Page:United States Statutes at Large Volume 104 Part 5.djvu/956

 104 STAT. 4278 PUBLIC LAW 101-625—NOV. 28, 1990 diately before the date of the enactment of this Act) shall apply with respect to any housing for which the election under subsection (a)(D is made. (d) REGULATIONS. —Not later than the expiration of the 90-day period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall, subject to the provisions of section 553 of title 5, United States Code, publish proposed rules to implement this subtitle and the amendments made by this subtitle. Not later than 45 days after the expiration of the period under the preceding sentence the Secretary shall issue interim or final rules to implement such provisions. 12 USC 4101 SEC. 605. EFFECTIVE DATE. This subtitle shall take effect on the date of the enactment of this Act. Subtitle B—Other Preservation Provisions SEC. 611. SECTION 236 RENTAL ASSISTANCE. (a) DEFINITION OF INCOME.—Section 236(m) of the National Housing Act (12 U.S.C. 1715z-l) is amended by inserting before the period at the end of the first sentence the following: ', except that any amounts not actually received by the fEmaily may not be considered as income under this subsection". (b) RENT CHARGES. — (1) PROJECTS ASSISTED UNDER SECTION 236.— Section 236(f) of the National Housing Act (12 U.S.C. 1715z-l(f)) is amended by adding at the end the following new paragraph: "(5)(A) In order to induce advances by owners for capital improvements (excluding any owner contributions that may be required by the Secretary as a condition for assistance under section 201 of the Housing and Community Development Amendments of 1978) to benefit projects assisted under this section, in establishing basic rental charges and fair market rental charges under paragraph (1) the Secretary may include an amount that would permit a return of such advances with interest to the owner out of project income, on such terms and conditions as the Secretary may determine. Any resulting increase in rent contributions shall be— "(i) to a level not exceeding the lower of 30 percent of the adjusted income of the tenant or the published existing fair market rent for comparable housing established under section 8(c) of the United States Housing Act of 1937; "(ii) phased in equally over a period of not less than 3 years, if such increase is 30 percent or more; and "(iii) limited to not more than 10 percent per year if such increase is more than 10 percent but less than 30 percent. "(B) Assistance under section 8 of the United States Housing Act of 1937 shall be provided, to the extent available under appropriations Acts, if necessary to mitigate any adverse effects on incomeeligible tenants.". (2) INSURED PROJECTS. —Section 221(f) of the National Housing Act (12 U.S.C. 1715/(f)) is amended by adding at the end the following new undesignated paragraph: "In order to induce advances by owners for capital improvements (excluding any owner contributions that may be required by the Secretary as a condition for assistance under section 201 of the

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