A 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.

Hozzl · 2024-01-30T08:14:29Z

Explore the details of Senate Bill 3646 A 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. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

1/30/2024, 8:14 AM

Summary of Bill S 3646

Bill 118 s 3646, also known as the Rural Housing Site Loan Extension and Clarification Act, aims to make changes to the Housing Act of 1949. The main purpose of this bill is to extend the term of rural housing site loans and provide clarity on the permissible uses of such loans.

Currently, rural housing site loans are used to help finance the development of affordable housing in rural areas. However, the terms of these loans are limited, which can make it difficult for developers to complete projects in a timely manner. This bill seeks to address this issue by extending the term of these loans, allowing developers more time to complete their projects.

Additionally, the bill aims to clarify the permissible uses of rural housing site loans. This will help ensure that the funds are being used appropriately and effectively to support affordable housing development in rural areas. Overall, the Rural Housing Site Loan Extension and Clarification Act is designed to improve the effectiveness of rural housing site loans and support the development of affordable housing in rural communities.

Congressional Summary of S 3646

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.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill S 3646

Bill S 3646 is currently in the status of Bill Introduced since January 23, 2024. Bill S 3646 was introduced during Congress 118 and was introduced to the Senate on January 23, 2024. Bill S 3646's most recent activity was Held at the desk. as of January 29, 2024