WASHINGTON – The Housing and Community Opportunity Subcommittee chaired by Rep. Robert Ney (R-Ohio) passed by voice vote on May 23 a markup of legislation that would create a revitalization program for the U.S. Department of Agriculture Rural Development Agency's multi-family housing assistance program, Section 515.
H.R. 5039, the Saving America's Rural Housing Act of 2006, was introduced March 29 by Rep. Geoff Davis (R-Ky.), Ranking Member Barney Frank (D-Mass.), Ney, Artur Davis (D-Ala.), Gary Miller (R-Calif.), Rep. Ruben Hinojosa (D-Texas), and Rep. Rick Renzi (R-Ariz.).
According to a Subcommittee release, nearly 500,000 of the poorest rural residents in the U.S. are helped annual by this program that allows USDA Rural Development to make direct loans to owners and developers of affordable apartment housing.
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While the need for affordable rural housing is increasing, the release states, construction of new properties has slowed.
Ney said the legislation "is a significant effort to preserve rural housing for the future."
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