Affordable Housing Preservation and Protection Act of 2026

Lisa Blunt Rochester

Democrat · DE · Senator

Source: Congress.gov · FEC

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2026-09-24

Source: Congress.gov

Plain-English summary pending. Introduced on 2026-09-24. Check back soon — summaries are generated as bills progress through Congress.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 5500 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 5500 To preserve and protect multifamily housing properties assisted by the Secretary of Housing and Urban Development. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 24, 2026 Ms. Blunt Rochester introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To preserve and protect multifamily housing properties assisted by the Secretary of Housing and Urban Development. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Affordable Housing Preservation and Protection Act of 2026''. SEC. 2. REVITALIZATION AND PRESERVATION OF DISTRESSED MULTIFAMILY PROPERTIES. (a) Definitions.--In this section: (1) HUD-approved purchaser.--The term ``HUD-approved purchaser'' means a purchaser that is approved by the Department of Housing and Urban Development. (2) Multifamily housing project.--The term ``multifamily housing project'' means a project consisting of five or more dwelling units assisted or approved to receive assistance or a transfer of assistance, insured, or with a loan held by the Secretary or a State or State agency in part or in whole pursuant to-- (A) section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f); (B) section 202 of the Housing Act of 1959 (12 U.S.C. 1701q); (C) section 202 of the Housing Act of 1959, as such section was in effect on the day before the date of enactment of the Cranston-Gonzalez National Affordable Housing Act (Public Law 101-625; 104 Stat. 4079); (D) section 811 of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 8013); (E) section 236 of the National Housing Act (12 U.S.C. 1715z-1); or (F) a First Component or Second Component contract converted to project-based rental assistance or project-based voucher assistance in accordance with the matter under the heading ``rental assistance demonstration'' under the heading ``Management and Administration'' under the heading ``DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT'' in title II of division C of the Consolidated and Further Continuing Appropriations Act, 2012 (42 U.S.C. 1437f note; Public Law 112-55). (3) Necessary physical improvements.--The term ``necessary physical improvements'' means new construction or capital improvements to an existing multifamily housing project that the Secretary determines are necessary to address the deficiencies, including accessibility deficiencies, or that rise to such a level that delaying physical improvements to the project would be detrimental to the longevity of the project as suitable housing for occupancy. (4) Secretary.--The term ``Secretary'' means the Secretary of Housing and Urban Development. (b) Authority.--To such extent or in such amounts as provided in appropriations Acts, the Secretary may offer capital assistance under this section to owners, sponsors, or HUD-approved purchasers of eligible multifamily housing projects for the purpose of ensuring the long-term preservation of decent, safe, and sanitary affordable housing. (c) Eligible Costs.--The Secretary may use funds under this section for-- (1) the cost of providing direct loans, which may be forgivable, and the costs of modifying such loans, to owners, sponsors, or HUD-approved purchasers of distressed multifamily housing projects for the purpose of making necessary physical improvements, including to subsidize gross obligations for the principal amount of such loans, subject to the terms and conditions in subsection (d), to fund projects that improve physical conditions; and (2) administering the implementation of this section, including-- (A) the cost of contracts or cooperative agreements to support implementation; (B) costs related to outreach and consultation with residents of distressed multifamily housing projects and other community stakeholders;…

and (C) the cost of carrying out subsection (e). (d) Loan Terms and Conditions.-- (1) Eligibility.--Owners, sponsors, or HUD-approved purchasers of multifamily housing projects who meet each of the following requirements shall be eligible for loan assistance under this section: (A) The multifamily housing project, including any project from which assistance has been approved to be transferred has deficiencies, including safety or accessibility deficiencies, that cause the project to be at risk of physical obsolescence or economic non- viability. (B) The actual rents received by the owner, sponsor, or HUD-approved purchaser of the distressed property would not adequately sustain the debt needed to make necessary physical improvements. (C) The owner, sponsor, or HUD-approved purchaser agrees to extend or establish an affordable housing use agreement for 30 years and agrees to accept a renewal of a rental assistance contract in any year in which a renewal is offered by the Secretary that for which the terms are consistent with section 515 of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1437f note). (2) Use of loan funds.--Each recipient of loan assistance under this section may only use such loan assistance for eligible uses, as determined by the Secretary, to result in necessary physical improvements. (3) Loan availability.--The Secretary shall only provide loan assistance to an owner, sponsor, or HUD-approved purchaser of a multifamily housing project when such assistance, considered with other financial resources available to the owner, sponsor, or HUD-approved purchaser, is needed to make the necessary physical improvements. (4) Interest rates and length.--Loans provided under this section shall bear interest at 1 percent, and at origination shall have a repayment period coterminous with the affordability period described in paragraph (1)(D), with the frequency and amount of repayments to be determined by requirements established by the Secretary. (5) Loan modifications or forgiveness.--With respect to loans provided under this section, the Secretary may take any of the following actions if the Secretary determines that doing so will preserve affordability of the project: (A) Waive any due on sale or due on refinancing restriction. (B) Consent to the terms of new debt to which the loans may be subordinate, even if such new debt would impact the repayment of the loan. (C) Extend the term of the loan. (D) Forgive the loan in whole or in part. (6) Matching contribution.-- (A) In general.--Except as provided in subparagraph (B), each recipient of loan assistance under this section shall secure at least 20 percent of the total cost needed to make the necessary physical improvements from non-Federal sources. (B) Exception.--If the Secretary determine that an applicant is unable to secure the required matching contribution despite having made commercially reasonable efforts to secure such matching resources, the Secretary may provide for-- (i) a reduced contribution below 20 percent; or (ii) an exemption to the matching contribution requirement. (e) Multifamily Housing Projects Insured by the Secretary.--In the case of any property with respect to which assistance is provided under this section that has a mortgage held or insured by the Secretary, the Secretary may use funds available under this section as necessary to pay for the costs of modifying such loan, which shall include costs paid to issuers approved by the Government National Mortgage Association related to modifying the loan. (f) Implementation.-- (1) In general.--The Secretary shall take steps to ensure the effective implementation of this section, including ensuring-- (A) timely execution of rehabilitation activities funded by assistance under this section; (B) ongoing owner compliance with contract or program requirements; and (C) outreach to and consultation with residents of distressed properties. (2) Requirements.--The Secretary shall have the authority to establish by notice any requirements that the Secretary determines are necessary for timely and effective implementation of the program and expenditure of funds appropriated, which requirements shall take effect upon issuance. (g) Authorization of Appropriations.--There are authorized to be appropriated to the Secretary to carry out this section such sums as may be necessary. <all>

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