Page:United States Statutes at Large Volume 94 Part 2.djvu/349

 PUBLIC LAW 96-399—OCT. 8, 1980

94 STAT. 1627

"(4) a plan for making the improvements and replacements, and for meeting the needs, described in paragraphs (1), (2), and (3); such plan shall include at least— "(A) a schedule of those actions which are to be completed, over a period of not greater than 5 years from the date of approval of such application by the Secretary, within each 12-month period covered by such plan and which are necessary— "(i) to make the improvements, described in paragraph (1)(B), for each project for which assistance is requested, and (ii) to upgrade the management and operation of such projects as described in paragraph (3); "(B) the estimated cost of each of the actions described in subparagraph (A); "(C) an estimate of the total costs of the replacement of the items identified for each such project pursuant to paragraph (2) over the remaining period of the annual contributions contract or during the 30-year period beginning on the date of submission of the application, whichever period is longer, including an estimate of the amount of funds necessary to fund the costs which have accrued for the period which ends upon the date on which the application is made, and an estimate of the costs which will accrue during each 12-month period subsequent to such application; "(D) an operating budget for each such project for each 12month period covered by such plan, excluding costs described in subparagraphs (B) and (C); and "(E) an estimate of the financial resources which will be available from all sources to each such project and to the public housing agency (to the extent the resources of the agency relate to such project), and the amounts of assistance which are being requested pursuant to subsection QD) for each 12-month period covered by the plan. "(e) The amount of financial assistance made available under Financial subsection (b) to any public housing agency with respect to any year assistance, may not exceed the sum of— limitation. "(1) an amount determined by the Secretary to be necessary to undertake the actions specified for such year in the schedule submitted pursuant to subsection (d)(4)(A); "(2) the amount determined necessary by the Secretary to fund the replacement costs which have been identified pursuant to subsection (d)(4)(C) for each project, which have accrued for the period ending at the beginning of such year, and for which payment under subsection (b) has not been made previously; '(3) the amount determined necessary by the Secretary to reimburse the public housing agency for the cost of developing the plan described pursuant to subsection (d)(4), less any amount which has been provided such public housing agency with respect to such year under paragraph (4); and "(4) in the case of a public housing agency which meets such criteria of financial distress as are established by the Secretary and which has submitted the information described in paragraphs (1), (2), and (3) of subsection (d), the amount determined necessary by the Secretary to enable such agency to develop the plan described pursuant to subsection (d)(4); except that not more than 5 per centum of the total amount utilized for annual contributions contracts under subsection (b) in any year

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