Strategy and Investment in Rural Housing Preservation Act of 2023

The Strategy and Investment in Rural Housing Preservation Act of 2023 establishes a permanent program to preserve rural affordable housing by providing mechanisms to extend or restructure loans for multifamily rental housing projects financed under USDA housing programs. It requires annual notices to property owners about maturing loans and detailed notices to tenants about their housing rights and options. The program allows for loan restructuring options (reducing interest, deferring payments, etc.) and offers 20-year rental assistance renewals to maintain affordability for low-income residents. The bill authorizes $200 million annually for 2024-2028 to fund this program and requires the USDA to develop a plan for preserving affordability within six months.