Changes from discretionary to mandatory the authority of the Secretary of Housing and Urban Development (HUD) to adjust the annual amount of a contract for project rental assistance to provide for reasonable project costs.

States that owner deposits shall be used only to cover operating deficits during the first three years of operations and shall not be used to cover construction shortfalls or inadequate initial project rental assistance amounts.

Allows a national private nonprofit organization that owns multiple housing projects assisted under such Act to satisfy the local governing board requirement by having a local advisory board to its national governing board.

Requires the Secretary to permit an owner of assisted housing to give a preference in tenant selection to the homeless elderly.

Directs the Secretary either to: (1) operate a national competition for the nonmetropolitan funds allocation of assistance for supportive housing for the elderly; or (2) make allocations to HUD regional offices.

Amends the American Homeownership and Economic Opportunity Act of 2000 to revise requirements governing: (1) prepayment of debt for project-based rental housing assistance programs; (2) use of unexpended amounts; and (3) use of project residual receipts.

Sets forth requirements governing senior preservation rental assistance contracts in order to: (1) prevent displacement of elderly project residents in the case of refinancing or recapitalization; and (2) further project preservation and affordability.

Directs the Secretary to carry out a demonstration program to sell to state housing finance agencies portfolios of mortgages associated with loans related to supportive housing for the elderly.

Expands the definition of assisted living facility with respect to grants for conversion of elderly housing to such facilities.

Amends the United States Housing Act of 1937 with respect to rental assistance on behalf of a family that uses an assisted living facility as a principal place of residence. Provides that a family may be required at the time it initially receives such assistance to pay rent in an amount exceeding 40% of its monthly adjusted income.

Prohibits the Secretary from imposing conditions that restrict the use of sale or refinancing proceeds, or require the filing of a financial report, in connection with a sale or refinancing of a multifamily housing project, or the transfer of an assistance contract on such a property, that requires HUD approval unless such condition is: (1) expressly authorized by an existing contract between the Secretary and the project owner; or (2) a general condition for new financing with a mortgage insured by the Secretary.

Requires the Secretary to establish and operate a national senior housing clearinghouse.

Includes in the selection criteria for such assistance the extent to which the applicant has ensured that a service coordinator will be employed or otherwise retained for the housing, who has the managerial capacity and responsibility for: (1) assessing on an ongoing basis the service needs of residents, and (2) coordinating and and tailoring supportive services to a resident's need.

(Sec. 102) Requires that the development cost limitations by market area the Secretary of Housing and Urban Development (HUD) must establish periodically for various types and sizes of supportive housing for the elderly be reasonable.

(Sec. 103) Limits the use of amounts (of up to $25,000) that the Secretary must require an owner to deposit in a special escrow account to cover operating deficits during the first three years of operations. Prohibits the use of such amount to cover construction shortfalls or inadequate initial project rental assistance amounts.

(Sec. 104) Redefines "private nonprofit organization" to revise the local governing board requirements. Authorizes the Secretary, in the case of a nonprofit sponsoring organization of multiple housing projects assisted under such Act, to determine the criteria or conditions under which administrative responsibilities exercised by a single-entity private nonprofit organization, that is the owner corporation responsible for the operation of an individual housing project, may be shared or transferred to the governing board of the sponsoring organization.

Allows the sole general partner of a for-profit limited partnership to be a limited liability company wholly owned and controlled by one or more organizations meeting the requirements of such definition.

(Sec. 105) Directs the Secretary to comply with the requirement for allocation to nonmetropolitan areas of at least 15% of the funds available for assistance by either: (1) operating a national competition for the nonmetropolitan funds allocation of assistance for supportive housing for the elderly, or (2) making allocations to HUD regional offices.

Title II: Refinancing - (Sec. 201) Amends the American Homeownership and Economic Opportunity Act of 2000 to revise requirements governing: (1) prepayment of debt for project-based rental housing assistance programs, (2) use of unexpended amounts, and (3) use of project residual receipts.

(Sec. 204) Sets forth requirements governing senior preservation rental assistance contracts in order to: (1) prevent displacement of elderly project residents in the case of refinancing or recapitalization, and (2) further project preservation and affordability.

