Page:United States Statutes at Large Volume 92 Part 2.djvu/806

 92 STAT. 2086

PUBLIC LAW 95-557—OCT. 31, 1978

(2) the real estate taxes on the project are or will be no greater f , than would be the case if the property were assessed in a manner consistent with normal property assessment procedures for the community; and (3) assistance to the project under this section would not be inconsistent with local plans and priorities. (f)(1) The Secretary may, with respect to any year, provide assistance under this section, and make commitments to provide such assistance, with respect to any project in any amount which the Secretary determines is consistent with the project's management-improvement-and-operating plan described in subsection (d)(6) and which does not exceed the sum of— (A) an amount determined by the Secretary to be necessary to correct deficiencies in the project which exist at the beginning of the first year with respect to which assistance is made available for the project under this section, which were caused by the deferral of regularly scheduled maintenance and repairs or the failure to make necessary and timely replacements of equipment and other components of the project, and for which payment has not previously been made; (B) an amount determined by the Secretary to be necessar^^ to maintain the low- and moderate-income character of the project by reducing deficiencies, which exist at the beginning of the first year with respect to which assistance is made available for the project under this section and for which payment has not previously been made, in the reserve funds established by the project owner for the purpose of replacing capital items; and (C) an amount not greater than the amount by which the estimated operating expenses (as described in paragraph (2) of this subsection) for the year with respect to which such assistance is made available exceeds the estimated revenues to be received (as described in paragraph (2) of this subsection) by the project during such year. (2) The estimated revenues for any project under paragraph (1) (C) of this subsection with respect to any year shall be equal to the sum of— (A) the estimated amount of rent which is to be expended by the tenants of such project during such year, as determined by the Secretary without regard to section 236(f)(1) of the National 12 USC 1715Z-1. Housing Act; (B) the estimated amount of rental assistance payments to be made on behalf of such tenants during such year, other than assistance made under this section; (C) the estimated amount of a^istance payments to be made on behalf of the owner of such project under section 221(d)(5) or 12 USC 1715/, section 236 of the National Housing Act during; such year; and 1715z-l. (D) other income attributable to the project as determined by the Secretary; except that— (E) in computing the estimated amount of rent to be expended by tenants, the Secretary shall provide that (i) at least 25 percent (or such lesser percentage as is provided for under any other Federal housing assistance program in which such tenant is participating) of the income of each such tenant is included, or (ii) in the case of a tenant paying his or her own utilities, a percentage of income which is less than 25 percent and which takes into account the reasonable costs of such utilities; except that no amount shall be provided for any tenant under clause (i) or (ii)

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