HR 2930 RFS 
project rental assistance amounts in excess of those 
initially awarded by the Secretary. The Secretary 
shall develop a schedule for reasonable fees under 
this subparagraph to be paid to delegated processing 
agencies, which shall take into consideration any 
other fees to be paid to the agency for other funding 
provided to the project by the agency, including 
bonds, tax credits, and other gap funding. 
‘‘(D) Under such delegated system, the Sec-
retary shall retain the authority to approve rents 
and development costs and to execute a capital ad-
vance within 60 days of receipt of the commitment 
from the State or local agency. The Secretary shall 
provide to such agency and the project sponsor, in 
writing, the reasons for any reduction in capital ad-
vance amounts or project rental assistance and such 
reductions shall be subject to appeal.’’. 
SEC. 103. DEVELOPMENT COST LIMITATIONS. 
Section 202(h)(1) of the Housing Act of 1959 (12 
U.S.C. 1701q(h)(1)) is amended, in the matter preceding 
subparagraph (A), by inserting ‘‘reasonable’’ before ‘‘de-
velopment cost limitations’’. 
SEC. 104. OWNER DEPOSITS. 
Section 202(j)(3)(A) of the Housing Act of 1959 (12 
U.S.C. 1701q(j)(3)(A)) is amended by inserting after the 
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HR 2930 RFS 
period at the end the following: ‘‘Such amount shall be 
used only to cover operating deficits during the first three 
years of operations and shall not be used to cover con-
struction shortfalls or inadequate initial project rental as-
sistance amounts.’’. 
SEC. 105. DEFINITION OF PRIVATE NONPROFIT ORGANIZA-
TION. 
Subparagraph (B) of section 202(k)(4) of the Hous-
ing Act of 1959 (12 U.S.C. 1701q(k)(4)(B)) is amended 
by inserting before the semicolon the following: ‘‘; except 
that, in the case of any national organization that is the 
owner of multiple housing projects assisted under this sec-
tion, the organization may comply with clause (i) of this 
subparagraph by having a local advisory board to the gov-
erning board of the organization the membership which 
is selected in the manner required under clause (i)’’. 
SEC. 106. PREFERENCES FOR HOMELESS ELDERLY. 
Subsection (j) of section 202 (12 U.S.C. 1701q(j)) 
is amended by adding at the end the following new para-
graph: 
‘‘(9) PREFERENCES
FOR
HOMELESS
ELDER-
LY.—The Secretary shall permit an owner of hous-
ing assisted under this section to establish for, and 
apply to, the housing a preference in tenant selection 
for the homeless elderly, either within the applica-
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HR 2930 RFS 
tion or after selection pursuant to subsection (f), but 
only if— 
‘‘(A) such preference is consistent with 
paragraph (2) of this subsection; and 
‘‘(B) the owner demonstrates that the sup-
portive services identified pursuant to sub-
section (e)(4), or additional supportive services 
to be made available upon implementation of 
the preference, will meet the needs of the home-
less elderly, maintain safety and security for all 
tenants, and be provided on a consistent, long- 
term, and economical basis.’’. 
SEC. 107. NONMETROPOLITAN ALLOCATION. 
Paragraph (3) of section 202(l) of the Housing Act 
of 1959 (12 U.S.C. 1701q(l)(3)) is amended by inserting 
after the period at the end the following: ‘‘In complying 
with this paragraph, the Secretary shall either operate a 
national competition for the nonmetropolitan funds or 
make allocations to regional offices of the Department of 
Housing and Urban Development.’’. 
TITLE II—REFINANCING 
SEC. 201. APPROVAL OF PREPAYMENT OF DEBT. 
Subsection (a) of section 811 of the American Home-
ownership and Economic Opportunity Act of 2000 (12 
U.S.C. 1701q note) is amended— 
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(1) in the matter preceding paragraph (1), by 
inserting ‘‘, for which the Secretary’s consent to pre-
payment is required’’ after ‘‘Act)’’; 
(2) in paragraph (1)— 
(A) by inserting ‘‘project-based’’ before 
‘‘rental assistance payments contract’’; 
(B) by inserting ‘‘project-based’’ before 
‘‘rental housing assistance programs’’; and 
(C) by inserting ‘‘, or any successor 
project-based rental assistance program,’’ after 
‘‘1701s))’’; and 
(3) in paragraph (2)— 
(A) by inserting ‘‘(A)’’ before ‘‘a lower’’; 
and 
(B) by inserting before the period at the 
end the following: ‘‘, or (B) a transaction in 
which the project owner will address the phys-
ical needs of the project, but only if, as a result 
of the refinancing (i) the rent charges for unas-
sisted families residing in the project do not in-
crease or such families are provided rental as-
sistance under a senior preservation rental as-
sistance contract for the project pursuant to 
subsection (e), and (ii) the overall cost for pro-
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