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SECTION 1. SHORT TITLE.

This Act may be cited as the ''FHA Multifamily Housing Emergency
Disposition Act of 1993''.

SEC. 2. FINDINGS AND PURPOSE.

(a) Findings.--The Congress finds that--
(1) the Department of Housing and Urban Development has a
large and growing inventory of multifamily housing projects
owned by the Department and multifamily housing projects
subject to mortgages in foreclosure that are held by the
Department;
(2) the total number of such housing projects in the
inventory of the Department at the beginning of fiscal year
1993 was 444 and is likely to increase to 742 by the end of
fiscal year 1998;
(3) the Secretary of Housing and Urban Development has
estimated that the Department will lose as much as
$11,900,000,000 as a result of mortgage foreclosures on
multifamily housing projects insured by the Department, which
is equivalent to 25 percent of the value of all mortgages
insured under the General Insurance Fund;
(4) the Department is not prepared to manage an inventory
of multifamily housing projects as large as the inventory
expected by the end of fiscal year 1993, resulting in increased
holding and disposition costs for such projects; and
(5) existing laws would require the attachment of
$7,000,000,000 of rental assistance in the form of 15-year
contracts under section 8 of the United States Housing Act of
1937 to eliminate the backlog of multifamily housing projects
in the inventory of the Department.
(b) Purpose.--The purpose of this Act, therefore, is--
(1) to declare that an emergency exists with respect to the
disposition of multifamily housing projects in the inventory of
the Department;
(2) to provide for flexibility in disposing of such
projects by removing some of the statutory requirements that
impede the sale of such projects;
(3) to encourage assistance for residents of such projects
through means other than rental assistance under section 8 of
the United States Housing Act of 1937; and
(4) to maintain, to the maximum extent possible, the low-
income character of such projects while disposing of such
projects in an economical and expeditious manner.

SEC. 3. EMERGENCY PROVISIONS.

(a) Authority.--During the period in which the property disposition
emergency under this Act is in effect pursuant to section 4, the
Secretary of Housing and Urban Development may dispose of any
multifamily housing project in accordance with the provisions this Act.
(b) Applicability of Section 203 Requirements.--The provisions of
section 203 of the Housing and Community Development Amendments of 1978
shall apply to the disposition of multifamily housing projects under
this Act, except to the extent that--
(1) any such provision is waived pursuant to section 5 of
this Act; or
(2) any such provision is inconsistent with any provision
of this Act, and then only to the extent of such inconsistency.
The Secretary may determine whether inconsistencies referred to in
paragraph (2) exist.
(c) Requirements.--In disposing of any subsidized or formerly
subsidized multifamily housing project under this Act, the Secretary
shall, to the extent that budget authority is available--
(1) enter into--
(A) a nonrenewable contract under section 8 of the
United States Housing Act of 1937 having a term of not
less than 60 months and not more than 180 months that
provides project-based assistance for units in the
project; or
(B) annual contributions contracts with the
appropriate public housing agency to provide tenant-
based rental assistance under section 8 of the United
States Housing Act of 1937 for a total term, including
renewals, of not more than 180 months; and
(2) provide the assistance under paragraph (1) on behalf of
all of the very low-income families occupying the project on
the date the project is sold by the Secretary (or such other
prior date as the Secretary may determine appropriate), except
that the Secretary may in addition provide such assistance to
other eligible low-income families occupying such a project on
such date if the Secretary determines that such assistance is
appropriate under market conditions in the area in which the
project is located.
(d) Alternative Requirements.--In lieu of, or in addition to, the
actions required under subsection (c), the Secretary shall--
(1) seek to ensure, through means other than assistance
under such section 8, that rent charges for units in the
project remain affordable (as such term is defined by the
Secretary) for a reasonable period of time determined by the
Secretary;
(2) encourage the provision of assistance from non-Federal
sources to maintain the affordability of rent charges for units
in the project; and
(3) encourage the sale of the project to a local nonprofit
organization.
(e) Unsubsidized Projects.--In connection with the disposition
under this Act of a multifamily housing project that is not a
subsidized or formerly subsidized project, the Secretary is not
required to provide assistance under section 8 of the United States
Housing Act of 1937, but the Secretary may take any of the actions
specified in subsection (d).
(f) Additional Assistance.--In order to facilitate the disposition
of a multifamily housing project under this Act, the Secretary may
provide project-based assistance under section 8 of the United States
Housing Act of 1937 with respect to units for which such assistance is
not required by this Act.
(g) Nonrental Uses of Projects.--In disposing of any multifamily
housing project under this Act, the Secretary may make the project or
units in project available--
(1) for uses related to low-income housing other than
rental or cooperative use, such as low-income homeownership
opportunities, shelters for the homeless, and office space for
resident or housing-related social services providers; and
(2) for any other use, if the Secretary, in consultation
with the local area-wide governing body, determines that such
use will assist efforts to reduce the geographic concentration
of low-income housing opportunities.

SEC. 4. DURATION OF EMERGENCY.

A property disposition emergency under this Act shall be in effect
during the period that--
(1) begins upon the enactment of this Act; and
(2) ends upon the conclusion of the third fiscal year that
begins after the date of the enactment of this Act.

SEC. 5. WAIVER OF DISPOSITION PLAN REQUIREMENTS.

The Secretary may waive any of the provisions of section 203(e) of
the Housing and Community Development Amendments of 1978 with respect
to the disposition of any multifamily housing project under this Act,
as the Secretary determines appropriate to expedite such disposition of
multifamily housing projects.

SEC. 6. DEFINITIONS.

For purposes of this Act:
(1) Multifamily housing project.--The term ''multifamily
housing project'' has the meaning given the term in section
203(i) of the Housing and Community Development Amendments of
1978.
(2) Subsidized project and formerly subsidized project.--
The terms ''subsidized project'' and ''formerly subsidized
project'' have the meanings given the terms in section
203(i)(2) of the Housing and Community Development Amendments
of 1978, except that, notwithstanding subparagraph (E) of such
section, such terms include multifamily housing projects
receiving project-based housing assistance payments under
section 8 of the United States Housing Act of 1937 or under
section 23 of the United States Housing Act of 1937 (as in
effect before January 1, 1975) for 50 percent or fewer of the
units in the project immediately prior to the assignment of the
mortgage on such project to, or acquisition of such mortgage
by, the Secretary.
(3) Low-income and very low-income.--The terms ''low-
income'' and ''very low-income'' have the meanings given such
terms in section 3(b) of the United States Housing Act of 1937.

SEC. 7. CONFORMING AMENDMENT.

Section 203(i)(2)(E) of the Housing and Community Development
Amendments of 1978 (12 U.S.C. 1701z-11(i)(2)(E)) is amended by
inserting ''tenant-based'' before ''certificates''.
FHA Multifamily Housing Emergency Disposition Act of 1993 - Authorizes the Secretary of Housing and Urban Development (HUD) to dispose of HUD-held or -foreclosed multifamily housing projects without regard to specified provisions of the Housing and Community Development Amendments of 1978 during a three-year emergency period.