I 
110TH CONGRESS 
2D SESSION 
H. R. 5937 
To facilitate the preservation of certain affordable housing dwelling units. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 1, 2008 
Mr. TOWNS (for himself, Mr. KING of New York, Mr. FRANK of Massachu-
setts, Ms. WATERS, and Ms. VELA´ZQUEZ) introduced the following bill; 
which was referred to the Committee on Financial Services 
A BILL 
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, 
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 
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(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 
dwelling unit on the date of the conversion under this sec-
tion, subject to the resulting contract under subsection 
(a), shall be considered to meet the applicable require-
ments for income eligibility and occupancy. 
(f) DEFINITIONS.—As used in this section— 
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(1) the term ‘‘assisted dwelling unit’’ means the 
dwelling units that, on the date of the conversion 
under this section, were subject to Section 8 Project 
Number NY 913 VO 0018 or RAP Contract Num-
ber 012035NIRAP; 
(2) the term ‘‘conversion’’ means the action 
under which Section 8 Project Number NY 913 VO 
0018 and RAP Contract Number 012035NIRAP be-
come a contract for project-based rental assistance 
under section 8 of the United States Housing Act of 
1937 (42 U.S.C. 1437f) pursuant to subsection (a); 
(3) the term ‘‘MAHRA’’ means the Multifamily 
Assisted Housing Reform and Affordability Act of 
1997 (42 U.S.C. 1437f note); 
(4) the term ‘‘owner’’ means Starrett City As-
sociates or any successor owner of the multifamily 
housing project to which Section 8 Project Number 
NY 913 VO 0018 and RAP Contract Number 
012035NIRAP are subject; 
(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 
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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. 
Æ 
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