S.Amdt. 2121

SA 2121. Mr. SCHUMER (for himself and Mrs. Clinton) submitted an amendment intended to be proposed by him to the bill H.R. 3058, making appropriations for the Departments of Transportation, Treasury, and Housing and Urban Development, the Judiciary, District of Columbia, and independent agencies for the fiscal year ending September 30, 2006, and for other purposes; which was ordered to lie on the table; as follows:

On page 348, between lines 5 and 6, insert the following:

SEC. 321. OPERATING FUND PROGRAM FINAL RULE.

(a) In General.--Notwithstanding any other provision of law, or of the Operating Fund program final rule published by the Department of Housing and Urban Development on September 19, 2005, 79 Fed. Reg. 54984, the 5 year schedule set out in the table appearing in 990.230(e) of the final rule shall commence 1 year from the Secretary's publication of guidance in a Federal Register notice defining specifically the manner in which public housing authorities shall comply with the provisions of 990.275 (Project-Based Management) and 990.280 (Project-Based Accounting and Budgeting).

(b) Compliance.--Each public housing authority shall be deemed in compliance with Subpart H of the final rule described in subsection (a), pending completion of the Secretary's review of the asset management demonstration submitted by the housing authority based on the guidance issued by the Secretary or the review conducted by the Secretary's independent assessor.