S. 5500 — Affordable Housing Preservation and Protection Act of 2026

This section authorizes the Secretary of Housing and Urban Development to provide direct loans at 1 percent interest, which may be forgivable, to owners, sponsors, or HUD-approved purchasers of distressed multifamily housing projects for necessary physical improvements. Recipients must extend affordable use agreements for 30 years, accept rental assistance contract renewals, and secure at least 20 percent of costs from non-Federal sources.