HR 5937
5-7-08, Bill Passed House 345-73
5-8-08, Referred to Senate
Committee on Banking, Housing & Urban Affairs
110th CONGRESS
2d Session
H. R. 5937
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).
(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:
Clerk.
110th CONGRESS
2d Session
H. R. 5937
AN ACT
To facilitate the preservation of certain affordable housing dwelling units.
END
