H. R. 3221—203 
merely because you have received these disclosures or 
signed a loan application.’; and 
‘‘(ii) be provided in the form of final disclosures at 
the time of consummation of the transaction, in the form 
and manner prescribed by this section. 
‘‘(C) In the case of an extension of credit that is secured 
by the dwelling of a consumer, under which the annual rate 
of interest is variable, or with respect to which the regular 
payments may otherwise be variable, in addition to the other 
disclosures required by subsection (a), the disclosures provided 
under this subsection shall do the following: 
‘‘(i) Label the payment schedule as follows: ‘Payment 
Schedule: Payments Will Vary Based on Interest Rate 
Changes’. 
‘‘(ii) State in conspicuous type size and format examples 
of adjustments to the regular required payment on the 
extension of credit based on the change in the interest 
rates specified by the contract for such extension of credit. 
Among the examples required to be provided under this 
clause is an example that reflects the maximum payment 
amount of the regular required payments on the extension 
of credit, based on the maximum interest rate allowed 
under the contract, in accordance with the rules of the 
Board. Prior to issuing any rules pursuant to this clause, 
the Board shall conduct consumer testing to determine 
the appropriate format for providing the disclosures 
required under this subparagraph to consumers so that 
such disclosures can be easily understood, including the 
fact that the initial regular payments are for a specific 
time period that will end on a certain date, that payments 
will adjust afterwards potentially to a higher amount, and 
that there is no guarantee that the borrower will be able 
to refinance to a lower amount. 
‘‘(D) In any case in which the disclosure statement under 
subparagraph (A) contains an annual percentage rate of interest 
that is no longer accurate, as determined under section 107(c), 
the creditor shall furnish an additional, corrected statement 
to the borrower, not later than 3 business days before the 
date of consummation of the transaction. 
‘‘(E) The consumer shall receive the disclosures required 
under this paragraph before paying any fee to the creditor 
or other person in connection with the consumer’s application 
for an extension of credit that is secured by the dwelling of 
a consumer. If the disclosures are mailed to the consumer, 
the consumer is considered to have received them 3 business 
days after they are mailed. A creditor or other person may 
impose a fee for obtaining the consumer’s credit report before 
the consumer has received the disclosures under this para-
graph, provided the fee is bona fide and reasonable in amount. 
‘‘(F) WAIVER OF TIMELINESS OF DISCLOSURES.—To expedite 
consummation of a transaction, if the consumer determines 
that the extension of credit is needed to meet a bona fide 
personal financial emergency, the consumer may waive or 
modify the timing requirements for disclosures under subpara-
graph (A), provided that— 
‘‘(i) the term ‘bona fide personal emergency’ may be 
further defined in regulations issued by the Board;
H. R. 3221—204 
‘‘(ii) the consumer provides to the creditor a dated, 
written statement describing the emergency and specifi-
cally waiving or modifying those timing requirements, 
which statement shall bear the signature of all consumers 
entitled to receive the disclosures required by this para-
graph; and 
‘‘(iii) the creditor provides to the consumers at or before 
the time of such waiver or modification, the final disclo-
sures required by paragraph (1). 
‘‘(G) The requirements of subparagraphs (B), (C), (D) and 
(E) shall not apply to extensions of credit relating to plans 
described in section 101(53D) of title 11, United States Code.’’. 
(b) CIVIL LIABILITY.—Section 130(a) of the Truth in Lending 
Act (15 U.S.C. 1640(a)) is amended— 
(1) in paragraph (2)(A)(iii), by striking ‘‘not less than $200 
or greater than $2,000’’ and inserting ‘‘not less than $400 
or greater than $4,000’’; and 
(2) in the penultimate sentence of the undesignated matter 
following paragraph (4)— 
(A) by inserting ‘‘or section 128(b)(2)(C)(ii),’’ after 
‘‘128(a),’’; and 
(B) by inserting ‘‘or section 128(b)(2)(C)(ii)’’ before the 
period. 
(c) EFFECTIVE DATES.— 
(1) GENERAL DISCLOSURES.—Except as provided in para-
graph (2), the amendments made by subsection (a) shall become 
effective 12 months after the date of enactment of this Act. 
(2) VARIABLE INTEREST RATES.—Subparagraph (C) of section 
128(b)(2) of the Truth in Lending Act (15 U.S.C. 1638(b)(2)(C)), 
as added by subsection (a) of this section, shall become effective 
on the earlier of— 
(A) the compliance date established by the Board for 
such purpose, by regulation; or 
(B) 30 months after the date of enactment of this 
Act. 
SEC. 2503. COMMUNITY DEVELOPMENT INVESTMENT AUTHORITY FOR 
DEPOSITORY INSTITUTIONS. 
(a) NATIONAL BANKS.—The first sentence of the paragraph des-
ignated as the ‘‘Eleventh’’ of section 5136 of the Revised Statutes 
of the United States (12 U.S.C. 24) is amended by striking ‘‘promotes 
the public welfare by benefitting primarily’’ and inserting ‘‘is 
designed primarily to promote the public welfare, including the 
welfare of’’. 
