[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 232 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                 S. 232

To provide for the extension of the Farmers Home Administration program 
    under section 515 of the Housing Act of 1949 and other programs 
             relating to housing and community development.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             January 17 (legislative day, January 10), 1995

 Mr. D'Amato (for himself, Mr. Sarbanes, and Mr. Bond) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To provide for the extension of the Farmers Home Administration program 
    under section 515 of the Housing Act of 1949 and other programs 
             relating to housing and community development.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Section 515 Rural Multifamily 
Housing Program Extension Act of 1995''.

SEC. 2. RURAL HOUSING.

    (a) Underserved Areas Set-Aside.--Section 509(f)(4)(A) of the 
Housing Act of 1949 (42 U.S.C. 1479(f)(4)(A)) is amended--
            (1) in the first sentence, by striking ``fiscal years 1993 
        and 1994'' and inserting ``fiscal year 1995''; and
            (2) in the second sentence, by striking ``each''.
    (b) Rural Multifamily Rental Housing.--Section 515(b) of the 
Housing Act of 1949 (42 U.S.C. 1485(b)) is amended--
            (1) by striking paragraph (4); and
            (2) by redesignating paragraphs (5) and (6) as paragraphs 
        (4) and (5), respectively.
    (c) Rural Rental Housing Funds for Nonprofit Entities.--The first 
sentence of section 515(w)(1) of the Housing Act of 1949 (42 U.S.C. 
1485(w)(1)) is amended by striking ``fiscal years 1993 and 1994'' and 
inserting ``fiscal year 1995''.

SEC. 3. TEMPORARY EXTENSION OF EXPIRING SECTION 8 CONTRACTS.

    (a) Requirement.--Subject only to the availability of budget 
authority to carry out this section, not later than October 1, 1995, 
the Secretary of Housing and Urban Development shall make an offer to 
the owner of each housing project assisted under an expiring contract 
to extend the term of the expiring contract for not more than 18 months 
beyond the date of the expiration of the contract.
    (b) Terms of Extension.--Except for terms or conditions relating to 
duration, the terms and conditions under an extension provided pursuant 
to this section of any expiring contract shall be identical to the 
terms and conditions under the expiring contract.
    (c) Definition of Expiring Contract.--For purposes of this section, 
the term ``expiring contract'' means a contract for assistance pursuant 
to section 8(b)(2) of the United States Housing Act of 1937 (as such 
section existed before October 1, 1983), including a contract for 
assistance referred to in section 209(b) of the Housing and Urban-Rural 
Recovery Act of 1983, having a term that expires before October 1, 
1996.
    (d) Displacement Assistance.--The Secretary of Housing and Urban 
Development may make available to tenants residing in units covered by 
an expiring contract that is not extended pursuant to this section, 
either--
            (1) tenant-based assistance under section 8 of the United 
        States Housing Act of 1937; or
            (2) a unit with respect to which project-based assistance 
        is provided under section 8 of the United States Housing Act of 
        1937.
    (e) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as may be necessary to carry out this section.
                                 <all>