Page:United States Statutes at Large Volume 104 Part 5.djvu/868

 104 STAT. 4190 PUBLIC LAW 101-625—NOV. 28, 1990 allocated in such year if it were not designated a troubled agency and the sunount allocated for the agency for such year under subparagraph (A). "(ii) An agency may not receive credits under this subparagraph for more than 3 consecutive fiscal years. "(iii) After a 3-year period during which an agency has accrued credits, the credits accrued by the agency shall be— "(I) decreased by 10 percent of the total credits accumulated if the designation as a troubled agency is not removed before the conclusion of the first fiscal year after such 3-year period of accrual of credits; "(II) decreased by an additional 20 percent of the original total accumulated credits if the designation as a troubled agency is not removed before the conclusion of the second fiscal year after such 3-year accrual period; "(III) decreased by an additional 30 percent of the original total accumulated credits if the designation as a troubled Eigency is not removed before the conclusion of the third fiscal year after such 3-year accrual period; and "(IV) eliminated if the designation as a troubled agency is not removed before the conclusion of the fourth fiscal year after such 3-year accrual period, "(iv) After a determination by the Secretary that an agency is not a troubled agency, the Secretary shall provide the agency with amounts made available under this clause in accordance with the amount of credits accumulated by the agency (subject to the reductions under clause (iii)). Such amounts shall be provided in addition to the amounts allocated to the agency pursuant to the formula under paragraph (2). In each fiscal year, the Secretary shall reserve from amounts available for allocation under paragraph (2)(A) the amount necessary to provide assistance pursuant to such credits, except that the reserved amount may not exceed 5 percent of the total amount available for allocation under such paragraph. "(v) In making payments for accrued credits in accordance with clause (iv), the Secretary may take into account the ability of the agency to expeditiously expend amounts received for credits. Regulations. "(E) The Secretary shall, by regulation, establish special rules for limiting the amount of assistance provided under this section to agencies that become troubled after the date of the initial designation of troubled agencies under section 6(j)(2)(A)(i). The rules may provide for a credit system based on the system established under this paragraph. "(6) Any amounts (A) allocated under paragraph (4) that become available for reallocation because an agency does not qualify to receive all or a part of its formula allocation due to failure to comply with the requirements of this section (other than because of designation as a troubled agency), and (B) recaptured by the Secretary for good cause, shall (subject to approval in appropriations Acts) be reallocated by the Secretary in the next fiscal year to other housing agencies that own or operate 500 or more units, based on their relative needs. The relative needs of agencies shall be measured by the formula established pursuant to paragraph (2)(A). "(7) A public housing agency may appeal the eunount of its allocation determined under the formula on the beisis of unique circumstances or on the basis that the objectively measurable data

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