(b) STATE MEMBER BANKS.—The first sentence of the 23rd 
paragraph of section 9 of the Federal Reserve Act (12 U.S.C. 338a) 
is amended by striking ‘‘promotes the public welfare by benefitting 
primarily’’ and inserting ‘‘is designed primarily to promote the 
public welfare, including the welfare of’’.
H. R. 3221—205 
TITLE VI—VETERANS HOUSING 
MATTERS 
SEC. 2601. HOME IMPROVEMENTS AND STRUCTURAL ALTERATIONS 
FOR TOTALLY DISABLED MEMBERS OF THE ARMED 
FORCES BEFORE DISCHARGE OR RELEASE FROM THE 
ARMED FORCES. 
Section 1717 of title 38, United States Code, is amended by 
adding at the end the following new subsection: 
‘‘(d)(1) In the case of a member of the Armed Forces who, 
as determined by the Secretary, has a disability permanent in 
nature incurred or aggravated in the line of duty in the active 
military, naval, or air service, the Secretary may furnish improve-
ments and structural alterations for such member for such disability 
or as otherwise described in subsection (a)(2) while such member 
is hospitalized or receiving outpatient medical care, services, or 
treatment for such disability if the Secretary determines that such 
member is likely to be discharged or released from the Armed 
Forces for such disability. 
‘‘(2) The furnishing of improvements and alterations under 
paragraph (1) in connection with the furnishing of medical services 
described in subparagraph (A) or (B) of subsection (a)(2) shall 
be subject to the limitation specified in the applicable subpara-
graph.’’. 
SEC. 2602. ELIGIBILITY FOR SPECIALLY ADAPTED HOUSING BENEFITS 
AND ASSISTANCE FOR MEMBERS OF THE ARMED FORCES 
WITH SERVICE-CONNECTED DISABILITIES AND INDIVID-
UALS RESIDING OUTSIDE THE UNITED STATES. 
(a) ELIGIBILITY.—Chapter 21 of title 38, United States Code, 
is amended by inserting after section 2101 the following new section: 
‘‘§ 2101A. Eligibility for benefits and assistance: members of 
the Armed Forces with service-connected disabil-
ities; individuals residing outside the United 
States 
‘‘(a) MEMBERS WITH SERVICE-CONNECTED DISABILITIES.—(1) 
The Secretary may provide assistance under this chapter to a 
member of the Armed Forces serving on active duty who is suffering 
from a disability that meets applicable criteria for benefits under 
this chapter if the disability is incurred or aggravated in line 
of duty in the active military, naval, or air service. Such assistance 
shall be provided to the same extent as assistance is provided 
under this chapter to veterans eligible for assistance under this 
chapter and subject to the same requirements as veterans under 
this chapter. 
‘‘(2) For purposes of this chapter, any reference to a veteran 
or eligible individual shall be treated as a reference to a member 
of the Armed Forces described in subsection (a) who is similarly 
situated to the veteran or other eligible individual so referred 
to. 
‘‘(b) BENEFITS AND ASSISTANCE FOR INDIVIDUALS RESIDING OUT-
SIDE THE UNITED STATES.—(1) Subject to paragraph (2), the Sec-
retary may, at the Secretary’s discretion, provide benefits and 
assistance under this chapter (other than benefits under section
H. R. 3221—206 
2106 of this title) to any individual otherwise eligible for such 
benefits and assistance who resides outside the United States. 
‘‘(2) The Secretary may provide benefits and assistance to an 
individual under paragraph (1) only if— 
‘‘(A) the country or political subdivision in which the 
housing or residence involved is or will be located permits 
the individual to have or acquire a beneficial property interest 
(as determined by the Secretary) in such housing or residence; 
and 
‘‘(B) the individual has or will acquire a beneficial property 
interest (as so determined) in such housing or residence. 
‘‘(c) REGULATIONS.—Benefits and assistance under this chapter 
by reason of this section shall be provided in accordance with 
such regulations as the Secretary may prescribe.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) REPEAL OF SUPERSEDED AUTHORITY.—Section 2101 of 
title 38, United States Code, is amended— 
(A) by striking subsection (c); and 
(B) by redesignating subsection (d) as subsection (c). 
(2) LIMITATIONS ON ASSISTANCE.—Section 2102 of title 38, 
United States Code, is amended— 
(A) in subsection (a)— 
(i) by striking ‘‘veteran’’ each place it appears and 
inserting ‘‘individual’’; and 
(ii) in paragraph (3), by striking ‘‘veteran’s’’ and 
inserting ‘‘individual’s’’; 
(B) in subsection (b)(1), by striking ‘‘a veteran’’ and 
inserting ‘‘an individual’’; 
(C) in subsection (c)— 
(i) by striking ‘‘a veteran’’ and inserting ‘‘an indi-
vidual’’; and 
(ii) by striking ‘‘the veteran’’ each place it appears 
and inserting ‘‘the individual’’; and 
(D) in subsection (d), by striking ‘‘a veteran’’ each place 
it appears and inserting ‘‘an individual’’. 
