S.Amdt. 4998

SA 4998. Ms. LANDRIEU submitted an amendment intended to be proposed
to amendment SA 4983 proposed by Mr. Reid (for Mr. Dodd (for himself
and Mr. Shelby)) to the bill H.R. 3221, moving the United States toward
greater energy independence and security, developing innovative new
technologies, reducing carbon emissions, creating green jobs,
protecting consumers, increasing clean renewable energy production, and
modernizing our energy infrastructure, and to amend the Internal
Revenue Code of 1986 to provide tax incentives for the production of
renewable energy and energy conservation; which was ordered to lie on
the table; as follows:

On page 455, between lines 14 and 15, insert the following:

SEC. 1606. PRESERVATION AND PROVISION OF PROJECT-BASED
HOUSING FOR AFFORDABLE HOUSING UNITS DAMAGED OR
DESTROYED BY HURRICANES KATRINA OR RITA.

(a) Owner Proposals for Reuse or Resiting of Affordable
Units.--Pursuant to section 215 of title II of division K of
Public Law 110-161 (121 Stat. 2433), the Secretary of Housing
and Urban Development shall, not later than October 1, 2009,
promptly review and approve--
(1) any feasible proposal made by the owner of a covered
assisted multifamily housing project submitted to the
Secretary that provides for the rehabilitation of such
project and the resumption of use of the project-based
assistance under the contract for such project; or
(2) the transfer, subject to the conditions established
under section 215(b) of title II of division K of Public Law
110-161, of the contract for such covered assisted
multifamily housing project, or in the case of a covered
assisted multifamily housing project with an interest
reduction payments contract, of the remaining budget
authority under the contract, to a receiving project or
projects.
(b) Definitions.--For purposes of this section--
(1) the term ``covered assisted multifamily housing
project'' means housing that--
(A) meets one of the conditions established in section
215(c)(2) of title II of division K of Public Law 110-161;
(B) was damaged or destroyed by Hurricane Katrina or
Hurricane Rita of 2005; and
(C) is located in an area in the State of Louisiana,
Alabama, or Mississippi that was the subject of a disaster
declaration by the President under title IV of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act (42
U.S.C. 5121 et seq.) in response to Hurricane Katrina or
Hurricane Rita of 2005;
(2) the term ``project-based assistance'' has the same
meaning as in section 215(c)(3) of title II of division K of
Public Law 110-161; and
(3) the term ``receiving project or projects'' has the same
meaning as in section 215(c)(4) of title II of division K of
Public Law 110-161.
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