Page:United States Statutes at Large Volume 112 Part 3.djvu/746

 112 STAT. 2576 PUBLIC LAW 105-276—OCT. 21, 1998 (A) in paragraph (2)(A), by striking "comprehensive improvement assistance under section 14" and inserting "assistance from the Capital Fund"; (B) in paragraph (3)(A)(v), by striking "minimum safety and livability standards applicable under section 14" and inserting "housing quality standards applicable under section 6(f)"; (C) in paragraph (7)— (i) by striking "ANNUAL CONTRIBUTIONS" and inserting "CAPITAL AND OPERATING ASSISTANCE"; (ii) in the first sentence, by striking "pay annual contributions" and inserting "provide assistance under section 9"; and (iii) by striking the last sentence and inserting the following: "Such assistance may not exceed the allocation for the project under section 9."; and (D) in paragraph (8), by striking "OPERATING SUB- SIDIES. — Operating subsidies" and inserting "OPERATING FUND ALLOCATION. —Amounts from the Operating Fund"; (2) in subsection (b)(3)— (A) by striking "a certificate under section 8(b)(1) or a housing voucher" and inserting "tenant-based assistance"; and (B) by striking "fair market rent for such certificate" and inserting "pa3mrient standard for such assistance"; and (3) in subsection (d), by inserting ", as in effect before the effective date under section 503(a) of the Quality Housing and Work Responsibility Act of 1998," after "section 6(c)(4)(D)". SEC. 533. CONVERSION OF PUBLIC HOUSING TO VOUCHERS; REPEAL OF FAMILY INVESTMENT CENTERS. (a) IN GENERAL. —Section 22 of the United States Housing Act of 1937 (42 U.S.C. 1437t) is amended to read as follows: "SEC. 22. AUTHORITY TO CONVERT PUBLIC HOUSING TO VOUCHERS. "(a) AUTHORITY.— A public housing agency may convert any public housing project (or portion thereof) owned by the public housing agency to tenant-based assistance, but only in accordance with the requirements of this section. "(b) CONVERSION ASSESSMENT.— "(1) IN GENERAL. —To convert public housing under this section, a public housing agency shall conduct an assessment of the public housing that includes— "(A) a cost analysis that demonstrates whether or not the cost (both on a net present value basis and in terms of new budget authority requirements) of providing tenantbased assistance under section 8 for the same families in substantially similar dwellings over the same period of time is less expensive than continuing public housing assistance in the public housing project for the remaining useful life of the project; "(B) an analysis of the market value of the public housing project both before and after rehabilitation, and before and after conversion; "(C) an analysis of the rental market conditions with respect to the likely success of the use of tenant-based assistance under section 8 in that market for the specific

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