(3) ASSISTANCE
FOR
INDIVIDUALS
TEMPORARILY
RESIDING 
IN HOUSING OF FAMILY MEMBER.—Section 2102A of title 38, 
United States Code, is amended— 
(A) by striking ‘‘veteran’’ each place it appears (other 
than in subsection (b)) and inserting ‘‘individual’’; 
(B) in subsection (a), by striking ‘‘veteran’s’’ each place 
it appears and inserting ‘‘individual’s’’; and 
(C) in subsection (b), by striking ‘‘a veteran’’ each place 
it appears and inserting ‘‘an individual’’. 
(4) FURNISHING
OF
PLANS
AND
SPECIFICATIONS.—Section 
2103 of title 38, United States Code, is amended by striking 
‘‘veterans’’ both places it appears and inserting ‘‘individuals’’. 
(5) CONSTRUCTION OF BENEFITS.—Section 2104 of title 38, 
United States Code, is amended— 
(A) in subsection (a), by striking ‘‘veteran’’ each place 
it appears and inserting ‘‘individual’’; and 
(B) in subsection (b)— 
(i) in the first sentence, by striking ‘‘A veteran’’ 
and inserting ‘‘An individual’’; 
(ii) in the second sentence, by striking ‘‘a veteran’’ 
and inserting ‘‘an individual’’; and
H. R. 3221—207 
(iii) by striking ‘‘such veteran’’ each place it 
appears and inserting ‘‘such individual’’. 
(6) VETERANS’ MORTGAGE LIFE INSURANCE.—Section 2106 
of title 38, United States Code, is amended— 
(A) in subsection (a)— 
(i) by striking ‘‘any eligible veteran’’ and inserting 
‘‘any eligible individual’’; and 
(ii) by striking ‘‘the veterans’ ’’ and inserting ‘‘the 
individual’s’’; 
(B) in subsection (b), by striking ‘‘an eligible veteran’’ 
and inserting ‘‘an eligible individual’’; 
(C) in subsection (e), by striking ‘‘an eligible veteran’’ 
and inserting ‘‘an individual’’; 
(D) in subsection (h), by striking ‘‘each veteran’’ and 
inserting ‘‘each individual’’; 
(E) in subsection (i), by striking ‘‘the veteran’s’’ each 
place it appears and inserting ‘‘the individual’s’’; 
(F) by striking ‘‘the veteran’’ each place it appears 
and inserting ‘‘the individual’’; and 
(G) by striking ‘‘a veteran’’ each place it appears and 
inserting ‘‘an individual’’. 
(7) HEADING
AMENDMENTS.—(A) The heading of section 
2101 of title 38, United States Code, is amended to read as 
follows: 
‘‘§ 2101. Acquisition and adaptation of housing: eligible vet-
erans’’. 
(B) The heading of section 2102A of such title is amended 
to read as follows: 
‘‘§ 2102A. Assistance for individuals residing temporarily in 
housing owned by a family member’’. 
(8) CLERICAL AMENDMENTS.—The table of sections at the 
beginning of chapter 21 of title 38, United States Code, is 
amended— 
(A) by striking the item relating to section 2101 and 
inserting the following new item: 
‘‘2101. Acquisition and adaptation of housing: eligible veterans.’’; 
(B) by inserting after the item relating to section 2101, 
as so amended, the following new item: 
‘‘2101A. Eligibility for benefits and assistance: members of the Armed Forces with 
service-connected disabilities; individuals residing outside the United 
States.’’; 
and 
(C) by striking the item relating to section 2102A and 
inserting the following new item: 
‘‘2102A. Assistance for individuals residing temporarily in housing owned by a fam-
ily member.’’. 
SEC. 2603. SPECIALLY ADAPTED HOUSING ASSISTANCE FOR INDIVID-
UALS WITH SEVERE BURN INJURIES. 
Section 2101 of title 38, United States Code, is amended— 
(1) in subsection (a)(2), by adding at the end the following 
new subparagraph: 
‘‘(E) The disability is due to a severe burn injury (as deter-
mined pursuant to regulations prescribed by the Secretary).’’; 
and 
(2) in subsection (b)(2)—
H. R. 3221—208 
(A) by striking ‘‘either’’ and inserting ‘‘any’’; and 
(B) by adding at the end the following new subpara-
graph: 
‘‘(C) The disability is due to a severe burn injury (as so 
determined).’’. 
SEC. 2604. EXTENSION OF ASSISTANCE FOR INDIVIDUALS RESIDING 
TEMPORARILY 
IN 
HOUSING 
OWNED 
BY 
A 
FAMILY 
MEMBER. 
Section 2102A(e) of title 38, United States Code, is amended 
by striking ‘‘after the end of the five-year period that begins on 
the date of the enactment of the Veterans’ Housing Opportunity 
and Benefits Improvement Act of 2006’’ and inserting ‘‘after 
December 31, 2011’’. 
SEC. 2605. INCREASE IN SPECIALLY ADAPTED HOUSING BENEFITS FOR 
DISABLED VETERANS. 
(a) IN GENERAL.—Section 2102 of title 38, United States Code, 
is amended— 
(1) in subsection (b)(2), by striking ‘‘$10,000’’ and inserting 
‘‘$12,000’’; 
(2) in subsection (d)— 
(A) in paragraph (1), by striking ‘‘$50,000’’ and 
inserting ‘‘$60,000’’; and 
(B) in paragraph (2), by striking ‘‘$10,000’’ and 
inserting ‘‘$12,000’’; and 
(3) by adding at the end the following new subsection: 
‘‘(e)(1) Effective on October 1 of each year (beginning in 2009), 
the Secretary shall increase the amounts described in subsection 
(b)(2) and paragraphs (1) and (2) of subsection (d) in accordance 
with this subsection. 
‘‘(2) The increase in amounts under paragraph (1) to take 
effect on October 1 of a year shall be by an amount of such 
amounts equal to the percentage by which— 
‘‘(A) the residential home cost-of-construction index for the 
preceding calendar year, exceeds 
‘‘(B) the residential home cost-of-construction index for the 
year preceding the year described in subparagraph (A). 
‘‘(3) The Secretary shall establish a residential home cost-of- 
construction index for the purposes of this subsection. The index 
shall reflect a uniform, national average change in the cost of 
residential home construction, determined on a calendar year basis. 
The Secretary may use an index developed in the private sector 
that the Secretary determines is appropriate for purposes of this 
subsection.’’. 
(b) EFFECTIVE DATE.—The amendments made by this section 
shall take effect on July 1, 2008, and shall apply with respect 
to payments made in accordance with section 2102 of title 38, 
United States Code, on or after that date. 
SEC. 2606. REPORT ON SPECIALLY ADAPTED HOUSING FOR DISABLED 
INDIVIDUALS. 
(a) IN GENERAL.—Not later than December 31, 2008, the Sec-
retary of Veterans Affairs shall submit to the Committee on Vet-
erans’ Affairs of the Senate and the Committee on Veterans’ Affairs 
of the House of Representatives a report that contains an assess-
ment of the adequacy of the authorities available to the Secretary 
under law to assist eligible disabled individuals in acquiring—
H. R. 3221—209 
(1) suitable housing units with special fixtures or movable 
facilities required for their disabilities, and necessary land 
therefor; 
(2) such adaptations to their residences as are reasonably 
necessary because of their disabilities; and 
(3) residences already adapted with special features deter-
mined by the Secretary to be reasonably necessary as a result 
of their disabilities. 
(b) FOCUS ON PARTICULAR DISABILITIES.—The report required 
by subsection (a) shall set forth a specific assessment of the needs 
of— 
(1) veterans who have disabilities that are not described 
in subsections (a)(2) and (b)(2) of section 2101 of title 38, 
United States Code; and 
(2) other disabled individuals eligible for specially adapted 
housing under chapter 21 of such title by reason of section 
2101A of such title (as added by section 2602(a) of this Act) 
who have disabilities that are not described in such subsections. 
SEC. 2607. REPORT ON SPECIALLY ADAPTED HOUSING ASSISTANCE 
FOR INDIVIDUALS WHO RESIDE IN HOUSING OWNED BY 
A FAMILY MEMBER ON PERMANENT BASIS. 
Not later than December 31, 2008, the Secretary of Veterans 
Affairs shall submit to the Committee on Veterans’ Affairs of the 
Senate and the Committee on Veterans’ Affairs of the House of 
Representatives a report on the advisability of providing assistance 
under section 2102A of title 38, United States Code, to veterans 
described in subsection (a) of such section, and to members of 
the Armed Forces covered by such section 2102A by reason of 
section 2101A of title 38, United States Code (as added by section 
2602(a) of this Act), who reside with family members on a perma-
nent basis. 
SEC. 2608. DEFINITION OF ANNUAL INCOME FOR PURPOSES OF SEC-
TION 8 AND OTHER PUBLIC HOUSING PROGRAMS. 
Section 3(b)(4) of the United States Housing Act of 1937 (42 
U.S.C. 1437a(3)(b)(4)) is amended by inserting ‘‘or any deferred 
Department of Veterans Affairs disability benefits that are received 
in a lump sum amount or in prospective monthly amounts’’ before 
‘‘may not be considered’’. 
SEC. 2609. PAYMENT OF TRANSPORTATION OF BAGGAGE AND HOUSE-
HOLD EFFECTS FOR MEMBERS OF THE ARMED FORCES 
WHO RELOCATE DUE TO FORECLOSURE OF LEASED 
HOUSING. 
