Rural Housing Service Reform Act of 2023

This bill establishes a permanent Rural Housing Service program to preserve and revitalize affordable housing projects for low-income rural residents, including mechanisms to maintain rental assistance during foreclosure and offer loan restructuring options. It creates a new program to provide direct loans to Native community development financial institutions to increase homeownership opportunities for Native communities, and increases the maximum loan amount for farm housing improvements from $7,500 to $15,000. The bill also extends the maximum term for direct loans from 30 to 40 years, requires annual reports on rural housing program performance, and includes provisions for adjusting housing vouchers to better match tenant income changes. These provisions directly affect rural homeowners, low-income renters, Native communities, and housing providers participating in USDA rural housing programs.