Page:United States Statutes at Large Volume 111 Part 2.djvu/331

 PUBLIC LAW 105-65—OCT. 27, 1997 111 STAT. 1411 "(A) IN GENERAL.— In addition to the authorities set forth in subsection (p), the Secretary may delegate to State and local governments the responsibility for the administration of grants under this subsection. Any such government may carry out such delegated responsibilities directly or under contracts. "(B) ADMINISTRATION COSTS.—In addition to other eligible purposes, amounts of grants under this subsection may be made available for costs of administration under subparagraph (A). "(6) FUNDING.— " (A) IN GENERAL.—For purposes of carrying out this subsection, the Secretary may make available amounts that are unobligated amounts for contracts for interest reduction payments— "(i) that were previously obligated for contracts for interest reduction payments under this section until the insured mortgage under this section was extinguished; "(ii) that become available as a result of the outstanding principal balance of a mortgage having been written down; "(iii) that are uncommitted balances within the limitation on maximum payments that may have been, before the date of enactment of the Multifamily Assisted Housing Reform and Aifordability Act of 1997, permitted in any fiscal year; or "(iv) that become available from any other source. "(B) LIQUIDATION AUTHORITY. — The Secretary may liquidate obligations entered into under this subsection under section 1305(10) of title 31, United States Code. "(C) CAPITAL GRANTS.—In making capital grants under the terms of this subsection, using the amounts that the Secretary has recaptured from contracts for interest reduction payments, the Secretary shall ensure that the rates and amounts of outlays do not at any time exceed the rates and amounts of outlays that would have been experienced if the insured mortgage had not been extinguished or the principal amount had not been written down, and the interest reduction payments that the Secretary has recaptured had continued in accordance with the terms in effect immediately prior to such extinguishment or writedown.". SEC. 532. GAO REPORT ON SECTION 8 RENTAL ASSISTANCE FOR MULTI- 42 USC 1437f FAMILY HOUSING PROJECTS. note. Not later thsin the expiration of the 18-month period beginning on the date of the enactment of this Act, the Comptroller General of the United States shall submit a report to the Congress analyzing— (1) the housing projects for which project-based assistance is provided under section 8 of the United States Housing Act of 1937, but which are not subject to a mortgage insured or held by the Secretary under the National Housing Act; (2) how State and local housing finance agencies have benefited financially from the rental assistance program under section 8 of the United States Housing Act of 1937, including

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