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bard Street and Camino del Sol in the City, on the north
side of the 2100 block of Camino del Sol, for the purpose
of providing affordable housing. The procedures set forth in
sections 104(g)(2) and (3) of the Housing and Community
Development Act of 1974 and sections 288(b) and (c) of the
Cranston-Gonzalez National Affordable Housing Act shall
not apply to any release of funds for such reimbursement.
SEC. 222. TECHNICAL CORRECTIONS TO THE DEPART-
MENTS OF VETERANS AFFAIRS AND HOUSING AND URBAN
DEVELOPMENT, AND INDEPENDENT AGENCIES APPROPRIA-
TIONS ACT, 1998. (a) SECTION 8 CONTRACT RENEWAL POL-
ICY FOR FISCAL YEAR 1999 AND SUBSEQUENT YEARS.—
Section 524 of the Multifamily Assisted Housing Reform
and Affordability Act of 1997 is amended—
(1) in subsection (a)(2), by inserting after ‘‘Not-
withstanding paragraph (1)’’ the following ‘‘and sub-
ject to section 516 of this subtitle’’; and
(2) by inserting at the end the following new
subsections:
‘‘(b) INAPPLICABILITY TO PROJECTS SUBJECT TO RE-
STRUCTURING.—This section shall not apply to projects re-
structured under this subtitle.
‘‘(c) SAVINGS PROVISIONS.—Upon the repeal of this
subtitle pursuant to section 579, the provisions of sections
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512(2) and 516 (as in effect immediately before such repeal)
shall apply with respect to this section.’’.
(b) REPEAL
OF CONTRACT RENEWAL AUTHORITY
UNDER SECTION 405(a).—Section 405(a) of The Balanced
Budget Downpayment Act, I is hereby repealed.
(c) EXEMPTIONS FROM RESTRUCTURING.—(1) Section
514(h)(1) of the Departments of Veterans Affairs and Hous-
ing and Urban Development, and Independent Agencies
Appropriations Act, is amended to read as follows:
‘‘(1) The primary financing for the project was
provided by a unit of State government or a unit of
general local government (or an agency or instrumen-
tality of either) and the primary financing involves
mortgage insurance under the National Housing Act,
such that implementation of a mortgage restructuring
and rental assistance sufficiency plan under this Act
would be in conflict with applicable law or agree-
ments governing such financing;’’.
(2) Section 524(a)(2)(B) is amended by striking
‘‘and the financing’’ and inserting ‘‘and the primary
financing’’.
(d) MANDATORY RENEWAL OF PROJECT-BASED AS-
SISTANCE.—Section 515(c)(1) is amended by inserting ‘‘or’’
after the semicolon at the end of subparagraph (b).
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(e) PARTIAL PAYMENTS OF CLAIMS.—Section 514 of
the National Housing Act is amended by—
(1) by striking ‘‘1978 or’’ and inserting ‘‘1978)
or’’; and
(2) by striking ‘‘)))’’ and inserting ‘‘))’’.
SEC. 223. CLARIFICATION
OF OWNER’S RIGHT
TO
PREPAY. (a) PREPAYMENT RIGHT.—Notwithstanding sec-
tion 211 of the Housing and Community Development Act
of 1987 or section 221 of the Housing and Community De-
velopment Act of 1987 (as in effect pursuant to section
604(c) of the Cranston-Gonzalez National Affordable Hous-
ing Act), subject to subsection (b), with respect to any
project that is eligible low-income housing (as that term is
defined in section 229 of the Housing and Community De-
velopment Act of 1987)—
(1) the owner of the project may prepay, and the
mortgagee may accept prepayment of, the mortgage
on the project, and
(2) the owner may request voluntary termination
of a mortgage insurance contract with respect to such
project and the contract may be terminated notwith-
standing any requirements under sections 229 and
250 of the National Housing Act.
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(b) CONDITIONS.—Any prepayment of a mortgage or
termination of an insurance contract authorized under sub-
section (a) may be made—
(1) only to the extent that such prepayment or
termination is consistent with the terms and condi-
tions of the mortgage on or mortgage insurance con-
tract for the project; and
(2) only if owner of the project involved agrees
not to increase the rent charges for any dwelling unit
in the project during the 60-day period beginning
upon such prepayment or termination.
