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Secretary considers appropriate to provide for refi-
nancing under this subsection, including any limita-
tions on term of the refinancing loan.
‘‘(5) EXPEDITED PROCEDURE.—The Secretary
shall establish an expedited procedure for providing
refinancing under this subsection, which—
‘‘(A) shall not require application under
the same procedures applicable to loans made
under subsection (a); and
‘‘(B) shall take into consideration any in-
formation obtained by the Secretary in making
and servicing the loan under subsection (a) for
which refinancing under this subsection is re-
quested.’’.
(g) REPEAL OF PROHIBITIONS.—Section 515 of the
Housing Act of 1949 is amended by striking subsection
(z).
(h) LOCATION OF PROJECTS.—Section 532 of the
Housing Act of 1949 (42 U.S.C. 1490l) is amended—
(1) in subsection (a), by inserting ‘‘other than
assistance under section 515’’ after ‘‘in making as-
sistance’’; and
(2) by adding at the end the following new sub-
section:
‘‘(c) ALLOCATION OF SECTION 515 LOANS.—
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‘‘(1) PROCEDURE.—The Secretary shall make
assistance under section 515 available pursuant to
an objective procedure established by the Secretary,
under which the Secretary shall identify counties
and communities having the greatest need for such
assistance and designate such counties and commu-
nities to receive such assistance. Under such proce-
dure, the Secretary shall use objective measures to
determine the need for rental housing assistance,
which may include the incidence of poverty, sub-
standard housing, lack of mortgage credit, lack or
insufficient amount of affordable housing, and other
factors demonstrating a need for affordable housing.
‘‘(2) INFORMATION.—The Secretary shall use
information from the decennial censuses of the Unit-
ed States, relevant comprehensive affordable housing
strategies under section 105 of the Cranston-Gon-
zalez National Affordable Housing Act, and other
reliable sources obtained by the Secretary which
demonstrate the need for affordable rental housing
in rural areas.
‘‘(3) DESIGNATION.—A designation under para-
graph (1) shall not be effective for a period of more
than 3 years, but may be renewed by the Secretary
under the procedure under paragraph (1). The Sec-
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retary shall cause to be published in the Federal
Register a list of areas designated under paragraph
(1) and a reasonable timetable for submission of
preapplications. The Secretary shall take such other
reasonable actions as the Secretary considers appro-
priate to notify the public of such designations.’’.
SEC. 510. OPTIONAL CONVERSION OF RENTAL ASSISTANCE
PAYMENTS TO OPERATING SUBSIDY FOR MI-
GRANT FARMWORKER PROJECTS.
(a) IN GENERAL.—Section 521(a) of the Housing
Act of 1949 (42 U.S.C. 1490a(a)) is amended by adding
at the end the following new paragraph:
‘‘(5) OPERATING ASSISTANCE FOR MIGRANT FARM-
WORKER PROJECTS.—
‘‘(A) AUTHORITY.—In the case of housing (and
related facilities) for migrant farmworkers provided
or assisted with a loan under section 514 or a grant
under section 516, the Secretary may, at the request
of the owner of the project, use amounts provided
for rental assistance payments under paragraph (2)
to provide assistance for the costs of operating the
project. Any project assisted under this paragraph
may not receive rental assistance under paragraph
(2).
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‘‘(B) AMOUNT.—In any fiscal year, the assist-
ance provided under this paragraph for any project
shall not exceed an amount equal to 90 percent of
the operating costs for the project for the year, as
determined by the Secretary. The amount of assist-
ance to be provided for a project under this para-
graph shall be an amount that makes units in the
project available to migrant farmworkers in the area
of the project at rates generally not exceeding 30
percent of the monthly adjusted incomes of such
farmworkers, based on the prevailing incomes of
such farmworkers in the area.
‘‘(C) 
SUBMISSION
OF
INFORMATION.—The
owner of a project assisted under this paragraph
shall be required to provide to the Secretary, at least
annually, a budget of operating expenses and esti-
mated rental income, which the Secretary shall use
to determine the amount of assistance for the
project.
‘‘(D) DEFINITIONS.—For purposes of this
paragraph, the following definitions shall apply:
‘‘(i) The term ‘migrant farmworker’ shall
have the same meaning given the term in sec-
tion 516(k)(7).
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‘‘(ii) The term ‘operating cost’ means ex-
penses incurred in operating a project, includ-
ing expenses for—
‘‘(I) administration, maintenance, re-
pair, and security of the project;
‘‘(II) utilities, fuel, furnishings, and
equipment for the project; and
‘‘(III) maintaining adequate reserve
funds for the project.’’.
(b) CONFORMING AMENDMENTS.—Title V of the
Housing Act of 1949 (42 U.S.C. 1471 et seq.) is amend-
ed—
(1) in section 502—
(A) in subsection (c)(1)(A)(i), by striking
‘‘or (a)(2)’’ and inserting ‘‘, (a)(2), or (5)’’;
(B) in subsection (c)(4)(B)(ii), by inserting
before the period at the end the following: ‘‘, or
additional assistance or an increase in assist-
ance provided under section 521(a)(5)’’;
(C) in subsection (c)(4)(B)(iii), by insert-
ing before the period at the end the following:
‘‘, or current tenants of projects not assisted
under section 521(a)(5)’’;
(D) in subsection (c)(5)(C)(iii)—
(i) by striking the 2d comma; and