Page:United States Statutes at Large Volume 123.djvu/562

 123STA T .54 2 PUBLIC LA W 111 –8—M A R .11, 2 0 0 9have a ni n t e r e s t rate of not m ore than 1p er c ent d irect l oan to the recipient
 * Provide

d fu r th er ,T hat the S ecretar y may defer the interest and principal payment to the Ru ral H ousin g Service for up to 3 years and the term of such loans shall not e x ceed 3 0 years: Provided further, That of the funds made availa b le under this heading ,$ 1 9, 86 0,000 shall be available for a demonstration program for the preservation and revitali z ation of the section 5 1 4, 515, and 516 multi - family rental housing properties to restructure existing U S DA multi-family housing loans, as the Secretary deems appropriate, expressly for the purposes of ensuring the pro j ect has sufficient resources to preserve the project for the purpose of pro- viding safe and affordable housing for lo w -income residents and farm laborers including reducing or eliminating interest deferring loan payments, subordinating, reducing or reamortizing loan debt; and other financial assistance including advances, payments and incentives ( including the ability of owners to obtain reasonable returns on investment ) re q uired by the Secretary: Provided further, That the Secretary shall as part of the preservation and revitaliza- tion agreement obtain a restrictive use agreement consistent with the terms of the restructuring: Provided further, That if the Sec- retary determines that additional funds for vouchers described in this paragraph are needed, funds for the preservation and revital- ization demonstration program may be used for such vouchers: Provided further, That the Secretary may use any unobligated funds appropriated for the rural housing voucher program in a prior fiscal year to support information technology activities of the Rural Housing Service to the extent the Secretary determines that additional funds are not needed for this fiscal year to provide vouchers described in this paragraph: Provided further, That if C ongress enacts legislation to permanently authorize a section 515 multi-family rental housing loan restructuring program similar to the demonstration program described herein, the Secretary may use funds made available for the demonstration program under this heading to carry out such legislation with the prior approval of the Committees on Appropriations of both Houses of Congress .MUT U AL A NDSE L F - H EL P H O US I N G G R ANTS F or grants and contracts pursuant to section 5 2 3(b)(1)(A) of the Housing Act of 1949 (42 U.S.C. 1490c), $38, 7 27,000, to remain available until expended: Provided, That of the total amount appro- priated, $1,000,000 shall be available through J une 30, 2009, for authorized empowerment zones and enterprise communities and communities designated by the Secretary of Agriculture as Rural E conomic Area P artnership Z ones. RURAL HOUSING ASSISTAN C E GRANTS ( INCLUDING TRANSFER OF FUNDS ) For grants and contracts for very low-income housing repair, supervisory and technical assistance, compensation for construction defects, and rural housing preservation made by the Rural Housing Service, as authorized by 42 U.S.C. 1474, 1479(c), 1490e, and 1490m, $41,500,000, to remain available until expended: Provided, That of the total amount appropriated, $1,200,000 shall be available through June 30, 2009, for authorized empowerment zones and