S.Amdt. 1761

1. Adds SEC. 2__. BUDGET-NEUTRAL DEMONSTRATION PROGRAM FOR ENERGY AND WATER CONSERVATION IMPROVEMENTS AT MULTIFAMILY RESIDENTIAL UNITS on page 169, between lines 22 and 23

   Adds a sectionPrinted page

   Inserted: SEC. 2__. BUDGET-NEUTRAL DEMONSTRATION PROGRAM FOR ENERGY AND WATER CONSERVATION IMPROVEMENTS AT MULTIFAMILY RESIDENTIAL UNITS.

   Inserted: (a) Establishment.--The Secretary of Housing and Urban Development (referred to in this section as the "Secretary") shall establish a demonstration program under which, during the period beginning on October 1, 2013, and ending on September 30, 2016, the Secretary may enter into budget-neutral, performance-based agreements that result in a reduction in energy or water costs with such entities as the Secretary determines to be appropriate under which the entities shall carry out projects for energy or water conservation improvements at multifamily residential units participating in--

   Inserted: (1) the project-based rental assistance program under section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f); or

   Inserted: (2) the supportive housing for the elderly program under section 202 of the Housing Act of 1959 (12 U.S.C. 1701q).

   Inserted: (b) Requirements.--

   Inserted: (1) Payments contingent on savings.--

   Inserted: (A) In general.--The Secretary shall provide to an entity a payment under an agreement under this section only during applicable fiscal years for which an energy or water cost savings is achieved with respect to the applicable multifamily portfolio of properties, as determined by the Secretary, in accordance with subparagraph (B).

   Inserted: (B) Payment methodology.--

   Inserted: (i) In general.--Each agreement under this section shall include a pay-for-success provision--

   Inserted: (I) that will serve as a payment threshold for the term of the agreement; and

   Inserted: (II) pursuant to which the Department of Housing and Urban Development shall share a percentage of the savings at a level determined by the Secretary.

   Inserted: (ii) Limitation.--A payment made by the Secretary under an agreement under this section shall not exceed the utility savings achieved during the term of the agreement as a result of the improvements made under the agreement.

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   Inserted: (2) Term.--The term of an agreement under this section shall be not longer than 12 fiscal years.

   Inserted: (c) Funding.--For each fiscal year during which an agreement under this section is in effect, the Secretary may use to carry out this section any funds appropriated to the Secretary for--

   Inserted: (1) project-based rental assistance under section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f); and

   Inserted: (2) the supportive housing for the elderly program under section 202 of the Housing Act of 1959 (12 U.S.C. 1701q).

   Inserted: (d) Evaluation and Report.--Not less frequently than once every 5 years after the date on which an initial agreement is entered into under this section, and not later than 2 years after the date of expiration of the final agreement in effect under this section, the Secretary shall--

   Inserted: (1) conduct an evaluation of the program under this section; and

   Inserted: (2) submit to Congress a report describing each evaluation conducted under paragraph (1).

   Original wording

   On page 169, between lines 22 and 23, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed