Rural Housing Service Reform Act of 2023

The Rural Housing Service Reform Act of 2023 establishes a permanent program to preserve and revitalize rural affordable housing projects financed under sections 514, 515, and 516 of the Housing Act of 1949, directly affecting low-income rural residents and housing owners. It creates mechanisms for loan restructuring to maintain safe, affordable housing, including options like reducing interest rates, deferring payments, and subordinating debt. The bill also creates a new Native CDFI relending program to increase homeownership opportunities for Native American communities and extends the maximum term of direct loans from 30 to 40 years. Additionally, it establishes procedures for renewing rental assistance contracts for up to 20 years and adjusts the process for updating housing voucher amounts based on changes in household income or composition.