Prohibits the Secretary from accepting an offer to prepay the loan for any project unless the project owner has: (1) notified the tenants of the owner's request for approval of a prepayment, (2) provided them with an opportunity to comment on it, and (3) responded to those comments in writing.

Title III: Assisted Living Facilities and Service-Enriched Housing - (Sec. 301) Expands the definition of assisted living facility with respect to grants for conversion of elderly housing to such facilities. Includes among activities which may receive a conversion grant those designed to convert dwelling units in an eligible project to assisted-living (as under current law) or to service-enriched housing for elderly persons.

Adds this requirement for alternative kinds of conversions to eligibility requirements for section 8 project-based assistance.

(Sec. 302) Amends the United States Housing Act of 1937 with respect to rental assistance on behalf of a family that uses an assisted living facility as a principal place of residence. Provides that a family may be required at the time it initially receives such assistance to pay rent in an amount exceeding 40% of its monthly adjusted income.

Title IV: Compliance with Statutory Pay-as-you-go Act of 2010 - Declares that the budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go-Act of 2010, shall be determined by reference to the latest statement titled "Budgetary Effects of PAYGO Legislation" for this Act, provided that such statement has been submitted prior to the vote on passage.

Section 202 Supportive Housing for the Elderly Act of 2010 - Title I: New Construction Reforms - (Sec. 101) Amends the Housing Act of 1959 regarding capital advances and contracts for project rental assistance for supportive housing for the elderly.

Includes in the selection criteria for such assistance the extent to which the applicant has ensured that a service coordinator will be employed or otherwise retained for the housing, who has the managerial capacity and responsibility for: (1) assessing on an ongoing basis the service needs of residents, and (2) coordinating and tailoring supportive services to a resident's need.

(Sec. 102) Requires that the development cost limitations by market area the Secretary of Housing and Urban Development (HUD) must establish periodically for various types and sizes of supportive housing for the elderly be reasonable.

(Sec. 103) Limits the use of amounts (of up to $25,000) that the Secretary must require an owner to deposit in a special escrow account to cover operating deficits during the first three years of operations. Prohibits the use of such amount to cover construction shortfalls or inadequate initial project rental assistance amounts.

(Sec. 104) Redefines "private nonprofit organization" to revise the local governing board requirements. Authorizes the Secretary, in the case of a nonprofit sponsoring organization of multiple housing projects assisted under such Act, to determine the criteria or conditions under which administrative responsibilities exercised by a single-entity private nonprofit organization, that is the owner corporation responsible for the operation of an individual housing project, may be shared or transferred to the governing board of the sponsoring organization.

Allows the sole general partner of a for-profit limited partnership to be a limited liability company wholly owned and controlled by one or more organizations meeting the requirements of such definition.

(Sec. 105) Directs the Secretary to comply with the requirement for allocation to nonmetropolitan areas of at least 15% of the funds available for assistance by either: (1) operating a national competition for the nonmetropolitan funds allocation of assistance for supportive housing for the elderly, or (2) making allocations to HUD regional offices.

Title II: Refinancing - (Sec. 201) Amends the American Homeownership and Economic Opportunity Act of 2000 to revise requirements governing: (1) prepayment of debt for project-based rental housing assistance programs, (2) use of unexpended amounts, and (3) use of project residual receipts.

(Sec. 204) Sets forth requirements governing senior preservation rental assistance contracts in order to: (1) prevent displacement of elderly project residents in the case of refinancing or recapitalization, and (2) further project preservation and affordability.

Prohibits the Secretary from accepting an offer to prepay the loan for any project unless the project owner has: (1) notified the tenants of the owner's request for approval of a prepayment, (2) provided them with an opportunity to comment on it, and (3) responded to those comments in writing.

Title III: Assisted Living Facilities and Service-Enriched Housing - (Sec. 301) Expands the definition of assisted living facility with respect to grants for conversion of elderly housing to such facilities. Includes among activities which may receive a conversion grant those designed to convert dwelling units in an eligible project to assisted-living (as under current law) or to service-enriched housing for elderly persons.