Section 406 of title 37, United States Code, is amended— 
(1) by redesignating subsections (k) and (l) as subsections 
(l) and (m), respectively; and 
(2) by inserting after subsection (j) the following new sub-
section (k): 
‘‘(k) A member of the armed forces who relocates from leased 
or rental housing by reason of the foreclosure of such housing 
is entitled to transportation of baggage and household effects under 
subsection (b)(1) in the same manner, and subject to the same 
conditions and limitations, as similarly circumstanced members 
entitled to transportation of baggage and household effects under 
that subsection.’’.
H. R. 3221—210 
TITLE VII—SMALL PUBLIC HOUSING 
AUTHORITIES 
PAPERWORK 
REDUC-
TION ACT 
SEC. 2701. SHORT TITLE. 
This title may be cited as the ‘‘Small Public Housing Authorities 
Paperwork Reduction Act’’. 
SEC. 2702. PUBLIC HOUSING AGENCY PLANS FOR CERTAIN QUALIFIED 
PUBLIC HOUSING AGENCIES. 
(a) IN GENERAL.—Section 5A(b) of the United States Housing 
Act of 1937 (42 U.S.C. 1437c–1(b)) is amended by adding at the 
end the following: 
‘‘(3) EXEMPTION OF CERTAIN PHAS FROM FILING REQUIRE-
MENT.— 
‘‘(A) IN GENERAL.—Notwithstanding paragraph (1) or 
any other provision of this Act— 
‘‘(i) the requirement under paragraph (1) shall not 
apply to any qualified public housing agency; and 
‘‘(ii) except as provided in subsection (e)(4)(B), any 
reference in this section or any other provision of law 
to a ‘public housing agency’ shall not be considered 
to refer to any qualified public housing agency, to 
the extent such reference applies to the requirement 
to submit an annual public housing agency plan under 
this subsection. 
‘‘(B) CIVIL
RIGHTS
CERTIFICATION.—Notwithstanding 
that qualified public housing agencies are exempt under 
subparagraph (A) from the requirement under this section 
to prepare and submit an annual public housing plan, 
each qualified public housing agency shall, on an annual 
basis, make the certification described in paragraph (16) 
of subsection (d), except that for purposes of such qualified 
public housing agencies, such paragraph shall be applied 
by substituting ‘the public housing program of the agency’ 
for ‘the public housing agency plan’. 
‘‘(C) DEFINITION.—For purposes of this section, the 
term ‘qualified public housing agency’ means a public 
housing agency that meets the following requirements: 
‘‘(i) The sum of (I) the number of public housing 
dwelling units administered by the agency, and (II) 
the number of vouchers under section 8(o) of the United 
States Housing Act of 1937 (42 U.S.C. 1437f(o)) 
administered by the agency, is 550 or fewer. 
‘‘(ii) The agency is not designated under section 
6(j)(2) as a troubled public housing agency, and does 
not have a failing score under the section 8 Manage-
ment Assessment Program during the prior 12 
months.’’. 
(b) RESIDENT PARTICIPATION.—Section 5A of the United States 
Housing Act of 1937 (42 U.S.C. 1437c–1) is amended— 
(1) in subsection (e), by inserting after paragraph (3) the 
following: 
‘‘(4) QUALIFIED PUBLIC HOUSING AGENCIES.—
H. R. 3221—211 
‘‘(A) IN GENERAL.—Except as provided in subparagraph 
(B), nothing in this section may be construed to exempt 
a qualified public housing agency from the requirement 
under paragraph (1) to establish 1 or more resident 
advisory boards. Notwithstanding that qualified public 
housing agencies are exempt under subsection (b)(3)(A) 
from the requirement under this section to prepare and 
submit an annual public housing plan, each qualified public 
housing agency shall consult with, and consider the rec-
ommendations of the resident advisory boards for the 
agency, at the annual public hearing required under sub-
section (f)(5), regarding any changes to the goals, objectives, 
and policies of that agency. 
‘‘(B) APPLICABILITY OF WAIVER AUTHORITY.—Paragraph 
(3) shall apply to qualified public housing agencies, except 
that for purposes of such qualified public housing agencies, 
subparagraph (B) of such paragraph shall be applied by 
substituting ‘the functions described in the second sentence 
of paragraph (4)(A)’ for ‘the functions described in para-
graph (2)’. 
‘‘(f) PUBLIC HEARINGS.—’’; and 
(2) in subsection (f) (as so designated by the amendment 
made by paragraph (1)), by adding at the end the following: 
‘‘(5) QUALIFIED PUBLIC HOUSING AGENCIES.— 
‘‘(A) REQUIREMENT.—Notwithstanding that qualified 
public housing agencies are exempt under subsection 
(b)(3)(A) from the requirement under this section to conduct 
a public hearing regarding the annual public housing plan 
of the agency, each qualified public housing agency shall 
annually conduct a public hearing— 
‘‘(i) to discuss any changes to the goals, objectives, 
and policies of the agency; and 
‘‘(ii) to invite public comment regarding such 
changes. 
