PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
No official summary is available in the imported record yet.
People & committees
Rep. Brown, Shontel M. [D-OH-11] · D–OH
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Sep 28, 2026. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2026-09-24 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
The bill would let the Department of Housing and Urban Development (HUD) offer loans to improve qualifying distressed affordable housing, if Congress provides funding. Owners, sponsors, and HUD-approved buyers would have to commit to 30 years of affordability. Loans would carry 1 percent interest and could be partly or fully forgiven to preserve affordability. These are proposed changes; the supplied action record does not establish enactment.
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
agrees to extend or establish an affordable housing use agreement for 30 years
Loans provided under this section shall bear interest at 1 percent
the Secretary may take any of the following actions if the Secretary determines that doing so will preserve affordability of the project
Forgive the loan in whole or in part.
Source snapshot updated 2026-09-28T15:17:31Z. 2026-09-24: Referred to the House Committee on Financial Services. 2026-09-24: Introduced in House
Section 1 would name the proposal the Affordable Housing Preservation and Protection Act of 2026.
This Act may be cited as the Affordable Housing Preservation and Protection Act of 2026.
The program would cover housing projects with at least five homes connected to the housing-assistance, insurance, or loan programs listed in the bill. A purchaser would need HUD approval.
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—
The term HUD-approved purchaser means a purchaser that is approved by the Department of Housing and Urban Development.
HUD could provide direct loans, including loans that may be forgiven, for necessary physical improvements. Those improvements could include new construction or capital improvements to existing housing that HUD determines are needed to address deficiencies, including accessibility problems, or protect the property's long-term suitability as housing.
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
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.
To qualify, a project would need deficiencies that threaten its continued physical usefulness or financial viability. This test would also cover a project from which assistance has been approved for transfer. Actual rental income would have to be inadequate to support the borrowing needed for improvements.
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.
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.
Recipients would have to establish or extend an agreement keeping the housing affordable for 30 years. They would also have to accept rental-assistance contract renewals whenever HUD offers them on terms consistent with the cited section 515. That section's renewal terms are not reproduced in the supplied source.
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).
Borrowers could use loans only for HUD-approved uses that produce necessary physical improvements. HUD could provide a loan only when it is needed for those improvements after considering the applicant's other available financial resources.
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.
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.
Loans would carry 1 percent interest, with HUD setting payment amounts and frequency. The repayment period would be required to end with a referenced affordability period, but the reference points to paragraph (1)(D), which is absent from the supplied text. The 30-year affordability requirement actually appears in paragraph (1)(C), leaving the repayment-period reference unclear.
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.
(C) The owner, sponsor, or HUD-approved purchaser agrees to extend or establish an affordable housing use agreement for 30 years
If HUD determines that doing so would preserve affordability, it could waive due-on-sale or due-on-refinancing restrictions, allow new debt to take repayment priority even if that affects the program loan's repayment, extend the loan term, or forgive some or all of the loan.
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.
Recipients generally would have to obtain at least 20 percent of total improvement costs from non-federal sources. HUD could reduce or waive that contribution if it determines that an applicant cannot obtain it despite commercially reasonable efforts.
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.
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.
For assisted properties with HUD-held or HUD-insured mortgages, HUD could use program funds to cover mortgage modification costs. Those costs would include payments to Government National Mortgage Association-approved issuers related to the modification.
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.
Program funds could support administration, implementation contracts or cooperative agreements, and outreach and consultation with residents and community stakeholders.
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).
HUD would have to take steps to ensure timely rehabilitation, continued owner compliance with contracts and program requirements, and outreach to and consultation with residents. HUD could issue implementation requirements by notice, effective immediately upon issuance.
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.
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.
The bill would authorize appropriations of whatever funding is necessary, without setting a dollar amount. That authorization would not itself supply the money: HUD's assistance authority would depend on appropriations legislation.
There are authorized to be appropriated to the Secretary to carry out this section such sums as may be necessary.
To such extent or in such amounts as provided in appropriations Acts, the Secretary may offer capital assistance under this section
The supplied action snapshot, updated September 28, 2026, records introduction in the House and referral to the House Committee on Financial Services on September 24, 2026.
Source snapshot updated 2026-09-28T15:17:31Z. 2026-09-24: Referred to the House Committee on Financial Services. 2026-09-24: Introduced in House
A closer look
Reviewed version: Introduced in House · 2026-09-24. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or policy change attached to appropriations was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish the contents or attachment history of other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for a particular recipient or place was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials. Member requests, disclosures, and committee or conference materials were not supplied, so formal earmark status cannot be conclusively assessed.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
Findings to examine
The complete supplied introduced text contains a conditional exception to a generally applicable program requirement. Its classification as a targeted benefit does not imply improper purpose or unjustified treatment.
Section 2(d)(6)(B) would benefit the subset of applicants that HUD determines cannot secure the required non-federal matching contribution despite commercially reasonable efforts. HUD could reduce their contribution below the ordinary 20 percent of total improvement costs or exempt them from the matching requirement entirely. This is a discretionary exception to a financing condition within the bill's affordable-housing preservation program; it does not designate named recipients.
(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.
Full text preserved for this analysis. Legislative record snapshot: Sep 28, 2026. How PlainBill uses AI