Page:United States Statutes at Large Volume 113 Part 2.djvu/100

 113 STAT. 1120 PUBLIC LAW 106-74—OCT. 20, 1999 (8) by redesignating paragraphs (5) and (6) (as amended by the preceding provisions of this subsection) as paragraphs (6) and (7); and (9) by inserting after paragraph (4) the following new paragraph: "(5) LOAN TERMS.—^A loan under this subsection— "(A) shall provide amounts for the eligible uses under paragraph (3) in a single loan disbursement of loan principal; "(B) shall be repaid, as to principed and interest, on behalf of the borrower using amounts recaptured from contracts for interest reduction pa5mients pursuant to clause (i) or (ii) of paragraph (7)(A); "(C) shall have a term to maturity of a duration not shorter than the remaining period for which the interest reduction payments for the insured mortgage or mortgages that fund repa3mient of the loan would have continued after extinguishment or writedown of the mortgage (in accordance with the terms of such mortgage in effect immediately before such extinguishment or writedown); "(D) shall bear interest at a rate, as determined by the Secretary of the Treasury, that is based upon the current market yields on outstanding marketable obligations of the United States having comparable maturities; and "(E) shall involve a principal obligation of an amount not exceeding the amount that can be repaid using amounts described in subparagraph (B) over the term determined in accordance with subparagraph (C), with interest at the rate determined under subparagraph (D).". (b) IRP CAPITAL GRANTS REQUIREMENT FOR EXTENSION OF LOW- INCOME AFFORDABILITY REQUIREMENTS.— Section 236(s) of the National Housing Act (12 U.S.C. 1715z-l(s)) is amended— (1) in paragraph (2)— (A) by redesignating subparagraphs (C) and (D), as amended by the preceding provisions of this section, as subparagraphs (D) and (E), respectively; and (B) by inserting after subparagraph (B) the following new subparagraph: "(C) the project owner enters into such binding commitments as the Secretary may require (which shall be applicable to any subsequent owner) to ensure that the owner will continue to operate the project in accordance with all low-income affordability restrictions for the project in connection with the Federal assistance for the project for a period having a duration that is not less than the period referred to in psiragraph (5)(C);"; and (2) in paragraph (4)(B), by inserting "and consistent with paragraph (2)(C)" before the period at the end. SEC. 534. TECHNICAL ASSISTANCE. Section 514(f)(3) of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1437f note) is amended by inserting after "new owners)" the following: ", for technical assistance for preservation of low-income housing for which projectbased rental assistance is provided at below market rent levels

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