Plan for preserving affordability of rental projects

(a) Plan Not later than 180 days after the date of enactment of this Act, the Secretary of Agriculture (in this section referred to as the Secretary) shall submit a written plan to Congress for preserving the affordability for low-income families of rental projects for which loans were made under section 515 of the Housing Act of 1949 (42 U.S.C. 1485) or made to nonprofit or public agencies under section 514 of that Act (42 U.S.C. 1484) and avoiding the displacement of tenant households, which shall— (1) set forth specific performance goals and measures; (2) set forth the specific actions and mechanisms by which such goals will be achieved; (3) set forth specific measurements by which progress towards achievement of each goal can be measured; (4) provide for detailed reporting on outcomes; and (5) include any legislative recommendations to assist in achievement of the goals under the plan. (b) Advisory committee (1) Establishment; purpose The Secretary shall establish an advisory committee whose purpose shall be to assist the Secretary— (A) in preserving properties assisted under section 514 or 515 of the Housing Act of 1949 (42 U.S.C. 1484, 1485) that are owned by nonprofit or public agencies through the multifamily housing preservation and revitalization program under section 545 of that Act (as added by this subtitle); and (B) implementing the plan required under subsection (a) of this section. (2) Member The advisory committee shall consist of 14 members, appointed by the Secretary, as follows: (A) A State Director of Rural Development for the Department of Agriculture. (B) The Administrator for Rural Housing Service of the Department of Agriculture. (C) Two representatives of for-profit developers or owners of multifamily rural rental housing. (D) Two representatives of nonprofit developers or owners of multifamily rural rental housing. (E) Two representatives of State housing finance agencies. (F) Two representatives of tenants of multifamily rural rental housing. (G) One representative of a community development financial institution that is involved in preserving the affordability of housing assisted under sections 514, 515, and 516 of the Housing Act of 1949 (42 U.S.C. 1484, 1485, 1486). (H) One representative of a nonprofit organization that operates nationally and has actively participated in the preservation of housing assisted by the Rural Housing Service by conducting research regarding, and providing financing and technical assistance for, preserving the affordability of such housing. (I) One representative of low-income housing tax credit investors. (J) One representative of regulated financial institutions that finance affordable multifamily rural rental housing developments. (3) Meetings The advisory committee shall meet not less often than once each calendar quarter. (4) Functions In providing assistance to the Secretary to carry out its purpose, the advisory committee shall carry out the following functions: (A) Assisting the Rural Housing Service of the Department of Agriculture to improve estimates of the size, scope, and condition of rental housing portfolio of the Service, including the time frames for maturity of mortgages and costs for preserving the portfolio as affordable housing. (B) Reviewing current policies and procedures of the Rural Housing Service regarding preservation of affordable rental housing financed under sections 514, 515, 516, and 538 of the Housing Act of 1949 (42 U.S.C. 1484, 1485, 1486, 1490p–2), the Multifamily Preservation and Revitalization Demonstration program (commonly known as the MPR), and the Rural Rental Assistance program under section 521 of the Housing Act of 1949 (42 U.S.C. 1490a) and making recommendations regarding improvements and modifications to such policies and procedures. (C) Providing ongoing review of Rural Housing Service program results. (D) Providing reports to Congress and the public on meetings, recommendations, and other findings of the advisory committee.