An amendment to strike "Provided" in line 3 on page 64 and all that follows through line 19 on page 65, and inserts new language seeking to direct the Secretary to allocate and provide renewal funding for each public housing agency based on leasing and per-voucher cost data for the most recent 12-month period for which such data is available as of the time of the such allocation determinations.

Strike “Provided” in line 3 on page 64 and all that follows through line 19 on page 65, and insert the following:

Provided, That notwithstanding any other provision of law, from amounts provided under this paragraph, for the calendar year 2006 funding cycle the Secretary shall allocate and provide renewal funding for each public housing agency (other than an agency with a special funding agreement under the Moving To Work demonstration program) based on leasing and per-voucher cost data for the most recent 12-month period for which such data is available as of the time of the such allocation determinations, as adjusted to reflect likely reasonable future costs (A) by applying 2006 local and regional Annual Adjustment Factors as established by the Secretary using the most recent data available, and (B) by applying such additional adjustments to such prior period data, to compensate for changes in the leasing rate or average voucher cost, as the Secretary may approve for a public housing agency, pursuant to application by the agency: Provided further, That application and approval of such additional adjustments shall be in accordance with such limitations as the Secretary shall provide, which shall include the use of objective and fair approval criteria established by the Secretary that provide that (A) adjustment to the leasing rate shall be approved if an agency demonstrates need for renewal of previously issued tenant protection vouchers or of other authorized vouchers to comply with court orders or to meet previous commitments to owners for project-based vouchers in projects ready for occupancy in 2006, and (B) adjustment of the per-voucher cost shall be approved if an agency demonstrates (i) rent increases, (ii) utility rate changes, (iii) known changes in subsidy costs due to enhanced vouchers, portability, increased average unit size, or approval of higher subsidy payments for people with disabilities due to reasonable accommodation, (iv) change in average tenant income, including adjustments needed for areas with seasonal employment if income variations are not adequately reflected in the period of data used by HUD, or (v) increase in number of families participating in the Family Self-Sufficiency program who are building escrow savings due to increased earnings: Provided further, That the Secretary shall use per-voucher cost data from 2004 for a public housing agency in lieu of the prior-period data specified above if requested by the agency and the agency certifies that the reduction in its per-voucher cost in 2005 or authorized leasing level in 2004 or 2005 was due to policy changes made by the agency to respond to a funding shortage in 2004 or 2005 and it is necessary to modify such policies to comply with requirements under law or goals under the Secretary's regulations relating to voucher renewal funding: Provided further, That the Secretary may deny the adjustments referred to in the preceding two provisos with respect to a public housing agency if the agency is not complying with section 8(o)(10)(A) of the Act (regarding rent reasonableness): Provided further, That the aggregate amount of such additional adjustments referred to clause (B) of the first proviso of this paragraph (1) and determined under the two provisos that follow such clause shall not exceed 2 percent of the total amount provided under this paragraph and each public housing agency for which such an adjustment is approved shall receive the same percentage of the approved amount: Provided further, That the Secretary shall, to the extent necessary to stay within the amount provided under this paragraph, prorate each public housing agency's allocation otherwise established pursuant to this paragraph, except that such proration shall not apply to the renewal of enhanced vouchers under any provision of law authorizing such assistance under section 8(t) of the Act currently subject to proration;