Page:United States Statutes at Large Volume 103 Part 2.djvu/1049

 PUBLIC LAW 101-235—DEC. 15, 1989 103 STAT. 2059 tion of the contract rent for each project owner referred to m subsection (a). The contract rent shall be the greater of the contract rent— (A) currently approved by the Secretary under section 8(c)(2) of the United States Housing Act of 1937, or (B) calculated in accordance with the first sentence of subsec- tion (a)(D. (2) All adjustments in contract rents under section 8(c)(2) of the United States Housing Act of 1937, including adjustments involving projects referred to in subsection (a), that occur beginning with the first anniversary date of the contract after the regulations issued under subsection (e) take effect shall be made in accordance with the annual adjustment and comparability provisions of sections 8(c)(2)(A) and 8(c)(2)(C) of such Act, respectively, using the one-time contract rent determination under paragraph (1). (e) REGULATIONS. —The Secretary shall issue r^ulations to carry out this section and the amendments made by this section, including the amendments made by subsection (c) with regard to annual adjustment factors and comparability studies. The Secretary shall issue such regulations not later than the expiration of the 180-day period beginning on the date of the enactment of this Act. (f) REPORT.— Not later than March 1, 1990, the Secretary shall report to the Congress on the feasibility and desirability, and the budgetary, legal, and administrative aspects, of acijusting contract rents under section 8(c)(2)(C) of the United States Housing Act of 1937 on the basis of any sdtemative methodologies that are simpler in application than individual project comparability studies. (g) TECHNICAL AMENDMENT.— The first sentence of section 8(c)(2)(C) of the United States Housing Act of 1937 is amended by inserting ", type," after "quality". Approved December 15, 1989. 42 USC 1437f note. 42 USC 1437f. LEGISLATIVE HISTORY—H.R. 1: CONGRESSIONAL RECORD. Vol. 135 (1989): Nov. 14, considered and passed House. Nov. 21, considered and passed Senate, amended. House concurred in Senate amendment. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 25 (1989): Dec. 15, Presidential statement.

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