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42 U.S. Code § 1490m. Housing preservation grants
(a) Statement of purposesThe purpose of this section is to authorize the Secretary to make grants to eligible grantees including private nonprofit organizations, Indian tribes, general units of local government, counties, States, and consortia of other eligible grantees, in order to—
(1)
rehabilitate or replace single family housing in rural areas which is owned by low- and very low-income persons and families, and
(2)
rehabilitate or replace rental properties or cooperative housing which has a membership resale structure that enables the cooperative to maintain affordability for persons of low income in rural areas serving low- and very low-income occupants.
The Secretary may also provide tenant-based assistance as provided under section 1437f of this title or section 1490r of this title upon the request of grantees in order to minimize the displacement of very low-income tenants residing in units rehabilitated or replaced with assistance under this section.
(b) Mandatory program requirementsPreservation programs assisted under this section shall—
(1)
be used to provide loans or grants to owners of single family housing in order to cover the cost of repairs and improvements;
(2)
be used to provide loans or grants, not to exceed $15,000 per unit, to owners of single family housing to replace existing housing if repair or rehabilitation of the housing is determined by the Secretary not to be practicable and the owner of the housing is unable to afford a loan under section 1472 of this title for replacement housing;
(3)
be used to provide interest reduction payment;
(4)
be used to provide loans or grants to owners of rental housing, except that rental rehabilitation or replacement assistance provided under this subsection for any structure shall not exceed 75 per centum of the total costs associated with the rehabilitation or replacement of that structure;