[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1457 Introduced in Senate (IS)]
107th CONGRESS
1st Session
S. 1457
To extend FHA-insured multifamily housing mortgage and housing
assistance restructuring authority, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 24, 2001
Mr. Sarbanes (by request) introduced the following bill; which was read
twice and referred to the Committee on Banking, Housing, and Urban
Affairs
_______________________________________________________________________
A BILL
To extend FHA-insured multifamily housing mortgage and housing
assistance restructuring authority, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. FHA-INSURED MULTIFAMILY HOUSING MORTGAGE AND HOUSING
ASSISTANCE RESTRUCTURING.
(a) OMHAR.--The Multifamily Assisted Housing Reform and
Affordability Act of 1997 (42 U.S.C. 1437f note) is amended--
(1) in section 571, by inserting ``Federal Housing
Administration of the'' after ``within the'';
(2) in section 572(a)--
(A) by striking ``President by and with the advice
and consent of the Senate'' and inserting ``Secretary
of Housing and Urban Development (referred to in this
subtitle as the `Secretary')''; and
(B) by striking the second sentence;
(3) in section 573--
(A) in subsection (b), in the first sentence, by
inserting ``the Federal Housing Commissioner and''
before ``the Secretary''; and
(B) by striking subsection (d);
(4) by repealing sections 576 and 578; and
(5) in section 579, by striking ``2001'' each place it
appears and inserting ``2004''.
(b) Program Changes.--The Multifamily Assisted Housing Reform and
Affordability Act of 1997 (42 U.S.C. 1437f note) is amended--
(1) in section 514(f)(3)(A), by adding at the end the
following: ``If tenant groups, nonprofit organizations, and
public entities are determined eligible under section
517(a)(5), such groups, organizations, and entities shall also
be eligible under this paragraph.'';
(2) in section 524(e), by adding at the end the following:
``(3) Mortgage restructuring and rental assistance
sufficiency plans.--Notwithstanding paragraph (1), the owner of
the project may request, and the Secretary may consider,
mortgage restructuring and rental assistance sufficiency plans
to facilitate sales or transfers of properties under this
subtitle, subject to an approved plan of action under the
Emergency Low Income Housing Preservation Act of 1987 (12
U.S.C. 1715l note) or the Low-Income Housing Preservation and
Resident Homeownership Act of 1990 (12 U.S.C. 4101 et seq.),
which plans shall result in a sale or transfer of those
properties.'';
(3) in section 512(2)--
(A) in the second sentence, by inserting ``, but
does include a project described in section 524(e)(3)''
after ``section 524(e)'';
(B) by striking subparagraph (A) and inserting the
following:
``(A) in the case of properties described in
subparagraph (C) and properties that have rents above a
percentage (to be established by the Secretary) of fair
market rent, with rents that, on an average per unit or
per room basis--
``(i) exceed the rent of comparable
properties in the same market area, as
determined by a participating administrative
entity or any other independent entity acting
on behalf of the Secretary and in accordance
with guidelines established by the Secretary;
or
``(ii) exceeded the rent of comparable
properties in the same market area, as
determined by the Secretary, prior to, and
notwithstanding, any renewal of project-based
assistance under this subtitle;'';
(4) in section 517(a)(1)(B), by striking ``no more than
the'' and inserting the following: ``not more than the greater
of--
``(i) the full or partial payment of claim
made under this subtitle; or
``(ii) the'';
(5) in section 513(b), by striking paragraph (6) and
redesignating paragraph (7) as paragraph (6); and
(6) in section 515(c)(1)--
(A) by striking subparagraph (A);
(B) by redesignating subparagraphs (B) and (C) as
subparagraphs (A) and (B), respectively; and
(C) in subparagraph (A), as redesignated, by
inserting ``or'' after the semicolon.
SEC. 2. ENHANCED VOUCHERS.
Section 8(t)(1)(B) of the United States Housing Act of 1937 (42
U.S.C. 1437f(t)(1)(B)) is amended by inserting after ``paragraph
(10)(A) of subsection (o)'' the following: ``and, if a contract was
renewed pursuant to section 514(c) of the Multifamily Assisted Housing
Reform and Affordability Act of 1997 (42 U.S.C. 1437f note), subject to
the comparable rent limitations provided in subparagraphs (A) and (B)
of section 514(g)(1) of that Act,''.
SEC. 3. TECHNICAL CORRECTION.
(a) In General.--Section 531(c) of Public Law 106-74 (113 Stat.
1116) is amended by striking ``514(h)'' and inserting ``514(h)(1)''.
(b) Retroactive Effect.--The amendment made by subsection (a) shall
be deemed to have the same effective date as section 531 of Public Law
106-74.
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