Page:United States Statutes at Large Volume 122.djvu/2891

 12 2 STA T . 2 86 8 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 as a re a p pr o pr i a t ei nc on ju nction w it h such consu l tation to si m pli fy the coor d ination of rules , re g ulations, forms, and appro v al re q uire - ments for multifamily housing projects projects for which assistance is provided b y such D epartment in conjunction with any low-income housing ta x credits under section 42 of the I nternal R evenue C ode of 1986 or tax-exempt housing bonds .( c ) R ECOM ME NDATI ON S . — In implementing the changes required under this section, the S ecretary shall solicit recommendations regarding such changes from project owners and sponsors, investors and sta k eholders in housing tax credits, State and local housing finance agencies, public housing agencies, tenant advocates, and other stakeholders in such projects. (d) RE P O R T.— N ot later than the expiration of the 9-month period beginning on the date of the enactment of this A ct, the Secretary shall submit a report to the Committee on F inancial Services of the H ouse of Representatives and the Committee on B anking, Housing, and U rban Affairs of the Senate that— (1) identifies the actions taken by the Secretary to comply with this section (2) includes information regarding any resulting improve- ments in the expedited approval for multifamily housing projects; ( 3 ) identifies recommendations made pursuant to sub- section (c); (4) identifies actions taken by the Secretary to implement the provisions in the amendments made by sections 2834 and 283 5 of this Act; and (5) makes recommendations for any legislative changes that are needed to facilitate prompt approval of assistance for such projects. SEC.283 3. PROJ EC TA PPRO V A L S BY R U RAL H OUS ING SERVICE. Section 515(h) of the Housing Act of 1949 (42 U.S.C. 1485) is amended— (1) by inserting ‘ ‘(1) CONDITION.— ’ ’ after ‘‘(h)’’; and (2) by adding at the end the following new paragraphs

‘‘(2) ACTIONS TO E X PEDITE PRO J ECT APPRO V A L S.— ‘‘(A) IN G ENERAL.— T he Secretary shall take actions to facilitate timely approval of requests to transfer owner- ship or control, for the purpose of rehabilitation or preserva- tion, of multifamily housing projects for which assistance is provided by the Secretary of Agriculture in conjunction with any low-income housing tax credits under section 42 of the Internal Revenue Code of 1986 or tax-exempt housing bonds. ‘‘(B) CONS U LTATION.—The Secretary of Agriculture shall consult with the Commissioner of the Internal Rev- enue Service and take such actions as are appropriate in conjunction with such consultation to simplify the coordination of rules, regulations, forms (including applica- tions forms for project transfers), and approval require- ments multifamily housing projects for which assistance is provided by the Secretary of Agriculture in conjunction with any low-income housing tax credits under section 42 of the Internal Revenue Code of 1986 or tax-exempt housing bonds. Deadlin e .

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