Page:United States Statutes at Large Volume 122.djvu/2897

 12 2 STA T . 2 874PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 adv a nce a mou n ts o rp ro j ect renta l ass i stance and suc h reductions shall b e subject to appeal .’ ’. ( c )MCKIN N EY-V EN TOA CT H O M E L E S S ASSIST A NCE U N D E RSH ELTER P L U S C ARE PRO G RAM. — ( 1 ) T ERM O F CONTRACTS W ITH OWNER OR LESSOR.—Part I o f subtitle F of the McKinne y -Vento Homeless Assistance Act is amended— (A) by redesi g nating sections 462 and 46 3 (42 U.S.C. 114 0 3g, 11403h) as sections 463 and 464, respectively ( B ) by stri k ing ‘ ‘section 463’’ each place such term appears in sections 4 7 1, 476, 4 8 1, 486, and 488 (42 U.S.C. 11404, 1140 5, 11406, 11407, and 11407b) and inserting ‘‘section 464’’; and (C) by inserting after section 461 (42 U.S.C. 11403f) the follo w ing new section

‘ SEC.462 . T E RMOF CO N TR A CT WI T H OWNER OR L ESSOR. ‘‘An applicant under this subtitle may enter into a contract with the owner or lessor of a property that receives rental assistance under this subtitle having a term of not more than 15 years, subject to the availability of sufficient funds provided in appropria- tion Acts for the purpose of renewing e x piring contracts for assist- ance payments. Such contract may, at the election of the applicant and owner or lessor, specify that such contract shall be extended for renewal terms of not more than 15 years each, subject to the availability of sufficient such appropriated funds.’’. (2) PRO J ECT- B ASED RENTAL ASSISTANCE CONTRACTS.—Sec- tion 478(a) of the McKinney-Vento Homeless Assistance Act (42 U.S.C. 11405a(a)) is amended by inserting before the period at the end the following: ‘‘; except that, in the case of any project for which e q uity is provided through any low-income housing tax credit pursuant to section 42 of the Internal R ev- enue Code of 1 9 86 (26 U.S.C. 42), if an expenditure of such amount for each unit (including the prorated share of such work) is required to make the structure decent, safe, and sani- tary, and the owner agrees to reach initial closing on permanent financing from such other sources within two years and agrees to carry out the rehabilitation with resources other than assist- ance under this subtitle within 60 months of notification of grant approval, the contract shall be for a term of 10 years (except that such period may be extended by up to 1 year by the Secretary, which extension shall be granted unless the Secretary determines that the sponsor is primarily responsible for the failure to meet such deadline)’’. (d) D ATA COLLECTION ON TENANTS OF HOUSING TA X CREDIT PROJECTS.—Title I of the United States Housing Act of 1937 (42 U.S.C. 1437 et seq.) is amended by adding at the end the following new section: ‘‘SEC. 3 6. COLLECTION OF INFORMATION ON TENANTS IN TA X CRE D IT P RO J ECTS. ‘‘(a) IN G ENERAL.— E ach State agency administering tax credits under section 42 of the Internal Revenue Code of 1986 (26 U.S.C. 42) shall furnish to the Secretary of Housing and Urban Develop- ment, not less than annually, information concerning the race, ethnicity, family composition, age, income, use of rental assistance under section 8(o) of the United States Housing Act of 1937 or Deadlin e .42USC1 4 37z–8 . T e rm ina t i o n date. Ex ten s ion. 42 USC 114 05b . 42 USC 11403 f –1.

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