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[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2654 Introduced in House (IH)]

109th CONGRESS
  1st Session
                                H. R. 2654

 To provide for renewal of project-based assisted housing contracts at 
reimbursement levels that are sufficient to sustain operations, and for 
                            other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              May 26, 2005

 Mr. Andrews introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
 To provide for renewal of project-based assisted housing contracts at 
reimbursement levels that are sufficient to sustain operations, 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. EXTENSION OF SECTION 8 CONTRACT RENEWALS.

    (a) Renewal of Expiring Project-Based Section 8 Contracts.--Section 
524 of the Multifamily Assisted Housing Reform and Affordability Act of 
1997 (42 U.S.C. 1437f note) is amended--
            (1) in subsection (a)(4)(A)(iv)--
                    (A) in subclause (I), by inserting ``or'' after the 
                semicolon;
                    (B) by striking subclause (II); and
                    (C) by redesignating subclause (III) as subclause 
                (II); and
            (2) by striking paragraph (3) of subsection (b).
    (b) Adjustments for Covered Projects.--
            (1) Rent determination at initial renewal after 
        enactment.--Upon the first request for renewal of project-based 
        assistance pursuant to section 524 after the date of enactment 
        of this Act by an owner of a covered housing project--
                    (A) the rent levels at which assistance will be 
                provided pursuant to such renewal will be determined as 
                if such renewal were the initial renewal of a contract 
                for assistance under section 524, as amended by 
                subsection (a) of this section; and
                    (B) solely for purposes of determining the rent 
                levels at which assistance will be provided pursuant to 
                such first renewal after the date of enactment of this 
                Act, in the case of a project for which contract rents 
                were reduced on a prior renewal of an expiring contract 
                pursuant to subsection (b)(3) of section 524, as in 
                effect on the day before the date of enactment of this 
                Act, the contract rent levels in effect immediately 
                prior to such first renewal after the date of enactment 
                of this Act shall be considered to be the deemed rent 
                levels described in paragraph (3)(C).
            (2) Rent adjustments after initial renewal after 
        enactment.--After the first renewal of a contract for 
        assistance of a covered project after the date of enactment of 
        this Act in accordance with paragraph (1) of this subsection, 
        the Secretary shall adjust rents in accordance with section 
        524(c).
            (3) Definitions.--In this subsection--
                    (A) references to ``section 524'' or any 
                subdivision thereof are references to section 524 of 
                the Multifamily Assisted Housing Reform and 
                Affordability Act of 1997 (42 U.S.C. 1437f note);
                    (B) the term ``covered housing project'' means a 
                project that receives project-based assistance under 
                section 8 of the United States Housing Act of 1937 (42 
                U.S.C. 1437f) which was renewed prior to the date of 
                enactment of this Act pursuant to subsection (b)(3) of 
                section 524, as in effect on the day before the date of 
                enactment of this Act;
                    (C) the term ``deemed rent levels'' means the 
                contract rent levels in effect immediately prior to the 
                first renewal of assistance pursuant to subsection 
                (b)(3) of section 524, as in effect on the day before 
                the date of enactment of this Act, upon which contract 
                rent levels were reduced, as adjusted by the applicable 
                operating cost adjustment factor established by the 
                Secretary at the date of such renewal and at the date 
                of any subsequent renewal pursuant to subsection (b)(3) 
                of section 524 occurring before the date of enactment 
                of this Act; and
                    (D) the term ``Secretary'' means the Secretary of 
                Housing and Urban Development.
                                 <all>
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