Page:United States Statutes at Large Volume 122.djvu/2849

 12 2 STA T . 2 8 2 6PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 (2)beconsid e r ed f or al l pu rposes a con t ract t h at has been rene w ed under section 5 2 4 (a) of MAHR A (42 U.S . C . 1 4 37 f note) for a ter m nottoe x ceed 2 0y ears (3) be subse q uently renewable at the request of an owner , under any renewal option for which the pro j ect is eli g ible under MAHRA (42 U.S.C. 1437f note); (4) contain pro v isions limiting distributions, as the Sec - retary determines appropriate, not to exceed 10 percent of the initial investment of the owner; (5) be subject to the availability of sufficient amounts in appropriation Acts; and ( 6 ) be subject to such other terms and conditions as the Secretary considers appropriate. (d) INCOMETARG E TI NG. — To the extent that assisted dwelling units, subject to the resulting contract under subsection (a), serve low-income families, as defined in section 3(b)(2) of the Act (42 U.S.C. 1437a(b)(2)) the units shall be considered to be in compliance with all income targeting requirements under the Act (42 U.S.C. 1437 et seq). (e) TENANT EL IGI B ILIT Y .— N otwithstanding any other provision of law, each family residing in an assisted dwelling unit on the date of conversion of a contract under this section, subject to the resulting contract under subsection (a), shall be considered to meet the applicable requirements for income eligibility and occupancy. (f) D E F INITION S .—As used in this section— (1) the term ‘ ‘Secretary ’ ’ means the Secretary of Housing and Urban Development; (2) the term ‘‘conversion’’ means the action under which a contract for project-based rental assistance under section 8 of the Act and a Rental Assistance P ayment contract become a contract for project-based rental assistance under section 8 of the Act (42 U.S.C. 1437f) pursuant to subsection (a); (3) the term ‘‘resulting contract’’ means the new contract after a conversion pursuant to subsection (a); and (4) the term ‘‘assisted dwelling unit’’ means a dwelling unit in a multifamily housing project that exceeds 5,000 units that, on the date of conversion of a contract under this section, is subject to a contract for project-based rental assistance under section 8 of the Act (42 U.S.C. 1437f) or a Rental Assistance Payment contract. SEC.1604 . BRIDG EDE PO SI T OR Y I N STIT U TIONS. (a) IN G ENERAL.—Section 11 of the F ederal Deposit Insurance Act (12 U.S.C. 1821) is amended— (1) in subsection (d)(2)— (A) in subparagraph (F), by stri k ing ‘‘as receiver’’ and all that follows through clause (ii) and inserting the fol- lowing

‘‘as receiver, with respect to any insured depository institution, organi z e a new depository institution under subsection (m) or a bridge depository institution under subsection (n).’’; ( B ) in subparagraph (G), by striking ‘‘new bank or a bridge bank’’ and inserting ‘‘new depository institution or a bridge depository institution’’; (2) in the heading for subsection (e)(10)(C), by striking ‘‘BRI D GE BAN K S’’ and inserting ‘‘BRIDGE DE P OSITORY INSTIT U - TIONS’’;

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