IIB 
109TH CONGRESS 
2D SESSION 
H. R. 6115 
IN THE SENATE OF THE UNITED STATES 
SEPTEMBER 28, 2006 
Received 
NOVEMBER 13, 2006 
Read twice and referred to the Committee on Banking, Housing, and Urban 
Affairs 
AN ACT 
To extend the authority of the Secretary of Housing and 
Urban Development to restructure mortgages and rental 
assistance for certain assisted multifamily housing. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Mark-to-Market Ex-
tension Act of 2006’’. 
SEC. 2. REAUTHORIZATION. 
Section 579 of the Multifamily Assisted Housing Re-
form and Affordability Act of 1997 (42 U.S.C. 1437f 
note) is amended— 
(1) in subsection (a)(1), by striking ‘‘October 1, 
2006’’ and inserting ‘‘October 1, 2011’’; and 
(2) in subsection (b), by striking ‘‘October 1, 
2006’’ and inserting ‘‘October 1, 2011’’. 
SEC. 3. EXCEPTION RENTS. 
Section 514(g)(2)(A) of the Multifamily Assisted 
Housing Reform and Affordability Act of 1997 (42 U.S.C. 
1437f note) is amended by striking ‘‘five percent’’ and in-
serting ‘‘nine percent’’. 
SEC. 4. PERIOD OF ELIGIBILITY FOR NONPROFIT DEBT RE-
LIEF. 
Section 517(a)(5) of the Multifamily Assisted Hous-
ing Reform and Affordability Act of 1997 (42 U.S.C. 
1437f note) is amended by inserting before the period at 
the end the following: ‘‘: Provided, That if such purchaser 
acquires such project subsequent to the date of recorda-
tion of the affordability agreement described in section 
514(e)(6), (A) such purchaser must acquire such project 
on or before the later of (i) five years after the date of 
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recordation of the affordability agreement and (ii) two 
years after the date of enactment of this title; and (B) 
the Secretary must have received, and determined accept-
able, such purchaser’s application for modification, assign-
ment or forgiveness prior to such purchaser’s acquisition 
of the project’’. 
SEC. 5. DEFINITIONS. 
Section 512 of the Multifamily Assisted Housing Re-
form and Affordability Act of 1997 (42 U.S.C. 1437f 
note) is amended by adding at the end the following new 
paragraph: 
‘‘(20) 
DISASTER-DAMAGED
ELIGIBLE 
PROJECT.—The 
term 
‘disaster-damaged 
eligible 
project’ means an eligible multifamily housing 
project— 
‘‘(A) that is located in a county that was 
declared a major disaster area on or after Jan-
uary 1, 2005, by the President pursuant to the 
Robert T. Stafford Disaster Relief and Emer-
gency Assistance Act (42 U.S.C. 5121 et seq); 
‘‘(B) whose owner carried casualty and li-
ability insurance covering such project in 
amounts required by the Secretary; 
‘‘(C) that suffered damages not covered by 
such insurance that the Secretary determines 
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are likely to exceed $5,000 per unit in connec-
tion with the natural disaster that was the sub-
ject of such designation; and 
‘‘(D) whose owner requests restructuring 
within two years following the date that such 
damages were incurred. 
Disaster-damaged eligible projects shall be eligible 
without regard to the relationship between rent level 
for the assisted units and comparable market 
rents.’’. 
SEC. 6. DISASTER-DAMAGED ELIGIBLE PROJECTS. 
(a) MARKET RENT DETERMINATIONS.—Subpara-
graph (B) of section 514(g)(1) of the Multifamily Assisted 
Housing Reform and Affordability Act of 1997 (42 U.S.C. 
1437f note) is amended to read as follows: 
‘‘(B) if those rents cannot be determined— 
‘‘(i) with respect to a disaster-dam-
aged eligible project, are equal to 100 per-
cent of the fair market rents for the rel-
evant market area (in effect at the time of 
such disaster); and 
‘‘(ii) with respect to other eligible 
multifamily housing projects, are equal to 
90 percent of the fair market rents for the 
relevant market area.’’. 
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(b) OWNER INVESTMENT.—Section 517(c) of the 
Multifamily Assisted Housing Reform and Affordability 
Act of 1997 (42 U.S.C. 1437f note) is amended by adding 
at the end the following new paragraph: 
‘‘(3) PROPERTIES DAMAGED BY NATURAL DIS-
ASTERS.—With respect to a disaster-damaged eligi-
ble project, the owner contribution toward rehabilita-
tion needs shall be determined in accordance with 
paragraph (2)(C).’’. 
Passed the House of Representatives September 27, 
2006. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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