[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5937 Referred in Senate (RFS)]

  2d Session
                                H. R. 5937


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 8, 2008

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 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).
    (b) Initial Renewal.--
            (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:

                                            LORRAINE C. MILLER,

                                                                 Clerk.