S.Amdt. 2716

SA 2716. Mr. ROUNDS (for himself and Ms. Smith) submitted an
amendment intended to be proposed by him to the bill S. 4638, to
authorize appropriations for fiscal year 2025 for military activities
of the Department of Defense, for military construction, and for
defense activities of the Department of Energy, to prescribe military
personnel strengths for such fiscal year, and for other purposes; which
was ordered to lie on the table; as follows:

At the end of subtitle H of title X, add the following:

SEC. 1095. 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 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''.
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