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[DOCID: f:h2890ih.txt]






107th CONGRESS
  1st Session
                                H. R. 2890

    To extend FHA-insured multifamily housing mortgage and housing 
      assistance restructuring authority, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2001

  Mrs. Roukema (by request) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To extend FHA-insured multifamily housing mortgage and housing 
      assistance restructuring authority, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. FHA-INSURED MULTIFAMILY HOUSING MORTGAGE AND HOUSING 
              ASSISTANCE RESTRUCTURING.

    (a) OMHAR.--The Multifamily Assisted Housing Reform and 
Affordability Act of 1997 is amended--
            (1) in section 571, by inserting after ``within the'' the 
        following: ``Federal Housing Administration of the'';
            (2) in section 572(a)--
                    (A) in the first sentence, by striking ``President 
                by and with the advice and consent of the Senate'' and 
                inserting ``Secretary''; and
                    (B) by striking the second sentence;
            (3) in section 573--
                    (A) in the first sentence of subsection (b), by 
                striking ``the Secretary'' and inserting ``the Federal 
                Housing Commissioner and the Secretary''; and
                    (B) by repealing subsection (d);
            (4) by repealing sections 576 and 578; and
            (5) in section 579, by striking ``2001'' the three places 
        it appears and inserting ``2004''.
    (b) Program Changes.--Such Act is amended--
            (1) in section 514(f)(3)(A), by adding the following new 
        sentence at the end: ``If tenant groups, nonprofit 
        organizations, and public entities are determined eligible 
        under section 517(a)(5), such groups, organizations, and 
        entities shall also be eligible under this paragraph.'';
            (2) in section 524(e), by adding the following new 
        paragraph at the end:
            ``(3) Mortgage restructuring and rental assistance 
        sufficiency plans.--Notwithstanding the provisions of paragraph 
        (1), owners may request and the Secretary may consider mortgage 
        restructuring and rental assistance sufficiency plans to 
        facilitate sales or transfers under this subtitle of properties 
        subject to an approved plan of action under the Emergency Low 
        Income Housing Preservation Act of 1987 or the Low-Income 
        Housing Preservation and Resident Homeownership Act of 1990. 
        Any such plan shall result in a sale or transfer of such 
        property.'';
            (3) in the second sentence of section 512(2), by inserting 
        after ``section 524(e)'' the following: ``, but does include 
        any project described in paragraph (3) of section 524(e)'';
            (4) by revising section 512(2)(A) to read as follows:
                    ``(A) in the case of properties described in 
                subparagraph (C) and properties that have rents above a 
                percentage (to be established by the Secretary) of fair 
                market rent, with rents that, on an average per unit or 
                per room basis--
                            ``(i) exceed the rent of comparable 
                        properties in the same market area as 
                        determined by a participating administrative 
                        entity or other independent entity on behalf of 
                        the Secretary in accordance with guidelines 
                        established by the Secretary; or
                            ``(ii) which the Secretary determines 
                        exceeded the rent of comparable properties in 
                        the same market area prior to, and 
                        notwithstanding, any renewal of project-based 
                        assistance under this subtitle;'';
            (5) in section 517(a)(1)(B), by striking ``no more than'' 
        and inserting ``the greater of the full or partial payment of 
        claim made under this subtitle or'';
            (6) in section 513(b), by striking paragraph (6) and 
        redesignating paragraph (7) as paragraph (6); and
            (7) in section 515(c)(1)--
                    (A) by striking subparagraph (A);
                    (B) by redesignating subparagraphs (B) and (C) as 
                subparagraphs (A) and (B), respectively; and
                    (C) in subparagraph (A) as redesignated, by 
                inserting after the semicolon the following: ``or''.
    (c) Enhanced Vouchers.--Section 8(t)(1)(B) of the United States 
Housing Act of 1937 is amended by inserting after ``paragraph (10)(A) 
of subsection (o)'' the following: ``and, if a contract was renewed 
pursuant to section 514(c) of the Multifamily Assisted Housing Reform 
and Affordability Act of 1997, subject to the comparable rent 
limitations provided in sections 514(g)(1)(A) and 514(g)(1)(B) of such 
Act,''.
    (d) Technical Correction.--
            (1) Section 531(c) of the Preserving Affordable Housing for 
        Senior Citizens and Families into the 21st Century Act is 
        amended by striking ``Section 514(h)'' and inserting ``Section 
        514(h)(1)''.
            (2) The amendment made by paragraph (1) shall be deemed to 
        have taken effect on October 20, 1999.
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