SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Homeless Veterans 
Transitional Housing Act of 2010’’. 
SEC. 2. CONVERSION OF MULTIFAMILY TRANSITIONAL 
HOUSING 
LOAN 
PROGRAM 
TO 
LOAN 
ISSUANCE PROGRAM. 
(a) AUTHORITY TO ISSUE LOANS.— 
(1) IN
GENERAL.—Section 2051 of title 38, 
United States Code, is amended— 
(A) in subsection (a)— 
(i) by striking ‘‘The’’ and inserting 
‘‘(1) The’’; and 
(ii) by adding at the end the following 
new paragraph: 
‘‘(2) The Secretary shall, utilizing funds available in 
the Multifamily Transitional Housing Loan Program Re-
volving Fund under section 2055 of this title, issue not 
less than five loans that meet the requirements of this sub-
chapter.’’; 
(B) in subsection (b)— 
(i) in paragraph (1), by striking 
‘‘under subsection (a)’’ and inserting 
‘‘under subsection (a)(1)’’; 
(ii) in paragraph (2), by striking 
‘‘under subsection (a)’’ and inserting 
‘‘under subsection (a)(1)’’; and 
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(iii) in paragraph (3), by inserting ‘‘or 
issued’’ after ‘‘guaranteed’’; 
(C) in subsection (c), by inserting ‘‘or 
issued’’ after ‘‘guaranteed’’; and 
(D) in subsection (g), by inserting ‘‘or 
issued’’ after ‘‘guaranteed’’. 
(2) AUTHORITY TO DELEGATE APPROVAL AU-
THORITY.—Subsection (c) of such section, as 
amended by paragraph (1)(C) of this subsection, is 
further amended— 
(A) by striking ‘‘A loan’’ and inserting 
‘‘(1) A loan’’; and 
(B) by adding at the end the following new 
paragraph: 
‘‘(2) The Secretary may delegate approval under 
paragraph (1) to a State or local government entity.’’. 
(3) SUNSET
OF
AUTHORITY
TO
ISSUE
LOAN 
GUARANTEES.—Such section is further amended by 
adding at the end the following new subsection: 
‘‘(h) The Secretary may not guarantee under sub-
section (a)(1) any loan that is closed after the date of the 
enactment of this subsection. The termination by this sub-
section of the authority to guarantee loans under this sub-
section shall not affect the validity of any loan guaranteed 
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under this subchapter before the date of the enactment 
of this subsection and is in force on that date.’’. 
(4) CONFORMING AMENDMENTS.—Such title is 
further amended as follows: 
(A) In section 2052(d), by inserting ‘‘or 
issue’’ after ‘‘whether to guarantee’’. 
(B) In section 2053(a), by inserting ‘‘or 
issued’’ after ‘‘is guaranteed’’. 
(C) In section 2054(a)— 
(i) in the first sentence, by inserting 
‘‘or issued’’ after ‘‘guaranteed’’; and 
(ii) in the last sentence, by inserting 
‘‘or loan’’ after ‘‘guarantee’’. 
(5) CLERICAL AMENDMENTS.—Such title is fur-
ther amended as follows: 
(A) In the heading of subchapter VI of 
chapter 20, by striking ‘‘LOAN GUARANTEE 
FOR’’. 
(B) In the table of sections at the begin-
ning of such chapter, by striking the item relat-
ing to subchapter VI and inserting the following 
new item: 
‘‘SUBCHAPTER VI—MULTIFAMILY TRANSITIONAL HOUSING’’. 
(b) MULTIFAMILY TRANSITIONAL HOUSING LOAN 
PROGRAM REVOLVING FUND.— 
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(1) IN GENERAL.—Subchapter VI of chapter 20 
of such title is amended by adding at the end the 
following new section: 
‘‘§ 2055. Multifamily Transitional Housing Loan Pro-
gram Revolving Fund 
‘‘(a) ESTABLISHMENT.—There is established in the 
Treasury of the United States a revolving fund known as 
the ‘Department of Veterans Affairs Multifamily Transi-
tional Housing Loan Program Revolving Fund’ (in this 
section referred to as the ‘Fund’). 
