(C) a multifamily housing project eligible
for assistance for troubled projects under sec-
tion 201 of the Housing and Community Devel-
opment Amendments of 1978;
(D) a multifamily housing project located
in a empowerment zone or enterprise commu-
nity designated pursuant to Federal law; or
(E) any other multifamily housing project,
including a project to be occupied by homeless
persons (as such term is defined in section 103
of the Stewart B. McKinney Homeless Assist-
ance Act) or homeless families;
(2) the Secretary determines that the owner of
the housing has obtained commitments, satisfactory
in the determination of the Secretary, for financing
for the construction, acquisition, or rehabilitation of
the housing from an eligible pension fund;
(3) the mortgage for the housing meets stand-
ards regarding securitization and such additional
standards regarding financing as the Secretary may
establish;
(4) in the case of any housing that is to be con-
structed, the Secretary determines that the owner of
the housing has provided reasonable assurances to
the Secretary that the owner will own or have con-
trol of a site for the housing (which may be a suit-
able site different from the site specified in the ap-
plication under subsection (d)) not later than 12
months after notification of the award of assistance
under this section;
(5) the housing and any work done with respect
to the housing will comply with any applicable envi-
ronmental laws or regulations;
(6) the construction, rehabilitation, or acquisi-
tion of the housing is not inconsistent with the ap-
proved comprehensive housing affordability strategy
under title I of the Cranston-Gonzalez National Af-
fordable Housing Act for the jurisdiction in which
the housing is located; and
(7) the housing complies with any other re-
quirements established by the Secretary to carry out
the demonstration under this section.
(d) APPLICATIONS.—The Secretary shall provide for
the owners of eligible housing, together with the eligible
pension funds providing financing for the housing, to
jointly submit applications for assistance under this sec-
tion. An application shall include a description of the hous-
ing to be constructed, rehabilitated, or acquired, the loca-
tion of the housing (or the site for the construction of the
housing), the terms of the financing by the eligible pension
fund, a request for a specific amount of assistance under
this section for a specific term, and such other information
as the Secretary may require.
(e) SELECTION AND DETERMINATION OF ASSIST-
ANCE.—
(1) IN GENERAL.—The Secretary shall select el-
igible housing for assistance under this section from
among applications submitted pursuant to sub-
section (d) and, subject to the provisions of this sec-
tion, shall determine the amount of assistance to be
provided for selected housing that is appropriate to
maintain the affordability and feasibility of the
housing.
(2) LIMITATION.—Of any amounts made avail-
able for the demonstration under this section pursu-
ant to the amendment made by subsection (l) of this
section, during the 6-month period beginning on the
date that such amounts first are made available by
the Secretary for assistance under this section, the
Secretary may not provide (or make any commit-
ment to provide) more than 50 percent of such
amounts for assistance for eligible housing financed
by any single eligible pension fund.
(f) RELATION TO PHA PROJECT-BASED LIMIT.—
Project-based assistance provided under this section shall
not be considered for purposes of any percentage limita-
tion under section 8(d)(2)(A) or (B) of the United States
Housing Act of 1937 regarding the amount of assistance
under such section that may be attached to the structure.
(g) USE IN PROPERTY DISPOSITION PROGRAM.—
(1) AUTHORITY.—Notwithstanding any provi-
sion of section 203 of the Housing and Community
Development Amendments of 1978, assistance pro-
vided in connection with the disposition of a multi-
family housing project under such section 203 may
have a contract term of less than 15 years if such
assistance is provided (A) under a contract under
the demonstration under this section, and (B) pur-
suant to a disposition plan under such section 203
for the project that is approved under such section
by the Secretary as otherwise in compliance with the
requirements of such section.
(2) ALLOCATION.—Of the amounts made avail-
able in each fiscal year for assistance under the
demonstration under this section, a significant
amount may be used in connection with the disposi-
tion under section 203 of the Housing and Commu-
nity Development Amendments of 1978 of eligible
housing.
(h) REPORTS.—
(1) GAO.—The Comptroller General of the
United States shall submit to the Congress reports
under this paragraph evaluating the effectiveness of
the demonstration under this section. Such reports
shall be submitted not later than the expiration of
the 2-year period beginning on the date of the enact-
ment of this section and not later than the expira-
tion of the 6-month period beginning upon the ter-
mination date under subsection (k).
(2) SECRETARY.—The Secretary shall submit
an annual report to the Congress for each fiscal year
in which the Secretary provides assistance pursuant
to contracts entered into under this section. The re-
ports shall summarize the activities carried out
under this section, describe the housing assisted and
the amounts of assistance provided, and include any
findings and recommendations of the Secretary as a
result of the demonstration under this section. Each
such report shall be submitted not later than the ex-
piration of the 3-month period beginning upon the
conclusion of the fiscal year for which the report is
made.
(i) DEFINITIONS.—For purposes of this section: