategy and Investment in Rural Housing Preservation Act of 2025
INTRODUCED MAR 6, 2025· LAST ACTION MAR 6, 2025
PASSAGE CHANCES
—%
READING
13 min
COSPONSORS
1
COMPLEXITY
Moderate
