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[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.
                                 <all>
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