Definition: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Housing Preservation Matching Grant
Act of 2003''.

SEC. 2. FINDINGS AND PURPOSES.

(a) Findings.--The Congress finds that--
(1) more than 55,300 affordable housing dwelling units in
the United States have been lost through termination of low
income affordability requirements, which usually involves the
prepayment of the outstanding principal balance under the
mortgage on the project in which such units are located;
(2) more than 265,000 affordable housing dwelling units in
the United States are currently at risk of prepayment;
(3) the loss of the privately owned, federally assisted
affordable housing, which is occurring during a period when
rents for unassisted housing are increasing and few units of
additional affordable housing are being developed, will cause
unacceptable harm on current tenants of affordable housing and
will precipitate a national crisis in the supply of housing for
low-income households;
(4) the demand for affordable housing far exceeds the
supply of such housing, as evidenced by studies in 1998 that
found that--
(A) 5,300,000 households (one-seventh of all
renters in the Nation) have worst-case housing needs;
and
(B) the number of families with at least one full-
time worker and having worst-case housing needs
increased from 1991 to 1995 by 265,000 (24 percent) to
almost 1,400,000;
(5) the shortage of affordable housing in the United States
reached a record high in 1995, when the number of low-income
households exceeded the number of low-cost rental dwelling
units by 4,400,000;
(6) between 1990 and 1995, the shortage of affordable
housing in the United States increased by 1,000,000 dwelling
units, as the supply of low-cost units decreased by 100,000 and
the number of low-income renter households increased by
900,000;
(7) there are nearly 2 low-income renters in the United
States for every low-cost rental dwelling unit;
(8) 2 of every 3 low-income renters receive no housing
assistance and about 2,000,000 low-income households remain on
waiting lists for affordable housing;
(9) the shortage of affordable housing dwelling units
results in low-income households that are not able to acquire
low-cost rental units paying large proportions of their incomes
for rent; and
(10) in 1995, 82 percent of low-income renter households
were paying more than 30 percent of their incomes for rent and
utilities.
(b) Purpose.--It is the purpose of this Act--
(1) to promote the preservation of affordable housing units
by providing matching grants to States that have developed and
funded programs for the preservation of privately owned housing
that is affordable to low-income families and persons and was
produced for such purpose with Federal assistance;
(2) to minimize the involuntary displacement of tenants who
are currently residing in such housing, many of whom are
elderly or disabled persons; and
(3) to continue the partnerships among the Federal
Government, State and local governments, and the private sector
in operating and assisting housing that is affordable to low-
income Americans.

SEC. 3. AUTHORITY.

The Secretary of Housing and Urban Development shall, to the
extent amounts are made available pursuant to section 11, make grants
under this Act to States for low-income housing preservation.

SEC. 4. USE OF GRANTS.

(a) In General.--Amounts from grants under this Act may be used
only for assistance for acquisition, preservation incentives, operating
costs, and capital expenditures for a housing project that meets the
requirements under subsection (b), (c), or (d).
(b) Projects With Hud-Insured Mortgages.--A project meets the
requirements under this subsection only if--
(1) the project is financed by a loan or mortgage that is--
(A) insured or held by the Secretary under section
221(d)(3) of the National Housing Act and receiving
loan management assistance under section 8 of the
United States Housing Act of 1937 due to a conversion
from section 101 of the Housing and Urban Development
Act of 1965;
(B) insured or held by the Secretary and bears
interest at a rate determined under the proviso of
section 221(d)(5) of the National Housing Act;
(C) insured, assisted, or held by the Secretary or
a State or State agency under section 236 of the
National Housing Act; or
(D) held by the Secretary and formerly insured
under a program referred to in subparagraph (A), (B),
or (C);
(2) the project is subject to an unconditional waiver of,
with respect to the mortgage referred to in paragraph (1)--
(A) all rights to any prepayment of the mortgage;
and
(B) all rights to any voluntary termination of the
mortgage insurance contract for the mortgage; and
(3) the owner of the project has entered into binding
commitments (applicable to any subsequent owner) to extend all
low-income affordability restrictions for the project,
including any such restrictions imposed because of any contract
for project-based assistance for the project.
(c) Projects With Section 8 Project-Based Assistance.--A project
meets the requirements under this subsection only if--
(1) the project is subject to a contract for project-based
assistance; and
(2) the owner of the project has entered into binding
commitments (applicable to any subsequent owner) to extend such
assistance for the maximum period allowable under law (subject
to the availability of amounts for such purpose) and to extend
any low-income affordability restrictions applicable to the
project in connection with such assistance.
(d) Projects Purchased by Residents.--A project meets the
requirements under this subsection only if the project--
(1) is or was eligible low-income housing (as such term is
defined in section 229 of the Low-Income Housing Preservation
and Resident Homeownership Act of 1990 (42 U.S.C. 4119); and
(2) has been purchased by a resident council for the
housing or is approved by the Secretary for such purchase, for
conversion to homeownership housing under a resident
homeownership program meeting the requirements under section
226 of such Act (12 U.S.C. 4116).
(e) Combination of Assistance.--Notwithstanding subsection (a), any
project that is otherwise eligible for assistance with grant amounts
provided under this Act because the project meets the requirements
under subsection (b) or (c) and that also meets the requirements under
paragraph (1) of the other of such subsections, shall be eligible for
such assistance only if the project complies with all of the
requirements under such other subsection.

