Page:United States Statutes at Large Volume 106 Part 5.djvu/117

 PUBLIC LAW 102-550 —OCT. 28, 1992 106 STAT. 3755 SEC. 210. MATCHING REQUIREMENTS. (a) TIERED CONTRIBUTION.— Section 220(a) of the Cranston- Gonzalez National Affordable Housing Act (42 U.S.C. 12750(a)) is amended— (1) in paragraph (1)— (A) by striking "and" and inserting a comma; (B) by inserting "and substantial rehabilitation" after "rehabilitation"; and (C) by inserting "and" after the semicolon; (2) in paragraph (2)— (A) by striking "33" and inserting "30"; and (B) by striking "substantial rehabilitation; and" and inserting new construction."; (3) by striking paragraph (3); and (4) in the matter preceding paragraph (1), by striking "affordable housing assisted under this title" and inserting "housing that qualifies as affordable housing under this title. (b) FORM.—Section 220(c) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12750(c)) is amended— (1) by striking "and" at the end of paragraph (4); (2) by striking the period at the end of paragraph (5) and inserting a semicolon; and (3) by adding at the end the following: "(6) up to— "(A) 50 percent of proceeds from bond financing validly issued by a State or local government, agency or instrumentality thereof, or political subdivision thereof, and repavable with revenues derived from a multifamily affordable housing project financed, and "(B) 25 percent of proceeds from bond financing validly issued by a State or local government, agency or instrumentality thereof, or political subdivision thereof, and repayable with revenues derived from a single-family project financed, but not more than 25 percent of the contribution required under subsection (a) may oe derived from these sources; "(7) the reasonable value of any site-preparation and construction materials and any donated or voluntary labor in connection with the site-preparation for, or construction or rehabilitation of, affordable housing; and "(8) such other contributions to affordable housing as the Secretary considers appropriate.". (c) REDUCTION OF REQUIREMENT. —Section 220 of the Cranston- Gonzalez National Affordable Housing Act (42 U.S.C. 12750) is amended by striking subsection (d) and inserting: "(d) REDUCTION OF REQUIREMENT.— "(1) IN GENERAL.—The Secretary shall reduce the matching requirement under subsection (a) with respect to any funds drawn from a jurisdiction's HOME Investment Trust Fund Account during a fiscal year by— "(A) 50 percent for a jurisdiction that certifies that it is in fiscal distress; and "(B) 100 percent for a jurisdiction that certifies that it is in severe fiscal distress. "(2) DEFINITIONS. — For purposes of this section— "(A) 'fiscal distress' means a jurisdiction other than a State that satisfies 1 of the distress criteria set forth in paragraph (3); and

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