Rural Housing Revitalization Act of 1989

[AI summary unavailable — showing source text] Rural Housing Revitalization Act of 1989 - Amends the Housing Act of 1949 to extend the Secretary of Agriculture's rural housing loan insurance and guarantee, rental assistance payment contract, rental housing loan, and mutual and self-help housing grant and loan authorities through FY 1991. Authorizes appropriations to the Farmers Home Administration through FY 1991 to carry out this Act. Authorizes the Secretary to defer payment of up to 20 percent of the principal on a loan made or insured for housing and buildings on adequate farms where deferral is necessary to enable the borrower to afford payment on the loan and certain other conditions are met. Directs the Secretary to designate as targeted underserved areas 60 counties and communities in FY 1990 and 100 counties and communities in FY 1991 that have severe, unmet housing needs. Defines eligibility criteria and requires an outreach program and set-asides of assistance for such areas. Authorizes the Secretary to provide grants for such areas for the development of housing assistance capacity (capacity building grants). Directs the Secretary to provide 90 percent-guaranteed loans to moderate income borrowers with less than the…