Page:United States Statutes at Large Volume 114 Part 5.djvu/1013

 PUBLIC LAW 106-569—DEC. 27, 2000 114 STAT. 3027 SEC. 904. USE OF SECTION 8 ASSISTANCE BY "GRAND-FAMILIES" TO RENT DWELLING UNITS IN ASSISTED PROJECTS. Section 215(a) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12745(a)) is amended by adding at the end the following new paragraph: "(6) WAIVER OF QUALIFYING RENT. — "(A) IN GENERAL. —For the purpose of providing affordable housing appropriate for families described in subparagraph (B), the Secretary may, upon the application of the project owner, waive the applicability of subparagraph (A) of paragraph (1) with respect to a dwelling unit if— "(i) the unit is occupied by such a family, on whose behalf tenant-based assistance is provided under section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f); "(ii) the rent for the unit is not greater than the existing fair market rent for comparable units in the area, as established by the Secretary under section 8 of the United States Housing Act of 1937; and "(iii) the Secretary determines that the waiver, together with waivers under this paragraph for other dwelling units in the project, will result in the use of amounts described in clause (iii) in an effective manner that will improve the provision of affordable housing for such families. "(B) ELIGIBLE FAMILIES.—A family described in this subparagraph is a family that consists of at least one elderly person (who is the head of household) and one or more of such person's grand children, great grandchildren, great nieces, great nephews, or great great grandchildren (as defined by the Secretary), but does not include any parent of such grandchildren, great grandchildren, great nieces, great nephews, or great great grandchildren. '' Such term includes any such grandchildren, great grandchildren, great nieces, great nephews, or great great grandchildren who have been legally adopted by such elderly person.". TITLE X—FEDERAL RESERVE BOARD PROVISIONS SEC. 1001. FEDERAL RESERVE BOARD BUILDINGS. The third undesignated paragraph of section 10 of the Federal Reserve Act (12 U.S.C. 243) is amended— (1) by inserting after the first sentence the following new sentence: "After September 1, 2000, the Board may also use such assessments to acquire, in its own name, a site or building (in addition to the facilities existing on such date) to provide for the performance of the functions of the Board."; and (2) in the sentences following the sentence added by the amendment made by paragraph (1) of this section— (A) by striking "the site" and inserting "any site"; and (B) by inserting "or buildings" after "building" each place such term appears.

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