Page:United States Statutes at Large Volume 124.djvu/4118

 124 STAT. 4092 PUBLIC LAW 111–374—JAN. 4, 2011 ‘‘(2) DELEGATED PROCESSING.— ‘‘(A) In issuing a capital advance under subsection (d)(1) for any multifamily project (but not including any project that is a group home or independent living facility) for which financing for the purposes described in the last sentence of subsection (b) is provided by a combination of the capital advance and sources other than this section, within 30 days of award of the capital advance, the Secretary shall delegate review and processing of such projects to a State or local housing agency that— ‘‘(i) is in geographic proximity to the property; ‘‘(ii) has demonstrated experience in and capacity for underwriting multifamily housing loans that provide housing and supportive services; ‘‘(iii) may or may not be providing low-income housing tax credits in combination with the capital advance under this section; and ‘‘(iv) agrees to issue a firm commitment within 12 months of delegation. ‘‘(B) The Secretary shall retain the authority to process capital advances in cases in which no State or local housing agency is sufficiently qualified to provide delegated processing pursuant to this paragraph or no such agency has entered into an agreement with the Secretary to serve as a delegated processing agency. ‘‘(C) The Secretary shall— ‘‘(i) develop criteria and a timeline to periodically assess the performance of State and local housing agencies in carrying out the duties delegated to such agencies pursuant to subparagraph (A); and ‘‘(ii) retain the authority to review and process projects financed by a capital advance in the event that, after a review and assessment, a State or local housing agency is determined to have failed to satisfy the criteria estab- lished pursuant to clause (i). ‘‘(D) An agency to which review and processing is delegated pursuant to subparagraph (A) may assess a reasonable fee which shall be included in the capital advance amounts and may recommend project rental assistance amounts in excess of those initially awarded by the Secretary. The Secretary shall develop a schedule for reasonable fees under this subparagraph to be paid to delegated processing agencies, which shall take into consideration any other fees to be paid to the agency for other funding provided to the project by the agency, including bonds, tax credits, and other gap funding. ‘‘(E) Under such delegated system, the Secretary shall retain the authority to approve rents and development costs and to execute a capital advance within 60 days of receipt of the commitment from the State or local agency. The Secretary shall provide to such agency and the project sponsor, in writing, the reasons for any reduction in capital advance amounts or project rental assistance and such reductions shall be subject to appeal.’’. (d) LEVERAGING OTHER RESOURCES.—Paragraph (1) of section 811(g) (as so designated by subsection (c)(1) of this section) is amended by inserting after subparagraph (E) (as so redesignated by subsection (c)(2) of this section) the following new subparagraph: Notification. Deadline. Fee schedule. Criteria. Timeline. Deadline. Deadline.