Rural Housing Service Reform Act of 2023

The Rural Housing Service Reform Act of 2023 establishes a permanent housing preservation and revitalization program to help maintain affordable rental housing in rural areas. It extends rental assistance contracts for up to 20 years, provides $50 million annually for Native community development financial institutions to increase homeownership opportunities for Native communities, and extends the maximum loan term for rural housing loans to 40 years. The bill also requires annual reporting on rural housing program performance and creates new mechanisms for property owners to restructure loans while maintaining housing for low-income residents. These provisions directly affect rural housing projects, low-income tenants, and Native communities seeking housing assistance through the Rural Housing Service.