; and (B) may alter associated consequences for the failure to recertify based on those circumstances. (3) Effective date Following the annual review of a voucher under subsection (a), the updated voucher amount shall be effective on the 1st day of the month following the expiration of the voucher. (d) Deadline The process established under subsection (a) shall require the Secretary of Agriculture to review and update the voucher amount described in subsection (a) for a tenant not later than 60 days before the end of the voucher term. VIII Transfers to nonprofit organizations 801. Transfer of multifamily rural housing projects Section 515 of the Housing Act of 1949 ( 42 U.S.C. 1485 ) is amended— (1) in subsection (h), by adding at the end the following: (3) Transfer to nonprofit organizations A nonprofit or public body purchaser, including a limited partnership with a general partner that is a nonprofit or is controlled by a nonprofit, may purchase a property for which a loan is made or insured under this section that has received a market value appraisal, without addressing rehabilitation needs at the time of purchase, if the purchaser— (A) makes a commitment to address rehabilitation needs during ownership and long-term use restrictions on the property; and (B) at the time of purchase, accepts long-term use restrictions on the property. ; and (2) in subsection (w)(1), in the first sentence in the matter preceding subparagraph (A), by striking 9 percent and inserting 50 percent . IX Term of direct loans made by the Rural Housing Service 901. Extension of loan term (a) In general Section 502(a)(2) of the Housing Act of 1949 ( 42 U.S.C. 1472(a)(2) ) is amended— (1) by inserting (A) before The Secretary ; (2) in subparagraph (A), as so designated, by striking paragraph and inserting subparagraph