3.0.0 3275 2017-12-15T00:33:26Z 2017-12-15T00:33:26Z Senate S S 2008-07-16 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-07-16T22:48:27Z 2008-07-16 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2008-07-16 Introduced in Senate IntroReferral 10000 9 Library of Congress S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. N W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2008-07-16 True Housing and Community Development Affordable housing Apartment houses Economics and Public Finance Federal aid to housing Housing authorities Housing subsidies Rent Residential rehabilitation Housing and Community Development 00 2008-07-16 Introduced in Senate 2008-11-07T19:13:17Z Affordable Housing Preservation Act of 2008 - Directs the Secretary of Housing and Urban Development (HUD) to establish a pilot program under which funds in the residual receipts account of an eligible multifamily housing property are transferred, at the time of a qualified sale or exchange, to preservation entities to facilitate the transfer of multifamily housing projects with expiring section 8 housing assistance payments contracts under the United States Housing Act of 1937.

Defines "preservation entity" as a HUD-approved housing agency, organization, or entity (for profit or nonprofit) that has the capacity and commitment to successfully acquire and preserve an eligible multifamily housing property.

Requires the Secretary to: (1) determine whether the preservation entity's plan for rehabilitation and operation maintains and restores the decent, safe, and sanitary condition of the eligible multifamily housing property, and is viable for at least 30 years; and (2) monitor the affordability and use restrictions for the property.

Imposes penalties on preservation entities for noncompliance with this Act.

Requires the Secretary to designate at least three states to participate in the pilot program.

States that grants shall be used to: (1) pay for rehabilitation costs approved by the housing agency; (2) deposit funds into the property's replacement reserve account; and (3) pay for social and other services that directly benefit the tenants of such property, its associated acquisition costs, and any other costs that have been approved by the housing agency and will directly benefit such tenants.

]]> Affordable Housing Preservation Act of 2008 Short Titles as Introduced Affordable Housing Preservation Act of 2008 Display Title Affordable Housing Preservation Act of 2008 Official Title as Introduced A bill to establish a pilot program to preserve affordable housing options for low-income individuals. Introduced in Senate 2008-07-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3275is/xml/BILLS-110s3275is.xml 2008-07-16 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.