Adds a new section (545) to Title V establishing a Housing Preservation and Revitalization Program that authorizes notices to owners and tenants, loan restructuring authority, rental assistance renewals and decoupling, restrictive use agreements, grants for multifamily housing transfer technical assistance, an administrative expense cap, authorization of appropriations for FY2026–FY2030, and rulemaking deadlines.

Amends subsection (d) to (A) redesignate existing subparagraphs (B) and (C) as (C) and (D) and insert a new subparagraph (B) authorizing, upon owner request for projects financed under section 514 or 515, renewal of rental assistance agreements for 20 years or the term of the loan (whichever is shorter) subject to appropriations; (B) change paragraph (2) language from 'shall' to 'may'; and (C) add a new paragraph (4) providing owners up to a 6-month period to use rental assistance authority on behalf of eligible unassisted families in the same project before unused assistance is reallocated, and directing how remaining authority is to be used.

Adds a new paragraph (3) to subsection (h) allowing a nonprofit or public body purchaser (including certain limited partnerships) to purchase a property with a loan made or insured under this section without addressing rehabilitation needs at time of purchase, provided the purchaser commits to address rehabilitation needs during ownership and accepts long-term use restrictions on the property.

Adds a new section (381O, "Rural community development initiative") to Subtitle E of the Consolidated Farm and Rural Development Act establishing the Rural Community Development Initiative, definitions for eligible entities and eligible intermediaries, grant authority (up to $250,000 per grant), a matching funds requirement, and a waiver for persistently poor rural regions.

Amends 42 U.S.C. 1472(h)(4) by (1) redesignating existing subparagraphs (A), (B), and (C) as clauses (i), (ii), and (iii); (2) replacing the text of subparagraph (A) to add a definition of "accessory dwelling unit" (with four enumerated elements) and a single-family requirement statement; and (3) adding a new subparagraph (C) providing a rule of construction that permits leasing of an accessory dwelling unit and the use of rental income to qualify for a loan guaranteed under this subsection, with applicability tied to the date of enactment and to properties constructed before the date of enactment.

Amends subsection (2) of 12 U.S.C. 3702 (Multifamily Mortgage Foreclosure Act of 1981) by adjusting punctuation in subparagraphs (D) and (E) and adding a new subparagraph (F) to include 'section 514, 515, or 538 of the Housing Act of 1949' in the list of sections qualifying as a 'multifamily mortgage'.

Amends 42 U.S.C. 1472(a)(2) to add a new subparagraph (B) authorizing the Secretary to refinance or modify the period of any loan made under section 502 and to provide that, from the date of the refinance or modification, the total term of the loan shall not exceed 40 years; includes conforming wording changes to subparagraph designation.

Replaces the current text of 42 U.S.C. 1472(h)(10) to provide that upon transfer of property for which a guaranteed loan under this subsection was made and the assumption of the guaranteed loan by an approved eligible borrower, the original borrower shall be relieved of liability with respect to the loan.

Adds a new subsection (c) to 42 U.S.C. 1490r authorizing the Secretary to provide rural housing vouchers to low-income households in properties financed under section 514 or 515 loans or section 516 grants when those properties have been prepaid, foreclosed, or had mortgages mature after September 30, 2005, including households residing for a term longer than the remaining term of their lease in effect on the date of the prepayment, foreclosure, or mortgage maturity.

Amends subsection (a) of 42 U.S.C. 1474 by inserting text into the first sentence, inserting additional text after the first sentence, and by striking "$7,500" and inserting "inserting5,000".