[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 5937 Referred in Senate (RFS)]
2d Session
H. R. 5937
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 8, 2008
Received; read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
AN ACT
To facilitate the preservation of certain affordable housing dwelling
units.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. PRESERVATION OF CERTAIN AFFORDABLE HOUSING DWELLING UNITS.
(a) Conversion of HUD Contracts.--Notwithstanding any other
provision of law, the Secretary of Housing and Urban Development may,
at the request of the owner of the multifamily housing project to which
Section 8 Project Number NY 913 VO 0018 and RAP Contract Number
012035NIRAP are subject, convert such contracts to a contract for
project-based rental assistance under section 8 of the United States
Housing Act of 1937 (42 U.S.C. 1437f).
(b) Initial Renewal.--
(1) Eligibility.--At the request of the owner made no later
than 90 days prior to a conversion, the Secretary may, to the
extent sufficient amounts are made available in appropriation
Acts and notwithstanding any other law, treat the contemplated
resulting contract as if such contract were eligible for
initial renewal under section 524(a) of the Multifamily
Assisted Housing Reform and Affordability Act of 1997 (42
U.S.C. 1437f note).
(2) Request.--A request by the owner pursuant to paragraph
(1) shall be upon such terms and conditions as the Secretary
may require.
(c) Resulting Contract.--The resulting contract shall--
(1) be subject to section 524(a) of MAHRA (42 U.S.C. 1437f
note);
(2) be considered for all purposes a contract that has been
renewed under section 524(a) of MAHRA (42 U.S.C. 1437f note)
for a term not to exceed 20 years;
(3) be subsequently renewable at the request of the owner,
under any renewal option for which the project is eligible
under MAHRA (42 U.S.C. 1437f note);
(4) contain provisions limiting distributions, as the
Secretary determines appropriate, not to exceed 10 percent of
the initial investment of the owner;
(5) be subject to the availability of sufficient amounts in
appropriation Acts; and
(6) be subject to such other terms and conditions as the
Secretary considers appropriate.
(d) Income Targeting.--The owner shall be deemed to be in
compliance with all income-targeting requirements under the United
States Housing Act of 1937 by serving low-income families, as such term
is defined in the section 3(b)(2) of such Act (42 U.S.C. 1437a(b)(2)).
(e) Tenant Eligibility.--Notwithstanding any other provision of
law, each family residing in an assisted dwelling unit on the date of
the conversion under this section, subject to the resulting contract
under subsection (a), shall be considered to meet the applicable
requirements for income eligibility and occupancy.
(f) Definitions.--As used in this section--
(1) the term ``assisted dwelling unit'' means the dwelling
units that, on the date of the conversion under this section,
were subject to Section 8 Project Number NY 913 VO 0018 or RAP
Contract Number 012035NIRAP;
(2) the term ``conversion'' means the action under which
Section 8 Project Number NY 913 VO 0018 and RAP Contract Number
012035NIRAP become a contract for project-based rental
assistance under section 8 of the United States Housing Act of
1937 (42 U.S.C. 1437f) pursuant to subsection (a);
(3) the term ``MAHRA'' means the Multifamily Assisted
Housing Reform and Affordability Act of 1997 (42 U.S.C. 1437f
note);
(4) the term ``owner'' means Starrett City Associates or
any successor owner of the multifamily housing project to which
Section 8 Project Number NY 913 VO 0018 and RAP Contract Number
012035NIRAP are subject;
(5) the term ``resulting contract'' means the new contract
after a conversion of Section 8 Project Number NY 913 VO 0018
and RAP Contract Number 012035NIRAP to a contract for project-
based rental assistance under section 8 of the United States
Housing Act of 1937 (42 U.S.C. 1437f) pursuant to subsection
(a); and
(6) the term ``Secretary'' means the Secretary of Housing
and Urban Development.
Passed the House of Representatives May 7, 2008.
Attest:
LORRAINE C. MILLER,
Clerk.