II

104TH CONGRESS

1ST SESSION S. 1494

To provide an extension for fiscal year 1996 for certain programs administered by the Secretary of Housing and Urban Development and the

Secretary of Agriculture, and for other purposes.

IN THE SENATE OF THE UNITED STATES

DECEMBER 21, 1995

Mr. D’AMATO (for himself, Mr. MACK, Mr. BOND, Mr. DOMENICI, Mr. BENNETT, and Mr. SHELBY) introduced the following bill; which was read

twice and referred to the Committee on Banking, Housing, and Urban

Affairs

A BILL

To provide an extension for fiscal year 1996 for certain

programs administered by the Secretary of Housing and

Urban Development and the Secretary of Agriculture,

and for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE; DEFINITION.

4 (a) SHORT TITLE.—This Act may be cited as the

5 ‘‘Housing Opportunity Program Extension Act of 1995’’.
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1 (b) DEFINITION.—For purposes of this Act, the term

2 ‘‘Secretary’’ means the Secretary of Housing and Urban

3 Development.

4 SEC. 2. SECTION 8 CONTRACT RENEWALS.

5 (a) IN GENERAL.—During fiscal year 1996, with re6 spect to any project that is determined by the Secretary

7 to meet housing quality standards under the United States

8 Housing Act of 1937 and to be otherwise in compliance

9 with that Act, at the request of the owner of the project,

10 the Secretary shall renew, for a period of 1 year, any con11 tract for assistance under section 8 of the United States

12 Housing Act of 1937 that expires or terminates during

13 fiscal year 1996, at current rent levels under the expiring

14 or terminating contract.

15 (b) AMENDMENTS TO THE NATIONAL HOUSING

16 ACT.—Section 236(f) of the National Housing Act (12

17 U.S.C. 1715z–1(f)) is amended—

18 (1) in paragraph (1), by striking the second

19 sentence and inserting the following: ‘‘The rental

20 charge for each dwelling unit shall be at the basic

21 rental charge, or such greater amount, not to exceed

22 the lesser of (i) the fair market rental charge deter23 mined pursuant to this paragraph, or (ii) the fair

24 market rental established under section 8(c) of the

25 United States Housing Act of 1937 for existing
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1 housing in the market area in which the housing is

2 located, as represents 30 percent of the tenant’s ad3 justed income.’’; and

4 (2) by striking paragraph (6).

5 SEC. 3. COMMUNITY DEVELOPMENT BLOCK GRANT ELIGI6 BLE ACTIVITIES.

7 Notwithstanding the amendments made by section

8 907(b)(2) of the Cranston-Gonzalez National Affordable

9 Housing Act, section 105(a)(25) of the Housing and Com10 munity Development Act of 1974, as in existence on Sep11 tember 30, 1995, shall apply to the use of assistance made

12 available under title I of the Housing and Community De13 velopment Act of 1974 during fiscal year 1996.

14 SEC. 4. EXTENSION OF RURAL HOUSING PROGRAMS.

15 (a) UNDERSERVED AREAS SET-ASIDE.—Section

16 509(f)(4)(A) of the Housing Act of 1949 (42 U.S.C.

17 1479(f)(4)(A)) is amended—

18 (1) in the first sentence, by striking ‘‘fiscal

19 years 1993 and 1994’’ and inserting ‘‘fiscal year

20 1996’’; and

21 (2) in the second sentence, by striking ‘‘each’’.

22 (b) RURAL MULTIFAMILY RENTAL HOUSING.—Sec23 tion 515(b)(4) of the Housing Act of 1949 (42 U.S.C.

24 1485(b)(4)) is amended by striking ‘‘September 30, 1994’’

25 and inserting ‘‘September 30, 1996’’.
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1 (c) RURAL RENTAL HOUSING FUNDS FOR NON2 PROFIT ENTITIES.—The first sentence of section

3 515(w)(1) of the Housing Act of 1949 (42 U.S.C.

4 1485(w)(1)) is amended by striking ‘‘fiscal years 1993

5 and 1994’’ and inserting ‘‘fiscal year 1996’’.

6 SEC. 5. EXTENSION OF FHA MORTGAGE INSURANCE PRO7 GRAM FOR HOME EQUITY CONVERSION

8 MORTGAGES.

9 (a) EXTENSION OF PROGRAM.—The first sentence of

10 section 255(g) of the National Housing Act (12 U.S.C.

11 1715z–20(g)) is amended by striking ‘‘September 30,

12 1995’’ and inserting ‘‘September 30, 1996’’.

13 (b) LIMITATION ON NUMBER OF MORTGAGES.—The

14 second sentence of section 255(g) of the National Housing

15 Act (12 U.S.C. 1715z–20(g)) is amended by striking

16 ‘‘25,000’’ and inserting ‘‘30,000’’.

17 SEC. 6. EXTENSION OF MULTIFAMILY HOUSING FINANCE

18 PROGRAMS.

19 (a) RISK-SHARING PILOT PROGRAM.—The first sen20 tence of section 542(b)(5) of the Housing and Community

21 Development Act of 1992 (12 U.S.C. 1707 note) is

22 amended by striking ‘‘on not more than 15,000 units over

23 fiscal years 1993 and 1994’’ and inserting ‘‘on not more

24 than 7,500 units during fiscal year 1996’’.
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1 (b) HOUSING FINANCE AGENCY PILOT PROGRAM.—

2 The first sentence of section 542(c)(4) of the Housing and

3 Community Development Act of 1992 (12 U.S.C. 1707

4 note) is amended by striking ‘‘on not to exceed 30,000

5 units over fiscal years 1993, 1994, and 1995’’ and insert6 ing ‘‘on not more than 10,000 units during fiscal year

7 1996’’.

8 SEC. 7. APPLICABILITY.

9 This Act and the amendments made by this Act shall

10 be construed to have become effective on October 1, 1995.

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