To repeal limitations under the Home Investment Partnerships Act on the percentage of the operating budget of an organization receiving assistance under such Act that may be funded under such Act.

January 7, 2003

Mr. REYNOLDS introduced the following bill; which was referred to the Committee on Financial Services

To repeal limitations under the Home Investment Partnerships Act on the percentage of the operating budget of an organization receiving assistance under such Act that may be funded under such Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. REPEAL OF LIMITATIONS ON HOME PROGRAM ASSISTANCE AS PERCENTAGE OF OPERATING BUDGET.

(a) HOUSING EDUCATION AND ORGANIZATIONAL SUPPORT- Section 233(d) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12773(d)) is amended--

(1) by striking `may not--' and all that follows through `(1)' and inserting `may not'; and

(2) by striking `; or' at the end of paragraph (1) and all that follows through the end of paragraph (2) and inserting a period.

(b) OTHER SUPPORT FOR STATE AND LOCAL HOUSING STRATEGIES- The first sentence of section 243(b) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12783(b)) is amended by striking `and shall provide not more than 20 percent of the operating budget of the contracting organization in any one year'.

END