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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1494 Introduced in Senate (IS)]

  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.

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

SECTION 1. SHORT TITLE; DEFINITION.

    (a) Short Title.--This Act may be cited as the ``Housing 
Opportunity Program Extension Act of 1995''.
    (b) Definition.--For purposes of this Act, the term ``Secretary'' 
means the Secretary of Housing and Urban Development.

SEC. 2. SECTION 8 CONTRACT RENEWALS.

    (a) In General.--During fiscal year 1996, with respect to any 
project that is determined by the Secretary to meet housing quality 
standards under the United States Housing Act of 1937 and to be 
otherwise in compliance with that Act, at the request of the owner of 
the project, the Secretary shall renew, for a period of 1 year, any 
contract for assistance under section 8 of the United States Housing 
Act of 1937 that expires or terminates during fiscal year 1996, at 
current rent levels under the expiring or terminating contract.
    (b) Amendments to the National Housing Act.--Section 236(f) of the 
National Housing Act (12 U.S.C. 1715z-1(f)) is amended--
            (1) in paragraph (1), by striking the second sentence and 
        inserting the following: ``The rental charge for each dwelling 
        unit shall be at the basic rental charge, or such greater 
        amount, not to exceed the lesser of (i) the fair market rental 
        charge determined pursuant to this paragraph, or (ii) the fair 
        market rental established under section 8(c) of the United 
        States Housing Act of 1937 for existing housing in the market 
        area in which the housing is located, as represents 30 percent 
        of the tenant's adjusted income.''; and
            (2) by striking paragraph (6).

SEC. 3. COMMUNITY DEVELOPMENT BLOCK GRANT ELIGIBLE ACTIVITIES.

    Notwithstanding the amendments made by section 907(b)(2) of the 
Cranston-Gonzalez National Affordable Housing Act, section 105(a)(25) 
of the Housing and Community Development Act of 1974, as in existence 
on September 30, 1995, shall apply to the use of assistance made 
available under title I of the Housing and Community Development Act of 
1974 during fiscal year 1996.

SEC. 4. EXTENSION OF RURAL HOUSING PROGRAMS.

    (a) Underserved Areas Set-Aside.--Section 509(f)(4)(A) of the 
Housing Act of 1949 (42 U.S.C. 1479(f)(4)(A)) is amended--
            (1) in the first sentence, by striking ``fiscal years 1993 
        and 1994'' and inserting ``fiscal year 1996''; and
            (2) in the second sentence, by striking ``each''.
    (b) Rural Multifamily Rental Housing.--Section 515(b)(4) of the 
Housing Act of 1949 (42 U.S.C. 1485(b)(4)) is amended by striking 
``September 30, 1994'' and inserting ``September 30, 1996''.
    (c) Rural Rental Housing Funds for Nonprofit Entities.--The first 
sentence of section 515(w)(1) of the Housing Act of 1949 (42 U.S.C. 
1485(w)(1)) is amended by striking ``fiscal years 1993 and 1994'' and 
inserting ``fiscal year 1996''.

SEC. 5. EXTENSION OF FHA MORTGAGE INSURANCE PROGRAM FOR HOME EQUITY 
              CONVERSION MORTGAGES.

    (a) Extension of Program.--The first sentence of section 255(g) of 
the National Housing Act (12 U.S.C. 1715z-20(g)) is amended by striking 
``September 30, 1995'' and inserting ``September 30, 1996''.
    (b) Limitation on Number of Mortgages.--The second sentence of 
section 255(g) of the National Housing Act (12 U.S.C. 1715z-20(g)) is 
amended by striking ``25,000'' and inserting ``30,000''.

SEC. 6. EXTENSION OF MULTIFAMILY HOUSING FINANCE PROGRAMS.

    (a) Risk-Sharing Pilot Program.--The first sentence of section 
542(b)(5) of the Housing and Community Development Act of 1992 (12 
U.S.C. 1707 note) is amended by striking ``on not more than 15,000 
units over fiscal years 1993 and 1994'' and inserting ``on not more 
than 7,500 units during fiscal year 1996''.
    (b) Housing Finance Agency Pilot Program.--The first sentence of 
section 542(c)(4) of the Housing and Community Development Act of 1992 
(12 U.S.C. 1707 note) is amended by striking ``on not to exceed 30,000 
units over fiscal years 1993, 1994, and 1995'' and inserting ``on not 
more than 10,000 units during fiscal year 1996''.

SEC. 7. APPLICABILITY.

    This Act and the amendments made by this Act shall be construed to 
have become effective on October 1, 1995.
                                 <all>
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