Extends from two years to five years the repayment term for certain loans to finance the purchase and development of housing sites for low-…

Official title: A bill to amend the Housing Act of 1949 to extend the term of rural housing site loans and clarify the permissible uses of such loans.

This bill extends from two years to five years the repayment term for certain loans to finance the purchase and development of housing sites for low- or moderate-income families under the Department of Agriculture Section 524 Rural Housing Site Loan program. Under the bill, the term development includes activities necessary to develop the land, such as surveying, architecture, and engineering.