Multifamily Housing Rehabilitation Act

[AI summary unavailable — showing source text] Multifamily Housing Rehabilitation Act - Authorizes the Secretary of Housing and Urban Development to make loans to non-profit organizations, or to any public body, agency, or organization, to assist in the rehabilitation of currently occupied multifamily housing for rental primarily to low-income or moderate-income persons or for purchase and occupancy by such persons as members of a tenant cooperative. Gives priority to applications for loans which give existing tenants the right to remain in the dwelling units. Provides that loans made under this Act shall bear no interest, shall not exceed $15,000 per dwelling unit, and shall not have a maturity date exceeding twenty years. Provides that of the original principal amount of any loan made under this Act: (1) an amount equal to 10 percent shall be canceled and forgiven each year over the first five years the loan is outstanding if the property is located in an area designated by the Secretary as a low-income area or in an urban renewal area, and (2) an amount equal to 5 percent shall be canceled and forgiven each year over the first five years the loan is outstanding if the property is located in an area designated by the Secretar…