S.Amdt. 1982

SA 1982. Mr. ROUNDS (for himself and Ms. Smith) submitted an
amendment intended to be proposed to amendment SA 1911 submitted by Ms.
Cantwell (for herself, Mr. Cruz, Ms. Duckworth, and Mr. Moran) and
intended to be proposed to the bill H.R. 3935, to amend title 49,
United States Code, to reauthorize and improve the Federal Aviation
Administration and other civil aviation programs, and for other
purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. PRESERVATION OF AFFORDABLE HOUSING RESOURCES.

(a) Facilitating Prepayment of Indebtedness for Certain
Properties.--In fiscal year 2024, the Secretary of Housing
and Urban Development (referred to in this section as the
``Secretary'') may waive or specify alternative requirements
for any provision of section 202 of the Housing Act of 1959
(12 U.S.C. 1701q) (as in effect before the date of enactment
of the Cranston-Gonzalez National Affordable Housing Act (42
U.S.C. 12701 et seq.)) and section 811 of the American
Homeownership and Economic Opportunity Act of 2010 (12 U.S.C.
1701q note; Public Law 106-569), except for requirements
relating to fair housing, nondiscrimination, labor standards,
and the environment, in order to facilitate prepayment of any
indebtedness relating to any remaining principal

[[Page S3355]]

and interest under a loan made under section 202 of the
Housing Act of 1959 (12 U.S.C. 1701q) (as in effect before
the date of enactment of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 12701 et seq.)) for a
property that consists of not more than 15 units, is located
in a municipality with a population of not more than 15,000
individuals, is within 5 years of maturity, is no longer
effectively serving a need in the community, is functionally
obsolescent, and for which the Secretary has determined that
the property prepayment is part of a transaction, including a
transaction involving transfer or replacement contracts
described in subsection (b), that will provide rental housing
assistance for the elderly or persons with disabilities on
terms of at least equal duration and at least as advantageous
to existing and future tenants as the terms required by
current loan agreements entered into under any provisions of
law.
(b) Transfer or Replacement of Contract.--
(1) In general.--Notwithstanding any contrary provision of
law, in order to preserve affordable housing resources, upon
a prepayment of a loan described in subsection (a), the
Secretary may transfer or replace the contract for assistance
at such prepaid property with a project-based subsidy
contract under section 8 of the United States Housing Act of
1937 (42 U.S.C. 1437f) to 1 or more multifamily housing
projects located in the same State as the prepaid property,
for the benefit of the elderly or persons with disabilities
who are eligible to receive housing assistance under such
section 8, to assist the same number of units at the
receiving multifamily housing project or projects.
(2) Use of project-based rental assistance amounts.--The
Secretary may fund a transferred or replaced contract
described in paragraph (1) from amounts available to the
Secretary under the heading ``Project-Based Rental
Assistance''.
______