‘‘(B) AVAILABILITY OF INFORMATION AND NOTICE.—Not 
later than 45 days before the date of any hearing described 
in subparagraph (A), a qualified public housing agency 
shall— 
‘‘(i) make all information relevant to the hearing 
and any determinations of the agency regarding 
changes to the goals, objectives, and policies of the 
agency to be considered at the hearing available for 
inspection by the public at the principal office of the 
public housing agency during normal business hours; 
and 
‘‘(ii) publish a notice informing the public that— 
‘‘(I) the information is available as required 
under clause (i); and 
‘‘(II) a public hearing under subparagraph (A) 
will be conducted.’’.
H. R. 3221—212 
TITLE VIII—HOUSING PRESERVATION 
Subtitle A—Preservation Under Federal 
Housing Programs 
SEC. 2801. CLARIFICATION OF DISPOSITION OF CERTAIN PROPERTIES. 
Notwithstanding any other provision of law, subtitle A of title 
II of the Deficit Reduction Act of 2005 (12 U.S.C. 1701z-11 note) 
and the amendments made by such title shall not apply to any 
transaction regarding a multifamily real property for which— 
(1) the Secretary of Housing and Urban Development has 
received, before the date of the enactment of such Act, written 
expressions of interest in purchasing the property from both 
a city government and the housing commission of such city; 
(2) after such receipt, the Secretary acquires title to the 
property at a foreclosure sale; and 
(3) such city government and housing commission have 
resolved a previous disagreement with respect to the disposition 
of the property. 
SEC. 2802. ELIGIBILITY OF CERTAIN PROJECTS FOR ENHANCED 
VOUCHER ASSISTANCE. 
Notwithstanding any other provision of law— 
(1) the property known as The Heritage Apartments (FHA 
No. 023-44804), in Malden, Massachusetts, shall be considered 
eligible low-income housing for purposes of the eligibility of 
residents of the property for enhanced voucher assistance under 
section 8(t) of the United States Housing Act of 1937 (42 
U.S.C. 1437f(t)), pursuant to paragraph (2)(A) of section 223(f) 
of the Low-Income Housing Preservation and Resident 
Homeownership Act of 1990 (12 U.S.C. 4113(f)(2)(A)); 
(2) such residents shall receive enhanced rental housing 
vouchers upon the prepayment of the mortgage loan for the 
property under section 236 of the National Housing Act (12 
U.S.C. 1715z-1); and 
(3) the Secretary shall approve such prepayment and subse-
quent transfer of the property without any further condition, 
except that the property shall be restricted for occupancy, until 
the original maturity date of the prepaid mortgage loan, only 
by families with incomes not exceeding 80 percent of the 
adjusted median income for the area in which the property 
is located, as published by the Secretary. 
Amounts for the enhanced vouchers pursuant to this section shall 
be provided under amounts appropriated for tenant-based rental 
assistance otherwise authorized under section 8(t) of the United 
States Housing Act of 1937. 
SEC. 2803. TRANSFER OF CERTAIN RENTAL ASSISTANCE CONTRACTS. 
(a) TRANSFER.—Subject to subsection (c) and notwithstanding 
any other provision of law, the Secretary of Housing and Urban 
Development shall, at the request of the owner, transfer or 
authorize the transfer, of the contracts, restrictions, and debt 
described in subsection (b)— 
(1) on the housing that is owned or managed by Community 
Properties of Ohio Management Services LLC or an affiliate 
of Ohio Capital Corporation for Housing and located in Franklin
H. R. 3221—213 
County, Ohio, to other properties located in Franklin County, 
Ohio; and 
(2) on the housing that is owned or managed by The 
Model Group, Inc., and located in Hamilton County, Ohio, to 
other properties located in Hamilton County, Ohio. 
(b) CONTRACTS, RESTRICTIONS, AND DEBT COVERED.—The con-
tracts, restrictions, and debt described in this subsection are as 
follows: 
(1) All or a portion of a project-based rental assistance 
housing assistance payments contract under section 8 of the 
United States Housing Act of 1937 (42 U.S.C. 1437f). 
(2) Existing Federal use restrictions, including without 
limitation 
use 
agreements, 
regulatory 
agreements, 
and 
accommodation agreements. 
(3) Any subordinate debt held by the Secretary or assigned 
and any mortgages securing such debt, all related loan and 
security documentation and obligations, and reserve and escrow 
balances. 
(c) RETENTION OF SAME NUMBER OF UNITS AND AMOUNT OF 
ASSISTANCE.—Any transfer pursuant to subsection (a) shall result 
in— 
(1) a total number of dwelling units (including units 
retained by the owners and units transferred) covered by assist-
ance described in subsection (b)(1) after the transfer remaining 
the same as such number assisted before the transfer, with 
such increases or decreases in unit sizes as may be contained 
in a plan approved by a local planning or development commis-
sion or department; and 
(2) no reduction in the total amount of the housing assist-
ance payments under contracts described in subsection (b)(1). 
