Page:United States Statutes at Large Volume 111 Part 2.djvu/326

 Ill STAT. 1406 PUBLIC LAW 105-65—OCT. 27, 1997 Applicability. 42 USC 1437f note. (A) seek recommendations on the implementation of sections 513(b) and 515(c)(1) from organizations representing— (i) State housing finance agencies and local housing agencies; (ii) other potential participating administering entities; (iii) tenants; (iv) owners and managers of eligible multifamily housing projects; (v) States and units of general local government; and (vi) qualified mortgagees; and (B) convene not less than 3 public forums at which the organizations making recommendations under subparagraph (A) may express views concerning the proposed disposition of the recommendations. (b) TRANSITION PROVISION FOR CONTRACTS EXPIRING IN FISCAL YEAR 1998. — Notwithstanding any other provision of law, the Secretary shall apply all the terms of section 211 and section 212 of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 (except for section 212(h)(1)(G) and the limitation in section 212(k)) contracts for project-based assistance that expire during fiscal year 1998 (in the same manner that such provisions apply to expiring contracts defined in section 212(a)(3) of such Act), except that section 517(a) of the Act shall apply to mortgages on projects subject to such contracts. SEC. 523. TECHNICAL AND CONFORMING AMENDMENTS. (a) CALCULATION OF LIMIT ON PROJECT-BASED ASSISTANCE.— Section 8(d) of the United States Housing Act of 1937 (42 U.S.C. 1437f[d)) is amended by adding at the end the following: "(5) CALCULATION OF LIMIT.— Any contract entered into under section 514 of the Multifamily Assisted Housing Reform and Affordability Act of 1997 shall be excluded in computing the limit on project-based assistance under this subsection.". (b) PARTIAL PAYMENT OF CLAIMS ON MULTIFAMILY HOUSING PROJECTS. —Section 541 of the National Housing Act (12 U.S.C. 1735f-19) is amended— (1) in subsection (a), in the subsection heading, by striking "AUTHORITY" and inserting "DEFAULTED MORTGAGES"; (2) by redesignating subsection (b) as subsection (c); and (3) by inserting after subsection (a) the following: "(b) EXISTING MORTGAGES.— Notwithstanding any other provision of law, the Secretary, in connection with a mortgage restructuring under section 514 of the Multifamily Assisted Housing Reform and Affordability Act of 1997, may make a one time, nondefault partial payment of the claim under the mortgage insurance contract, which shall include a determination by the Secretary or the participating administrative entity, in accordance with the Multifamily Assisted Housing Reform and Affordability Act of 1997, of the market value of the project and a restructuring of the mortgage, under such terms and conditions as are permitted by section 517(a) of such Act.".

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