Page:United States Statutes at Large Volume 112 Part 3.djvu/764

 112 STAT. 2594 PUBLIC LAW 105-276—OCT. 21, 1998 Deadline. (b) ASSESSMENT AND REPORT BY SECRETARY. —Not later than 3 years after the date of the enactment of the Quahty Housing and Work Responsibihty Act of 1998, the Secretary of Housing and Urban Development shall— (1) conduct an evaluation and assessment of grants carried out by resident organizations, and particularly of the effect of the grants on living conditions in public housing; and (2) submit to the Congress a report setting forth the findings of the Secretary as a result of the evaluation and assessment and including any recommendations the Secretary determines to be appropriate. Effective date. This subsection shall take effect on the date of the enactment of this Act. SEC. 539. MIXED-FINANCE PUBLIC HOUSING. Title I of the United States Housing Act of 1937 (42 U.S.C. 1437 et seq.), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new section: 42 USC 1437Z-7. "SEC. 35. MIXED FINANCE PUBLIC HOUSING. "(a) AUTHORITY.—^A public housing agency may own, operate, assist, or otherwise participate in 1 or more mixed-finance projects in accordance with this section. "(b) ASSISTANCE.— "(1) FORMS.— ^A public housing agency may provide to a mixed-finance project assistance from the Operating Fund under section 9, assistance from the Capital Fund under such section, or both forms of assistance. A public housing agency may, in accordance with regulations established by the Secretary, provide capital assistance to a mixed-finance project in the form of a grant, loan, guarantee, or other form of investment in the project, which may involve drawdown of funds on a schedule commensurate with construction draws for deposit into an interest-bearing escrow account to serve as collateral or credit enhancement for bonds issued by a public agency, or for other forms of public or private borrowings, for the construction or rehabilitation of the development. "(2) USE.— To the extent deemed appropriate by the Secretary, assistance used in connection with the costs associated with the operation and management of mixed-finance projects may be used for funding of an operating reserve to ensure affordability for low-income and very low-income families in lieu of the availability of operating funds for public housing units in a mixed-finance project. "(c) COMPLIANCE WITH PUBLIC HOUSING REQUIREMENTS.— The units assisted with capital or operating assistance in a mixedfinance project shall be developed, operated, and maintained in accordance with the requirements of this Act relating to public housing during the period required by under this Act, unless otherwise specified in this section. For purposes of this Act, any reference to public housing owned or operated by a public housing agency shall include dwelling units in a mixed finance project that are assisted by the agency with capital or operating assistance. "(d) MIXED-FINANCE PROJECTS. — "(1) IN GENERAL.— For purposes of this section, the term 'mixed-finance project' means a project that meets the requirements of paragraph (2) and is financially assisted by private

