Sec. 104. Failure to act on request for approval regarding exceeding TDC maximum cost for project
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Section 103 ( 25 U.S.C. 4113 ) is amended by adding at the end the following new subsection: A request for approval by the Secretary of Housing and Urban Development to exceed by more than 10 percent the total development cost maximum cost for a project shall be deemed to be approved if the Secretary fails to take action on the request during the 60-day period that begins on the date that the Secretary receives the request. . Section 4 ( 25 U.S.C. 4103 ) is amended— by redesignating paragraph
(22)as paragraph (23); and by inserting after paragraph
(21)the following new paragraph: The term total development cost means, with respect to a housing project, the sum of all costs for the project, including all undertakings necessary for administration, planning, site acquisition, demolition, construction or equipment and financing (including payment of carrying charges), and for otherwise carrying out the development of the project, excluding off-site water and sewer. The total development cost amounts shall be based on a moderately designed house and determined by averaging the current construction costs as listed in not less than two nationally recognized residential construction cost indices. .
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Sec. 104
Failure to act on request for approval regarding exceeding TDC maximum cost for project
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