I
107TH CONGRESS
1ST SESSION
H. R. 2890
To extend FHA-insured multifamily housing mortgage and housing assistance
restructuring authority, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
SEPTEMBER 14, 2001
Mrs. ROUKEMA (by request) introduced the following bill; which was referred
to the Committee on Financial Services
A BILL
To extend FHA-insured multifamily housing mortgage and
housing assistance restructuring authority, and for other
purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. FHA-INSURED MULTIFAMILY HOUSING MORT-
GAGE AND HOUSING ASSISTANCE RESTRUC-
TURING.
(a) OMHAR.—The Multifamily Assisted Housing
Reform and Affordability Act of 1997 is amended—
(1) in section 571, by inserting after ‘‘within
the’’ the following: ‘‘Federal Housing Administration
of the’’;
the provisions of paragraph (1), owners may request
and the Secretary may consider mortgage restruc-
turing and rental assistance sufficiency plans to fa-
cilitate sales or transfers under this subtitle of prop-
erties subject to an approved plan of action under
the Emergency Low Income Housing Preservation
Act of 1987 or the Low-Income Housing Preserva-
tion and Resident Homeownership Act of 1990. Any
such plan shall result in a sale or transfer of such
property.’’;
(3) in the second sentence of section 512(2), by
inserting after ‘‘section 524(e)’’ the following: ‘‘, but
does include any project described in paragraph (3)
of section 524(e)’’;
(4) by revising section 512(2)(A) to read as fol-
lows:
‘‘(A) in the case of properties described in
subparagraph (C) and properties that have
rents above a percentage (to be established by
the Secretary) of fair market rent, with rents
that, on an average per unit or per room
basis—
‘‘(i) exceed the rent of comparable
properties in the same market area as de-
termined by a participating administrative
entity or other independent entity on be-
half of the Secretary in accordance with
guidelines established by the Secretary; or
‘‘(ii) which the Secretary determines
exceeded the rent of comparable properties
in the same market area prior to, and not-
withstanding, any renewal of project-based
assistance under this subtitle;’’;
(5) in section 517(a)(1)(B), by striking ‘‘no
more than’’ and inserting ‘‘the greater of the full or
partial payment of claim made under this subtitle
or’’;
(6) in section 513(b), by striking paragraph (6)
and redesignating paragraph (7) as paragraph (6);
and
(7) in section 515(c)(1)—
(A) by striking subparagraph (A);
(B) by redesignating subparagraphs (B)
and (C) as subparagraphs (A) and (B), respec-
tively; and
(C) in subparagraph (A) as redesignated,
by inserting after the semicolon the following:
‘‘or’’.
(c) ENHANCED VOUCHERS.—Section 8(t)(1)(B) of
the United States Housing Act of 1937 is amended by
inserting after ‘‘paragraph (10)(A) of subsection (o)’’ the
following: ‘‘and, if a contract was renewed pursuant to sec-
tion 514(c) of the Multifamily Assisted Housing Reform
and Affordability Act of 1997, subject to the comparable
rent limitations provided in sections 514(g)(1)(A) and
514(g)(1)(B) of such Act,’’.
(d) TECHNICAL CORRECTION.—
(1) Section 531(c) of the Preserving Affordable
Housing for Senior Citizens and Families into the
21st Century Act is amended by striking ‘‘Section
514(h)’’ and inserting ‘‘Section 514(h)(1)’’.
(2) The amendment made by paragraph (1)
shall be deemed to have taken effect on October 20,
1999.
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