SEC. 224. PUBLIC AND ASSISTED HOUSING DRUG
ELIMINATION ACT. The Public and Assisted Housing Drug
Elimination Act of 1990 is amended—
(1) in section 5123, by inserting ‘‘Indian tribes’’
before ‘‘and private’’;
(2) in section 5124(a)(7), by inserting ‘‘, an In-
dian tribe,’’ before ‘‘or tribally designated’’;
(3) in section 5125, by inserting ‘‘an Indian
tribe’’ before ‘‘or tribally designated’’; and
(4) by adding at the end the following new para-
graph:
‘‘(6) INDIAN TRIBE.—The term ‘‘Indian tribe’’
has the meaning given the term in 25 U.S.C.
4103(12).’’.
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SEC. 225. MULTIFAMILY HOUSING INSTITUTE. Not-
withstanding any other provision of law, the Secretary
may, from time to time, as determined necessary to assist
the Department in managing its multifamily assets includ-
ing analyzing, tracking and evaluating its portfolio of
FHA-insured and other mortgages and properties and as-
sisting the Department in understanding and reducing the
risk involved in its mortgage restructuring, insuring and
guaranteeing activities, provide data to, and purchase data
from, any nonprofit, industry supported, on-line provider
of nationwide, multifamily housing loan and property data
services.
SEC. 226. MULTIFAMILY MORTGAGE AUCTIONS. Sec-
tion 221(g)(4)(C) of the National Housing Act is amend-
ed—
(1) in the first sentence of clause (viii), by strik-
ing ‘‘September 30, 1996’’ and inserting ‘‘December
31, 2002’’; and
(2) by adding at the end the following:
‘‘(ix) The authority of the Secretary to
conduct multifamily auctions under this
paragraph shall be effective for any fiscal
year only to the extent and in such amounts
as are approved in appropriations Acts for
the costs of loan guarantees (as defined in
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section 502 of the Congressional Budget Act
of 1974), including the cost of modifying
loans.’’.
SEC. 227. Notwithstanding any other provision of law,
of the $1,250,000 made available pursuant to Public Law
102–389 for economic revitalization and infrastructure re-
pair in Montpelier, Vermont, $250,000 is available for the
Central Vermont Revolving Loan Fund administered by the
Central Vermont Community Action Council.
SEC. 228. ANNUAL REPORT ON MANAGEMENT DEFI-
CIENCIES. (a) IN GENERAL.—Section 203 of the National
Housing Act (12 U.S.C. 1709) is amended by adding at
the end the following:
‘‘(w) MANAGEMENT DEFICIENCIES REPORT.—
‘‘(1) IN GENERAL.—Not later than 60 days after
the date of enactment of this subsection, and annually
thereafter, the Secretary shall submit to Congress a
report on the plan of the Secretary to address each
material weakness, reportable condition, and non-
compliance with an applicable law or regulation (as
defined by the Director of the Office of Management
and Budget) identified in the most recent audited fi-
nancial statement of the Federal Housing Adminis-
tration submitted under section 3515 of title 31,
United States Code.
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‘‘(2) CONTENTS OF ANNUAL REPORT.—Each re-
port submitted under paragraph (1) shall include—
‘‘(A) an estimate of the resources, including
staff, information systems, and contract assist-
ance, required to address each material weak-
ness, reportable condition, and noncompliance
with an applicable law or regulation described
in paragraph (1), and the costs associated with
those resources;
‘‘(B) an estimated timetable for addressing
each material weakness, reportable condition,
and noncompliance with an applicable law or
regulation described in paragraph (1); and
‘‘(C) the progress of the Secretary in imple-
menting the plan of the Secretary included in
the report submitted under paragraph (1) for the
preceding year, except that this subparagraph
does not apply to the initial report submitted
under paragraph (1).’’.
(b) EFFECT ON OTHER AUTHORITY.—The Secretary of
Housing and Urban Development may not implement sec-
tion 219 of this Act before the date on which the Secretary
submits the initial report required under section 203(w) of
the National Housing Act (12 U.S.C. 1709(w)), as added
by subsection (a) of this section.