[Congressional Record Volume 170, Number 40 (Wednesday, March 6, 2024)]
[Senate]
[Page S2244]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1616. Mr. ROUNDS (for himself and Ms. Smith) submitted an 
amendment intended to be proposed by him to the bill H.R. 4366, making 
appropriations for military construction, the Department of Veterans 
Affairs, and related agencies for the fiscal year ending September 30, 
2024, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place in title II of division F, insert 
     the following:
       Sec. ___. (a) In fiscal year 2024, the Secretary of Housing 
     and Urban Development (referred to in this section as the 
     ``Secretary'') may waive or specify alternative requirements 
     for any provision of section 202 of the Housing Act of 1959 
     (12 U.S.C. 1701q) (as in effect before the date of enactment 
     of the Cranston-Gonzalez National Affordable Housing Act (42 
     U.S.C. 12701 et seq.)) and section 811 of the American 
     Homeownership and Economic Opportunity Act of 2010 (12 U.S.C. 
     1701q note; Public Law 106-569), except for requirements 
     relating to fair housing, nondiscrimination, labor standards, 
     and the environment, in order to facilitate prepayment of any 
     indebtedness relating to any remaining principal and interest 
     under a loan made under section 202 of the Housing Act of 
     1959 (12 U.S.C. 1701q) (as in effect before the date of 
     enactment of the Cranston-Gonzalez National Affordable 
     Housing Act (42 U.S.C. 12701 et seq.)) for a property that 
     consists of not more than 15 units, is located in a 
     municipality with a population of not more than 15,000 
     individuals, is within 5 years of maturity, is no longer 
     effectively serving a need in the community, is functionally 
     obsolescent, and for which the Secretary has determined that 
     the property prepayment is part of a transaction, including a 
     transaction involving transfer or replacement contracts 
     described in subsection (b), that will provide rental housing 
     assistance for the elderly or persons with disabilities on 
     terms of at least equal duration and at least as advantageous 
     to existing and future tenants as the terms required by 
     current loan agreements entered into under any provisions of 
     law.
       (b)(1) Notwithstanding any contrary provision of law, in 
     order to preserve affordable housing resources, upon a 
     prepayment of a loan described in subsection (a), the 
     Secretary may transfer or replace the contract for assistance 
     at such prepaid property with a project-based subsidy 
     contract under section 8 of the United States Housing Act of 
     1937 (42 U.S.C. 1437f) to 1 or more multifamily housing 
     projects located in the same State as the prepaid property, 
     for the benefit of the elderly or persons with disabilities 
     who are eligible to receive housing assistance under such 
     section 8, to assist the same number of units at the 
     receiving multifamily housing project or projects.
       (2) The Secretary may fund a transferred or replaced 
     contract described in paragraph (1) from amounts available to 
     the Secretary under the heading ``Project-Based Rental 
     Assistance''.
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