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(2) in subsection (o), by striking ‘‘September 
30, 2007’’ and inserting ‘‘September 30, 2009’’. 
SEC. 224. (a) REQUIRED SUBMISSIONS FOR FISCAL 
YEARS 2008 AND 2009.— 
(1) IN GENERAL.—Not later than 60 days after 
the date of enactment of this Act, the Secretary of 
Housing and Urban Development shall submit to the 
relevant authorizing committees and to the Commit-
tees on Appropriations of the Senate and the House 
of Representatives for fiscal years 2008 and 2009— 
(A) a complete and accurate accounting of 
the actual project-based renewal costs for 
project-based assistance under section 8 of the 
United States Housing Act of 1937 (42 U.S.C. 
1437f); 
(B) revised estimates of the funding need-
ed to fully fund all 12 months of all project- 
based contracts under such section 8, including 
project-based contracts that expire in fiscal year 
2008 and fiscal year 2009; and 
(C) all sources of funding that will be used 
to fully fund all 12 months of the project-based 
contracts for fiscal years 2008 and 2009. 
(2) UPDATED
INFORMATION.—At any time 
after the expiration of the 60-day period described 
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in paragraph (1), the Secretary may submit correc-
tions or updates to the information required under 
paragraph (1), if upon completion of an audit of the 
project-based assistance program under section 8 of 
the United States Housing Act of 1937 (42 U.S.C. 
1437f), such audit reveals additional information 
that may provide Congress a more complete under-
standing of the Secretary’s implementation of the 
project-based assistance program under such section 
8. 
(b) REQUIRED SUBMISSIONS
FOR FISCAL YEAR 
2010.—As part of the Department of Housing and Urban 
Development’s budget request for fiscal year 2010, the 
Secretary of Housing and Urban Development shall sub-
mit to the relevant authorizing committees and to the 
Committees on Appropriations of the Senate and the 
House of Representatives complete and detailed informa-
tion, including a project-by-project analysis, that verifies 
that such budget request will fully fund all project-based 
contracts under section 8 of the United States Housing 
Act of 1937 (42 U.S.C. 1437f) in fiscal year 2010, includ-
ing expiring project-based contracts. 
SEC. 225. Public housing agencies that own and oper-
ate 400 or fewer public housing units may elect to be ex-
empt from any asset management requirement imposed by 
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the Secretary of Housing and Urban Development in con-
nection with the operating fund rule: Provided, That an 
agency seeking a discontinuance of a reduction of subsidy 
under the operating fund formula shall not be exempt 
from asset management requirements. 
SEC. 226. With respect to the use of amounts pro-
vided in this Act and in future Acts for the operation, cap-
ital improvement and management of public housing as 
authorized by sections 9(d) and 9(e) of the United States 
Housing Act of 1937 (42 U.S.C. 1437g(d) and (e)), the 
Secretary shall not impose any requirement or guideline 
relating to asset management that restricts or limits in 
any way the use of capital funds for central office costs 
pursuant to section 9(g)(1) or 9(g)(2) of the United States 
Housing Act of 1937 (42 U.S.C. 1437g(g)(1), (2)): Pro-
vided, however, that a public housing agency may not use 
capital funds authorized under section 9(d) for activities 
that are eligible under section 9(e) for assistance with 
amounts from the operating fund in excess of the amounts 
permitted under section 9(g)(1) or 9(g)(2). 
SEC. 227. The Secretary of Housing and Urban De-
velopment shall report quarterly to the House of Rep-
resentatives and Senate Committees on Appropriations on 
the status of all section 8 project-based housing, including 
the number of all project-based units by region as well 
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as an analysis of all federally subsidized housing being re-
financed under the Mark-to-Market program. The Sec-
retary shall in the report identify all existing units main-
tained by region as section 8 project-based units and all 
project-based units that have opted out of section 8 or 
have otherwise been eliminated as section 8 project-based 
units. The Secretary shall identify in detail and by project 
all the efforts made by the Department to preserve all sec-
tion 8 project-based housing units and all the reasons for 
any units which opted out or otherwise were lost as section 
8 project-based units. Such analysis shall include a review 
of the impact of the loss of any subsidized units in that 
housing marketplace, such as the impact of cost and the 
loss of available subsidized, low-income housing in areas 
with scarce housing resources for low-income families. 
SEC. 228. Section 683(2) of the Housing and Com-
munity Development Act of 1992 (42 U.S.C. 13641(2)) 
is amended— 
(1) in subparagraph (F), by striking ‘‘and’’; 
(2) in subparagraph (G) by striking the period 
at the end and inserting ‘‘; and’’; and 
(3) by adding a new subparagraph (H) as fol-
lows: 
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