Adds this requirement for alternative kinds of conversions to eligibility requirements for section 8 project-based assistance.

(Sec. 302) Amends the United States Housing Act of 1937 with respect to rental assistance on behalf of a family that uses an assisted living facility as a principal place of residence. Provides that a family may be required at the time it initially receives such assistance to pay rent in an amount exceeding 40% of its monthly adjusted income.

Title IV: Compliance with Statutory Pay-as-you-go Act of 2010 - Declares that the budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go-Act of 2010, shall be determined by reference to the latest statement titled "Budgetary Effects of PAYGO Legislation" for this Act, provided that such statement has been submitted prior to the vote on passage.

Section 202 Supportive Housing for the Elderly Act of 2010 - Title I: New Construction Reforms - (Sec. 101) Amends the Housing Act of 1959 regarding capital advances and contracts for project rental assistance for supportive housing for the elderly.

Includes in the selection criteria for such assistance the extent to which the applicant has ensured that a service coordinator will be employed or otherwise retained for the housing, who has the managerial capacity and responsibility for: (1) assessing on an ongoing basis the service needs of residents, and (2) coordinating and tailoring supportive services to a resident's need.

(Sec. 102) Requires that the development cost limitations by market area the Secretary of Housing and Urban Development (HUD) must establish periodically for various types and sizes of supportive housing for the elderly be reasonable.

(Sec. 103) Limits the use of amounts (of up to $25,000) that the Secretary must require an owner to deposit in a special escrow account to cover operating deficits during the first three years of operations. Prohibits the use of such amount to cover construction shortfalls or inadequate initial project rental assistance amounts.

(Sec. 104) Redefines "private nonprofit organization" to revise the local governing board requirements. Authorizes the Secretary, in the case of a nonprofit sponsoring organization of multiple housing projects assisted under such Act, to determine the criteria or conditions under which administrative responsibilities exercised by a single-entity private nonprofit organization, that is the owner corporation responsible for the operation of an individual housing project, may be shared or transferred to the governing board of the sponsoring organization.

Allows the sole general partner of a for-profit limited partnership to be a limited liability company wholly owned and controlled by one or more organizations meeting the requirements of such definition.

(Sec. 105) Directs the Secretary to comply with the requirement for allocation to nonmetropolitan areas of at least 15% of the funds available for assistance by either: (1) operating a national competition for the nonmetropolitan funds allocation of assistance for supportive housing for the elderly, or (2) making allocations to HUD regional offices.

Title II: Refinancing - (Sec. 201) Amends the American Homeownership and Economic Opportunity Act of 2000 to revise requirements governing: (1) prepayment of debt for project-based rental housing assistance programs, (2) use of unexpended amounts, and (3) use of project residual receipts.

(Sec. 204) Sets forth requirements governing senior preservation rental assistance contracts in order to: (1) prevent displacement of elderly project residents in the case of refinancing or recapitalization, and (2) further project preservation and affordability.

Prohibits the Secretary from accepting an offer to prepay the loan for any project unless the project owner has: (1) notified the tenants of the owner's request for approval of a prepayment, (2) provided them with an opportunity to comment on it, and (3) responded to those comments in writing.

Title III: Assisted Living Facilities and Service-Enriched Housing - (Sec. 301) Expands the definition of assisted living facility with respect to grants for conversion of elderly housing to such facilities. Includes among activities which may receive a conversion grant those designed to convert dwelling units in an eligible project to assisted-living (as under current law) or to service-enriched housing for elderly persons.

Adds this requirement for alternative kinds of conversions to eligibility requirements for section 8 project-based assistance.

(Sec. 302) Amends the United States Housing Act of 1937 with respect to rental assistance on behalf of a family that uses an assisted living facility as a principal place of residence. Provides that a family may be required at the time it initially receives such assistance to pay rent in an amount exceeding 40% of its monthly adjusted income.

Title IV: Compliance with Statutory Pay-as-you-go Act of 2010 - Declares that the budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go-Act of 2010, shall be determined by reference to the latest statement titled "Budgetary Effects of PAYGO Legislation" for this Act, provided that such statement has been submitted prior to the vote on passage.