H.R.4002: To establish a program to preserve rural multifamily housing assisted under the Housing Act of 1949.

To establish a program to preserve rural multifamily housing assisted under the Housing Act of 1949. 10/30/2007--Introduced. Rural Housing Preservation Act of 2007 - Amends the Housing Act of 1949 to require the Secretary of Agriculture to carry out a preservation program to provide financial incentives and other assistance to owners of Section 515 rural multifamily housing projects through long-term use agreements entered into between the project owners and the Secretary. (A Section 515 project is one involving housing and related facilities for elderly persons and families or other persons and families of low income.)Authorizes the Secretary to give priority to applications for eligible projects located on tribal trust lands or other Indian areas, in colonias, or in other small, poor, low-income communities.Requires the Secretary to prepare and approve a long-term viability plan for each eligible project for which the owner requests to participate. Allows the [...]

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