Saving America's Rural Housing Act of 2006

[AI summary unavailable — showing source text] Saving America's Rural Housing Act of 2006 - Amends the Housing Act of 1949 to direct the Secretary of Agriculture to implement a revitalization program to provide financial incentives and other assistance to owners of eligible projects through voluntary long-term use agreements entered into between the project owners and the Secretary. Prescribes implementation guidelines, including requirements for a long-term viability plan, a financial restructuring plan, and revitalization incentives. Revises the authority of the Secretary to make loans to private nonprofit corporations, consumer cooperatives, and Indian tribes to provide rental or cooperative housing and related facilities for elderly or handicapped persons, families of low or moderate income, or other persons and families of low income in rural areas (Section 515 financing). Authorizes the Secretary, when entering into contracts involving Section 515 financing for new construction, to grant priority to projects in areas with a need for affordable low-income rental housing due to prepayment of Section 515 loans or insured loans. Repeals certain restrictions on the prepayment of Section 515 loans or insured loans; but specifie…