SEC. 2804. PUBLIC HOUSING DISASTER RELIEF. 
Section 9 of the United States Housing Act of 1937 (42 U.S.C. 
1437g) is amended— 
(1) by striking subsection (k); and 
(2) by redesignating subsections (l), (m), and (n) as sub-
sections (k), (l), and (m), respectively. 
SEC. 2805. PRESERVATION OF CERTAIN AFFORDABLE HOUSING. 
Notwithstanding any other provision of law— 
(1) for the property known as Nihonmachi Terrace (FHA 
No. 121-44284), in San Francisco, California, upon the refi-
nancing of the existing federally insured mortgage pursuant 
to section 236(b) of the National Housing Act (12 U.S.C. 1715z– 
1(b)), unassisted low and moderate-income residents of the 
property shall be deemed eligible for and shall receive voucher 
assistance under section 8(o) of the United States Housing 
Act of 1937 (42 U.S.C. 1437f(o)); and 
(2) to preserve the affordability of the property, the housing 
authority shall utilize such additional voucher assistance pursu-
ant to subsection 8(o)(13) of the United States Housing Act 
of 1937, without regard to the limitations of subparagraphs 
(B) and (D) of that subsection. 
Amounts for the vouchers pursuant to this section shall be provided 
under amounts appropriated for tenant-based rental assistance 
otherwise authorized.
H. R. 3221—214 
Subtitle B—Coordination of Federal Hous-
ing Programs and Tax Incentives for 
Housing 
SEC. 2831. SHORT TITLE. 
This subtitle may be cited as the ‘‘Housing Tax Credit Coordina-
tion Act of 2008’’. 
SEC. 2832. APPROVALS BY DEPARTMENT OF HOUSING AND URBAN 
DEVELOPMENT. 
(a) ADMINISTRATIVE AND PROCEDURAL CHANGES.— 
(1) IN
GENERAL.—The Secretary of Housing and Urban 
Development (in this section referred to as the ‘‘Secretary’’) 
shall, not later than the expiration of the 6-month period begin-
ning upon after the date of the enactment of this Act, implement 
administrative and procedural changes to expedite approval 
of multifamily housing projects under the jurisdiction of the 
Department of Housing and Urban Development that meet 
the requirements of the Secretary for such approvals. 
(2) PROJECTS.—The multifamily housing projects referred 
to in paragraph (1) shall include— 
(A) projects for which assistance is provided by such 
Department in conjunction with any low-income housing 
tax credits under section 42 of the Internal Revenue Code 
of 1986 or tax-exempt housing bonds; and 
(B) existing public housing projects and assisted 
housing projects, for which approval of the Secretary is 
necessary for transactions, in conjunction with any such 
low-income housing tax credits or tax-exempt housing 
bonds, involving the preservation or rehabilitation of the 
project. 
(3) CHANGES.—The administrative and procedural changes 
referred to in paragraph (1) shall include all actions necessary 
to carry out paragraph (1), which may include— 
(A) improving the efficiency of approval procedures; 
(B) simplifying approval requirements, 
(C) establishing time deadlines or target deadlines for 
required approvals; 
(D) modifying division of approval authority between 
field and national offices; 
(E) improving outreach to project sponsors regarding 
information that is required to be submitted for such 
approvals; 
(F) requesting additional funding for increasing staff, 
if necessary; and 
(G) any other actions which would expedite approvals. 
Any such changes shall be made in a manner that provides 
for full compliance with any existing requirements under law 
or regulation that are designed to protect families receiving 
public and assisted housing assistance, including income tar-
geting, rent, and fair housing provisions, and shall also comply 
with requirements regarding environmental review and protec-
tion and wages paid to laborers. 
(b) CONSULTATION.—The Secretary shall consult with the 
Commissioner of the Internal Revenue Service and take such actions
H. R. 3221—215 
as are appropriate in conjunction with such consultation to simplify 
the coordination of rules, regulations, forms, and approval require-
ments for multifamily housing projects projects for which assistance 
is provided by such Department in conjunction with any low-income 
housing tax credits under section 42 of the Internal Revenue Code 
of 1986 or tax-exempt housing bonds. 
(c) RECOMMENDATIONS.—In implementing the changes required 
under this section, the Secretary shall solicit recommendations 
regarding such changes from project owners and sponsors, investors 
and stakeholders in housing tax credits, State and local housing 
finance agencies, public housing agencies, tenant advocates, and 
other stakeholders in such projects. 