SEC. 5. GRANT AMOUNT LIMITATION.

The Secretary shall limit the portion of the aggregate amount of
grants under this Act made available for any fiscal year that may be
provided to a single State based upon the proportion of such State's
need (as determined by the Secretary) for such assistance to the
aggregate need among all States approved for such assistance for such
fiscal year.

SEC. 6. MATCHING REQUIREMENT.

(a) In General.--The Secretary may not make a grant under this Act
to any State for any fiscal year in an amount that exceeds twice the
amount that the State certifies, as the Secretary shall require, that
the State will contribute for such fiscal year, or has contributed
since January 1, 2003, from non-Federal sources for the purposes under
section 4(a).
(b) Treatment of Previous Contributions.--Any portion of amounts
contributed after January 1, 2003, that are counted for purposes of
meeting the requirement under subsection (a) for a fiscal year may not
be counted for such purposes for any subsequent fiscal year.
(c) Treatment of Tax Credits.--Tax credits provided under section
42 of the internal revenue code of 1986 and proceeds from the sale of
tax-exempt bonds by any State or local government entity shall not be
considered non-Federal sources for purposes of this section

SEC. 7. TREATMENT OF SUBSIDY LAYERING REQUIREMENTS.

Neither section 6 nor any other provision of this Act may be
construed to prevent the use of tax credits provided under section 42
of the Internal Revenue Code of 1986 in connection with housing
assisted with grant amounts provided under this Act, to the extent that
such use is in accordance with section 102(d) of the Department of
Housing and Urban Development Reform Act of 1989 (42 U.S.C. 3545(d))
and section 911 of the Housing and Community Development Act of 1992
(42 U.S.C. 3545 note).

SEC. 8. APPLICATIONS.

The Secretary shall provide for States (through appropriate State
agencies) to submit applications for grants under this Act. The
Secretary shall require the applications to contain any information and
certifications necessary for the Secretary to determine whether the
State is eligible to receive such a grant.

SEC. 9. DEFINITIONS.

For purposes of this Act, the following definitions shall apply:
(1) Low-income affordability restrictions.--The term ''low-
income affordability restrictions'' means, with respect to a
housing project, any limitations imposed by regulation or
regulatory agreement on rents for tenants of the project, rent
contributions for tenants of the project, or income-eligibility
for occupancy in the project.
(2) Project-based assistance.--The term ''project-based
assistance'' has the meaning given such term in section 16(c)
of the United States Housing Act of 1937 (42 U.S.C. 1437n(c)),
except that such term includes assistance under any successor
programs to the programs referred to in such section.
(3) Secretary.--The term ''Secretary'' means the Secretary
of Housing and Urban Development.
(4) State.--The term ''State'' means the States of the
United States, the District of Columbia, the Commonwealth of
Puerto Rico, the Commonwealth of the Northern Mariana Islands,
Guam, the Virgin Islands, American Samoa, and any other
territory or possession of the United States.

SEC. 10. REGULATIONS.

The Secretary may issue any regulations necessary to carry out
this Act.

SEC. 11. AUTHORIZATION OF APPROPRIATIONS.

There is authorized to be appropriated for grants under this title
such sums as necessary for each of fiscal years 2003, 2004, 2005, 2006,
and 2007.
Output:
Housing Preservation Matching Grant Act of 2003 - Authorizes the Secretary of Housing and Urban Development to make matching grants to States (including the District of Columbia and U.S. commonwealths, territories, and possessions) for low-income housing preservation.Sets forth requirements for projects: (1) with Department of Housing and Urban Development-insured mortgages; (2) with section 8 assistance; or (3) purchased by the residents.