Multifamily Housing Restructuring and Affordability Act of 1997

[AI summary unavailable — showing source text] Multifamily Housing Restructuring and Affordability Act of 1997 - Directs the Secretary of Housing and Urban Development to enter into agreements with participating administrative entities (with preference given to State housing finance agencies) to develop and implement mortgage restructuring and rental assistance plans for FHA-insured multifamily housing mortgages in order to: (1) reduce expiring section 8 contracts costs; (2) address troubled projects; and (3) correct management and ownership deficiencies. Includes two-tiered mortgage restructuring among plan incentives. Extends specified provisions relating to public housing and section 8 rental assistance. Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 to terminate the Federal Housing Administration multifamily housing restructuring demonstration program upon the Secretary's determination that the restructuring program under this Act has been implemented. Terminates program authority as of a specified date.…