‘‘(b) ELEMENTS.—There shall be deposited in the 
Fund the following, which shall constitute the assets of 
the Fund: 
‘‘(1) Amounts paid into the Fund under any 
provision of law or regulation established by the Sec-
retary imposing fees on persons or entities issued a 
loan under this subchapter. 
‘‘(2) All other amounts received by the Sec-
retary incident to operations relating to the issuance 
of loans under this subchapter, including— 
‘‘(A) collections of principal and interest 
on loans issued by the Secretary under this sub-
chapter; 
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‘‘(B) proceeds from the sale, rental, use, or 
other disposition of property acquired under 
this subchapter; and 
‘‘(C) penalties collected pursuant to this 
subchapter. 
‘‘(3) Amounts appropriated or otherwise made 
available before the date of the enactment of this 
section for purposes of activities under this sub-
chapter, including amounts appropriated for such 
purposes under title I of the Department of Vet-
erans Affairs and Housing and Urban Development, 
and Independent Agencies Appropriations Act, 2000 
(Public Law 106–74; 113 Stat. 1049). 
‘‘(c) USE OF FUNDS.—The Fund shall be available 
to the Secretary, without fiscal year limitation, for all op-
erations relating to the issuance of loans under this sub-
chapter, consistent with the Federal Credit Reform Act 
of 1990 (2 U.S.C. 661 et seq.).’’. 
(2) CLERICAL AMENDMENT.—The table of sec-
tions at the beginning of chapter 20 of such title is 
amended by inserting after the item relating to sec-
tion 2054 the following new item: 
‘‘2055. Multifamily Transitional Housing Loan Program Revolving Fund.’’. 
(c) CLARIFICATION OF AUTHORITY TO DETERMINE 
TERMS AND CONDITIONS OF LOANS.—Subsection (a)(6) 
of section 2052 of such title is amended by inserting ‘‘in-
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cluding with respect to forbearance, deferral, and loan for-
giveness,’’ after ‘‘determines are reasonable,’’. 
(d) CLARIFICATION OF TYPES OF SPACES THAT MAY 
BE INCLUDED IN COVERED MULTIFAMILY TRANSITIONAL 
HOUSING PROJECTS.—Subsection (c)(1) of such section 
2052 is amended by striking ‘‘or job training programs’’ 
and inserting ‘‘job training programs, other types of resi-
dential units, or other uses that the Secretary considers 
necessary for the sustainability of the project’’. 
(e) LOAN DEFAULTS.—Section 2053 of such title is 
amended by adding at the end the following new sub-
section: 
‘‘(c) The Secretary may impose such penalties or re-
quire such collateral as the Secretary considers nec-
essary— 
‘‘(1) to discourage default on a loan issued 
under this subchapter; or 
‘‘(2) to mitigate harm to the Department from 
default on a loan issued under this subchapter. 
‘‘(d) The Secretary shall administer any property 
coming under the jurisdiction of the Secretary by reason 
of default on a loan issued or guaranteed under this sub-
chapter in accordance with regulations prescribed by the 
Secretary for that purpose. Such administration of prop-
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erty may include selling, renting, or otherwise disposing 
of property as the Secretary considers appropriate.’’. 
(f) PREFERENTIAL TREATMENT OF VETERANS.— 
(1) IN GENERAL.—Subchapter VI of chapter 20 
of such title, as amended by subsection (b), is fur-
ther amended by adding at the end the following 
new section: 
‘‘§ 2056. Preferential treatment of veterans 
‘‘No provision of Federal or State law may prohibit 
a multifamily transitional housing project described in sec-
tion 2052(b) of this title from offering preferential treat-
ment to veterans.’’. 
(2) CLERICAL AMENDMENT.—The table of sec-
tions at the beginning of such chapter, as amended 
by subsection (b), is further amended by adding at 
the end the following new item: 
‘‘2056. Preferential treatment of veterans.’’. 
(g) TECHNICAL CORRECTIONS.—Section 2052 of 
such title is amended— 
(1) in subsection (b)(2), by striking ‘‘counsel-
ling’’ both places it appears and inserting ‘‘coun-
seling’’; and 
(2) in subsection (d)(2), by striking ‘‘, as as-
sessed under section 107 of Public Law 102–405’’. 
Æ 
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