(d) REPORT.—Not later than the expiration of the 9-month 
period beginning on the date of the enactment of this Act, the 
Secretary shall submit a report to the Committee on Financial 
Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate that— 
(1) identifies the actions taken by the Secretary to comply 
with this section; 
(2) includes information regarding any resulting improve-
ments in the expedited approval for multifamily housing 
projects; 
(3) identifies recommendations made pursuant to sub-
section (c); 
(4) identifies actions taken by the Secretary to implement 
the provisions in the amendments made by sections 2834 and 
2835 of this Act; and 
(5) makes recommendations for any legislative changes 
that are needed to facilitate prompt approval of assistance 
for such projects. 
SEC. 2833. PROJECT APPROVALS BY RURAL HOUSING SERVICE. 
Section 515(h) of the Housing Act of 1949 (42 U.S.C. 1485) 
is amended— 
(1) by inserting ‘‘(1) CONDITION.—’’ after ‘‘(h)’’; and 
(2) by adding at the end the following new paragraphs: 
‘‘(2) ACTIONS TO EXPEDITE PROJECT APPROVALS.— 
‘‘(A) IN GENERAL.—The Secretary shall take actions 
to facilitate timely approval of requests to transfer owner-
ship or control, for the purpose of rehabilitation or preserva-
tion, of multifamily housing projects for which assistance 
is provided by the Secretary of Agriculture in conjunction 
with any low-income housing tax credits under section 
42 of the Internal Revenue Code of 1986 or tax-exempt 
housing bonds. 
‘‘(B) CONSULTATION.—The Secretary of Agriculture 
shall consult with the Commissioner of the Internal Rev-
enue Service and take such actions as are appropriate 
in conjunction with such consultation to simplify the 
coordination of rules, regulations, forms (including applica-
tions forms for project transfers), and approval require-
ments multifamily housing projects for which assistance 
is provided by the Secretary of Agriculture in conjunction 
with any low-income housing tax credits under section 
42 of the Internal Revenue Code of 1986 or tax-exempt 
housing bonds.
H. R. 3221—216 
‘‘(C) EXISTING
REQUIREMENTS.—Any actions taken 
pursuant to this paragraph shall be taken in a manner 
that provides for full compliance with any existing require-
ments under law or regulation that are designed to protect 
families receiving Federal housing assistance, including 
income targeting, rent, and fair housing provisions, and 
shall also comply with requirements regarding environ-
mental review and protection and wages paid to laborers. 
‘‘(D) 
RECOMMENDATIONS.—In 
implementing 
the 
changes required under this paragraph, the Secretary shall 
solicit recommendations regarding such changes from 
project owners and sponsors, investors and stakeholders 
in housing tax credits, State and local housing finance 
agencies, tenant advocates, and other stakeholders in such 
projects.’’. 
SEC. 2834. USE OF FHA LOANS WITH HOUSING TAX CREDITS. 
(a) SUBSIDY LAYERING REQUIREMENTS.—Subsection (d) of sec-
tion 102 of the Department of Housing and Urban Development 
Reform Act of 1989 (42 U.S.C. 3545(d)) is amended— 
(1) in the first sentence, by inserting after ‘‘assistance 
within the jurisdiction of the Department’’ the following: ‘‘, 
as such term is defined in subsection (m), except that for 
purposes of this subsection such term shall not include any 
mortgage insurance provided pursuant to title II of the National 
Housing Act (12 U.S.C. 1707 et seq.)’’; and 
(2) in the second sentence, by inserting ‘‘such’’ before 
‘‘assistance’’. 
(b) COST CERTIFICATION.—Section 227 of National Housing Act 
(12 U.S.C. 1715r) is amended— 
(1) in the matter preceding paragraph (a) (relating to a 
definition of ‘‘new or rehabilitated multifamily housing’’)— 
(A) in the first sentence— 
(i) by striking ‘‘Notwithstanding’’ and inserting 
‘‘Except as provided in subsection (b) and notwith-
standing’’; and 
(ii) by redesignating clauses (a) and (b) as clauses 
(A) and (B), respectively; and 
(B) by striking ‘‘As used in this section—’’; 
(2) in paragraph (c) (relating to a definition of ‘‘actual 
cost’’)— 
(A) in clause (i), by redesignating clauses (1) and (2) 
as clauses (I) and (II), respectively; and 
(B) in clause (ii), by redesignating clauses (1) and 
(2) as clauses (I) and (II), respectively; 
(3) by redesignating paragraphs (a), (b), and (c) as para-
graphs (1), (2), and (3), respectively; 
(4) by inserting before paragraph (1) (as so redesignated 
by paragraph (3) of this subsection) the following: 
‘‘(b) EXEMPTION FOR CERTAIN PROJECTS ASSISTED WITH LOW- 
INCOME HOUSING TAX CREDIT.—In the case of any mortgage insured 
under any provision of this title that is executed in connection 
with the construction, rehabilitation, purchase, or refinancing of 
a multifamily housing project for which equity provided through 
any low-income housing tax credit pursuant to section 42 of the 
Internal Revenue Code of 1986 (26 U.S.C. 42), if the Secretary 
determines at the time of issuance of the firm commitment for