To amend the Housing Act of 1949 to extend the term of rural housing site loans and clarify the permissible uses of such loans.

Hozzl · 2024-02-06T08:15:42Z

Explore the details of House Bill 7238 To amend the Housing Act of 1949 to extend the term of rural housing site loans and clarify the permissible uses of such loans. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/6/2024, 8:15 AM

Summary of Bill HR 7238

The bill "To amend the Housing Act of 1949 to extend the term of rural housing site loans and clarify the permissible uses of such loans," designated as H.R. 7238 in the 118th Congress and introduced on February 5, 2024, aims to make changes to rural housing site loans by extending their term and providing clarity on acceptable uses for these loans.

Congressional Summary of HR 7238

Promote Affordable Rural Housing Act

This bill extends from two years to five years the repayment term for certain loans to finance the purchase and development of housing sites for low- or moderate-income families under the Department of Agriculture Section 524 Rural Housing Site Loan program.

Under the bill, the term development includes activities necessary to develop the land, such as surveying, architecture, and engineering.

Current Status of Bill HR 7238

Bill HR 7238 is currently in the status of Bill Introduced since February 5, 2024. Bill HR 7238 was introduced during Congress 118 and was introduced to the House on February 5, 2024. Bill HR 7238's most recent activity was Referred to the House Committee on Financial Services. as of February 5, 2024