Page:United States Statutes at Large Volume 101 Part 3.djvu/579

 PUBLIC LAW 100-242—FEB. 5, 1988

101 STAT. 1877

(h) CONFORMING AMENDMENT.—The section heading for section 201 of the Housing and Community Development Amendments of 1978 is amended by striking "OPERATING".

12 USC

1715z-la.

SEC. 186. FLEXIBLE SUBSIDY PROGRAM. (a) U S E OF SECTION 236 EXCESS RENTAL CHARGES.—Section 236(f)(3)

of the National Housing Act is amended by striking "September 30, 1985" and inserting "September 30, 1989".

12 USC 1715Z-1.

(b) ASSISTANCE FOR CERTAIN HOUSING PROJECTS FOR ELDERLY OR HANDICAPPED FAMILIES.—

(1) Section 201(a) of the Housing and Community Development Amendments of 1978 is amended by inserting "the Housing Act of 1959," after "1937,". (2) Section 201(c)(l)(A) of the Housing and Community Development Amendments of 1978 is amended by inserting before the semicolon at the end the following: ", or received a loan under section 202 of the Housing Act of 1959 more than 15 years before the date on which assistance is made available under this section".

TITLE II—PRESERVATION OF LOW INCOME HOUSING

Emergency Low Income Housing Preservation Act of 1987.

Subtitle A—General Provisions SEC. 201. SHORT TITLE.

This title may be cited as the "Emergency Low Income Housing Preservation Act of 1987". SEC. 202. FINDINGS AND PURPOSE.

(a) FINDINGS.—The Congress finds that— (1) in the next 15 years, more than 330,000 low income housing units insured or assisted under sections 221(d)(3) and 236 of the National Housing Act could be lost as a result of the termination of low income affordability restrictions; (2) in the next decade, more than 465,000 low income housing units produced with assistance under section 8 of the United States Housing Act of 1937 could be lost as a result of the expiration of the rental assistance contracts; (3) some 150,000 units of rural low income housing financed under section 515 of the Housing Act of 1949 are threatened with loss as a result of the prepayment of mortgages by owners; (4) the loss of this privately owned and federally assisted housing, which would occur in a period of sharply rising rents on unassisted housing and extremely low production of additional low rent housing, would inflict unacceptable harm on current tenants and would precipitate a grave national crisis in the supply of low income housing that was neither anticipated nor intended when contracts for these units were entered into; (5) the loss of this affordable housing, to encourage the production of which the public has provided substantial benefits over past years, would irreparably damage hard-won progress toward such important and long-established national objectives as—

12 USC 1715/ note.

12 USC 1715/ note.

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