Page:United States Statutes at Large Volume 108 Part 1.djvu/405

 PUBLIC LAW 103-233—APR. 11, 1994 108 STAT. 379 "(A) the Federal National Mortgage Association; "(B) the Federal Home Loan Mortgage Corporation; "(C) State housing finance and mortgage insurance agencies; and "(D) the Federal Housing Finance Board.". SEC. 308. SUBSIDY LAYERING REVIEW. Section 911 of the Housing and Community Development Act of 1992 (42 U.S.C. 3545 note) is amended— (1) by striking subsection (a) and inserting the following new subsection: "(a) CERTIFICATION OF SUBSIDY LAYERING COMPLIANCE.—The requirements of section 102(d) of the Department of Housing and Urban Development Reform Act of 1989 may be satisfied in connection with a project receiving assistance under a program that is within the jurisdiction of the Department of Housing and Urban Development and under section 42 of the Internal Revenue Code of 1986 by a certification by a housing credit agency to the Secretary, submitted in accordance with guidelines established by the Secretary, that the combination of assisteince within the jurisdiction of the Secretary and other government assistance provided in connection with a property for which assistance is to be provided within the jurisdiction of the Department of Housing and Urban Development and under section 42 of the Internal Revenue Code of 1986 shall not be any greater than is necessary to provide affordable housing."; and (2) by striking subsection (c) and inserting the following new subsection: "(c) REVOCATION BY SECRETARY.— If the Secretary determines that a housing credit agency has failed to comply with the guideUnes established under subsection (a), the Secretary— "(1) may inform the housing credit agency that the agency may no longer submit certification of subsidy layering compliance under this section; and "(2) shall carry out section 102(d) of the Department of Housing and Urban Development Reform Act of 1989 relating to affected projects allocated a low-income housing tax credit pursuant to section 42 of the Internal Revenue Code of 1986.". Approved April 11, 1994. LEGISLATIVE HISTORY—S. 1299 (H.R. 4067): SENATE REPORTS: No. 103-174 (Comm. on Banking, Housing, and Urban Affairs). CONGRESSIONAL RECORD: Vol. 139 (1993): Nov. 18, considered and passed Senate. Vol. 140 (1994): Mar. 21, 22, H.R. 4067 considered and passed House; S. 1299, amended, passed in lieu. Mar. 25, Senate concurred in House amendments.

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