IIB 
110TH CONGRESS 
2D SESSION 
H. R. 5937 
IN THE SENATE OF THE UNITED STATES 
MAY 8, 2008 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To facilitate the preservation of certain affordable housing 
dwelling units. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. PRESERVATION OF CERTAIN AFFORDABLE 
HOUSING DWELLING UNITS. 
(a) CONVERSION OF HUD CONTRACTS.—Notwith-
standing any other provision of law, the Secretary of 
Housing and Urban Development may, at the request of 
the owner of the multifamily housing project to which Sec-
tion 8 Project Number NY 913 VO 0018 and RAP Con-
tract Number 012035NIRAP are subject, convert such 
contracts to a contract for project-based rental assistance 
under section 8 of the United States Housing Act of 1937 
(42 U.S.C. 1437f). 
(b) INITIAL RENEWAL.— 
(1) ELIGIBILITY.—At the request of the owner 
made no later than 90 days prior to a conversion, 
the Secretary may, to the extent sufficient amounts 
are made available in appropriation Acts and not-
withstanding any other law, treat the contemplated 
resulting contract as if such contract were eligible 
for initial renewal under section 524(a) of the Multi-
family Assisted Housing Reform and Affordability 
Act of 1997 (42 U.S.C. 1437f note). 
(2) REQUEST.—A request by the owner pursu-
ant to paragraph (1) shall be upon such terms and 
conditions as the Secretary may require. 
(c) RESULTING CONTRACT.—The resulting contract 
shall— 
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(1) be subject to section 524(a) of MAHRA (42 
U.S.C. 1437f note); 
(2) be considered for all purposes a contract 
that has been renewed under section 524(a) of 
MAHRA (42 U.S.C. 1437f note) for a term not to 
exceed 20 years; 
(3) be subsequently renewable at the request of 
the owner, under any renewal option for which the 
project is eligible under MAHRA (42 U.S.C. 1437f 
note); 
(4) contain provisions limiting distributions, as 
the Secretary determines appropriate, not to exceed 
10 percent of the initial investment of the owner; 
(5) be subject to the availability of sufficient 
amounts in appropriation Acts; and 
(6) be subject to such other terms and condi-
tions as the Secretary considers appropriate. 
(d) INCOME
TARGETING.—The owner shall be 
deemed to be in compliance with all income-targeting re-
quirements under the United States Housing Act of 1937 
by serving low-income families, as such term is defined 
in the section 3(b)(2) of such Act (42 U.S.C. 
1437a(b)(2)). 
(e) TENANT
ELIGIBILITY.—Notwithstanding any 
other provision of law, each family residing in an assisted 
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(5) the term ‘‘resulting contract’’ means the 
new contract after a conversion of Section 8 Project 
Number NY 913 VO 0018 and RAP Contract Num-
ber 012035NIRAP to a contract for project-based 
rental assistance under section 8 of the United 
States Housing Act of 1937 (42 U.S.C. 1437f) pur-
suant to subsection (a); and 
(6) the term ‘‘Secretary’’ means the Secretary 
of Housing and Urban Development. 
Passed the House of Representatives May 7, 2008. 
Attest: 
LORRAINE C. MILLER, 
Clerk. 
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