Saving America's Rural Housing Act of 2006

Saving America's Rural Housing Act of 2006 - (Sec. 3) Amends the Housing Act of 1949 with respect to multifamily rural housing and related facilities for elderly persons and families or other persons and families of low income, especially projects for which loans were made or insured by the Under Secretary of Agriculture for Rural Development under section 515 of such Act (section 515 loans).

Directs the Secretary of Agriculture to implement a revitalization program to provide financial incentives and other assistance to owners of eligible rural multifamily housing projects through voluntary long-term use agreements between the project owners and the Secretary.

Prescribes implementation guidelines, including: (1) discretionary long-term viability plans for each project; (2) a financial restructuring plan for each project, based on its long-term viability plan, which may involve one or more specified revitalization incentives; (3) long-term use agreements to continue certain property use restrictions for the later of 20 years or the remaining term of any loans; (4) shared value agreements determining how proceeds are divided at the end of a loan term; and (5) rents under the long-term use agreement. Authorizes appropriations for the revitalization program.

Allows a project owner to propose a sale to a tenant-based condominium or cooperative.

Repeals the application of certain prepayment restrictions to multifamily rural housing loans, including authority for related equity loans to owners under an agreement to extend the low income use of a project as a condition for prepayment of the original loan.

Instructs the Secretary to develop a plan to administer: (1) prepayment requests for certain multifamily housing loans not made in connection with a revitalization project under this Act; and (2) tenant protection voucher assistance to tenants of projects whose loans are prepaid.

Authorizes voucher assistance for: (1) communities with insufficient affordable housing alternatives; and (2) an elderly or disabled tenant who is eligible for a voucher and has a need to move to another community to be near immediate family or necessary medical services.

Authorizes tenant use of such tenant protection vouchers to make payments towards the purchase of a single-family home anywhere in the United States, subject to certain subsidy limits and other specified limitations.

Authorizes appropriations for annually renewable tenant protection vouchers for FY2007-FY2011.

Sets forth prepayment standards for section 515 loans made or insured before December 15, 1989. Prohibits approval of any offer to prepay such a loan during the 20-year period during which the project is subject to use restrictions under the loan.

Prohibits a project owner from selling a property, during a specified period after notifying tenants and the Secretary of intent to sell the property for which a loan was made, except to a purchaser who enters binding agreements for purchase at market rates necessary to continue the property use restrictions for 20 years.

Instructs the Secretary to establish and maintain a database of potential buyers of projects with section 515 loans who have expressed an interest in purchasing the projects at fair market value and maintaining them as affordable housing.

Requires the Secretary, upon receiving notice regarding prepayment of a project loan, to make publicly available electronically a notice containing information sufficient to notify persons with an interest in purchasing the project.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov