A bill to amend the Housing Act of 1949 to prevent the displacement of lower income and elderly residents of rural rental housing due to the prepayment of loans made by the Secretary of Agriculture.
Rural Rental Housing Displacement Prevention Act of 1987 - Amends the Housing Act of 1949 to direct the Secretary of Agriculture, before accepting prepayment or refinancing of any rural rental housing loan made or insured prior to December 21, 1979, to require the borrower to offer to sell such housing and related facilities to a qualified nonprofit organization.
Directs the Secretary to provide specified financial assistance, including rental assistance, to facilitate such sale.
Prohibits subsequent property transfers during the term of the transferred loan unless there is no longer a need for such low-income housing.
Authorizes appropriations to the Rural Housing Insurance Fund for reimbursement of financial assistance provided under this Act.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Housing and Community Development.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
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