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less than six residents of public housing or recipients of 
section 8 assistance to provide advice and comment to the 
public housing agency or other administering entity on 
issues related to public housing and section 8. Such advi-
sory board shall meet not less than quarterly. 
SEC. 213. (a) Notwithstanding any other provision 
of law, subject to the conditions listed in subsection (b), 
for fiscal years 2008 and 2009, the Secretary of Housing 
and Urban Development may authorize the transfer of 
some or all project-based assistance, debt and statutorily 
required low-income and very low-income use restrictions, 
associated with one or more multifamily housing project 
to another multifamily housing project or projects. 
(b) The transfer authorized in subsection (a) is sub-
ject to the following conditions: 
(1) The number of low-income and very low-in-
come units and the net dollar amount of Federal as-
sistance provided by the transferring project shall 
remain the same in the receiving project or projects. 
(2) The transferring project shall, as deter-
mined by the Secretary, be either physically obsolete 
or economically non-viable. 
(3) The receiving project or projects shall meet 
or exceed applicable physical standards established 
by the Secretary. 
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(4) The owner or mortgagor of the transferring 
project shall notify and consult with the tenants re-
siding in the transferring project and provide a cer-
tification of approval by all appropriate local govern-
mental officials. 
(5) The tenants of the transferring project who 
remain eligible for assistance to be provided by the 
receiving project or projects shall not be required to 
vacate their units in the transferring project or 
projects until new units in the receiving project are 
available for occupancy. 
(6) The Secretary determines that this transfer 
is in the best interest of the tenants. 
(7) If either the transferring project or the re-
ceiving project or projects meets the condition speci-
fied in subsection (c)(2)(A), any lien on the receiving 
project resulting from additional financing obtained 
by the owner shall be subordinate to any FHA-in-
sured mortgage lien transferred to, or placed on, 
such project by the Secretary. 
(8) If the transferring project meets the re-
quirements of subsection (c)(2)(E), the owner or 
mortgagor of the receiving project or projects shall 
execute and record either a continuation of the exist-
ing use agreement or a new use agreement for the 
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project where, in either case, any use restrictions in 
such agreement are of no lesser duration than the 
existing use restrictions. 
(9) Any financial risk to the FHA General and 
Special Risk Insurance Fund, as determined by the 
Secretary, would be reduced as a result of a transfer 
completed under this section. 
(10) The Secretary determines that Federal li-
ability with regard to this project will not be in-
creased. 
(c) For purposes of this section— 
(1) the terms ‘‘low-income’’ and ‘‘very low-in-
come’’ shall have the meanings provided by the stat-
ute and/or regulations governing the program under 
which the project is insured or assisted; 
(2) the term ‘‘multifamily housing project’’ 
means housing that meets one of the following con-
ditions— 
(A) housing that is subject to a mortgage 
insured under the National Housing Act; 
(B) housing that has project-based assist-
ance attached to the structure including 
projects undergoing mark to market debt re-
structuring under the Multifamily Assisted 
Housing Reform and Affordability Housing Act; 
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(C) housing that is assisted under section 
202 of the Housing Act of 1959 as amended by 
section 801 of the Cranston-Gonzales National 
Affordable Housing Act; 
(D) housing that is assisted under section 
202 of the Housing Act of 1959, as such sec-
tion existed before the enactment of the Cran-
ston-Gonzales National Affordable Housing Act; 
or 
(E) housing or vacant land that is subject 
to a use agreement; 
(3) 
the 
term 
‘‘project-based 
assistance’’ 
means— 
(A) assistance provided under section 8(b) 
of the United States Housing Act of 1937; 
(B) assistance for housing constructed or 
substantially rehabilitated pursuant to assist-
ance provided under section 8(b)(2) of such Act 
(as such section existed immediately before Oc-
tober 1, 1983); 
(C) rent supplement payments under sec-
tion 101 of the Housing and Urban Develop-
ment Act of 1965; 
(D) interest reduction payments under sec-
tion 236 and/or additional assistance payments 
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