Sec. 234.
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Section 9 of the United States Housing Act or 1937 ( 42 U.S.C. 1437g ) is amended by— Inserting at the end of subjection (j)— The requirements of this subsection shall not apply to funds held in replacement reserves established in subsection (9)(n). ; and Inserting at the end of subsection (m)— Public Housing authorities shall be permitted to establish a Replacement Reserve to fund any of the capital activities listed in subparagraph (d)(1). At any time, a public housing authority may deposit funds from that agency’s Capital Fund into a Replacement Reserve subject to the following:
At the discretion of the Secretary, PHAs may be allowed to transfer and hold in a Replacement Reserve, funds originating from additional sources. No minimum transfer of funds to a Replacement Reserve shall be required. At any time, a public housing authority may not hold in a Replacement Reserve more than the amount the public housing authority has determined necessary to satisfy the anticipated capital needs of properties in its portfolio assisted under 42 U.S.C. 1437g as outlined in its Capital Fund 5 Year Action Plan, or a comparable plan, as determined by the Secretary.
The Secretary may establish by regulation a maximum replacement reserve level or levels that are below amounts determined under subparagraph (C), which may be based upon the size of the portfolio assisted under 42 U.S.C. 1437g or other factors. In first establishing a replacement reserve, the Secretary may allow public housing agencies to transfer more than 20 percent of its operating funds into its replacement reserve. Funds in a Replacement Reserve may be used for purposes authorized by subparagraph (d)(1) and contained in its Capital Fund 5 Year Action Plan.
The Secretary shall establish appropriate accounting and reporting requirements to ensure that public housing agencies are spending funding on eligible projects and that funding in the reserve is connected to capital needs. .
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