[Congressional Record Volume 170, Number 76 (Thursday, May 2, 2024)]
[Senate]
[Pages S3354-S3355]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1982. Mr. ROUNDS (for himself and Ms. Smith) submitted an 
amendment intended to be proposed to amendment SA 1911 submitted by Ms. 
Cantwell (for herself, Mr. Cruz, Ms. Duckworth, and Mr. Moran) and 
intended to be proposed to the bill H.R. 3935, to amend title 49, 
United States Code, to reauthorize and improve the Federal Aviation 
Administration and other civil aviation programs, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. PRESERVATION OF AFFORDABLE HOUSING RESOURCES.

       (a) Facilitating Prepayment of Indebtedness for Certain 
     Properties.--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

[[Page S3355]]

     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) Transfer or Replacement of Contract.--
       (1) In general.--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) Use of project-based rental assistance amounts.--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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