Preservation Enhancement and Savings Opportunity Act of 2015

[AI summary unavailable — showing source text] Preservation Enhancement and Savings Opportunity Act of 2015 Amends the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) with respect to a plan of action the Secretary of Housing and Urban Development (HUD) may approve for extension of the low-income affordability restrictions on any eligible low-income housing. Entitles the owner of a property subject to a plan of action or use agreement to distribute: annually all surplus cash generated by the property, but only if the owner is in material compliance with the use agreement, including compliance with prevailing physical condition standards established by HUD; and any funds accumulated in a residual receipts account, notwithstanding any conflicting provision in the use agreement, but only if the individual is in material compliance with the use agreement and has completed, or set aside sufficient funds to complete, any capital repairs identified by the most recent third party capital needs assessment. Requires an owner distributing any such amounts to: continue to operate the property in accordance with the affordability requirements of its use agreement for its remaining useful life; continue to ren…