Sec. 239.
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Section 9 of the United States Housing Act of 1937 ( 42 U.S.C. 1437g ) is amended— in subsection (j), by adding at the end the following new paragraph: The requirements of this subsection shall not apply to funds held in replacement reserves established pursuant to subsection (n). ; and by adding at the end the following new subsection: Public housing agencies shall be permitted to establish a replacement reserve to fund any of the capital activities listed in subsection (d)(1).
At any time, a public housing agency may deposit funds from such agency’s Capital Fund into a replacement reserve, subject to the following: At the discretion of the Secretary, public housing agencies may 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 agency 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 this section, 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 this section 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 subsection (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 funds on eligible projects and that funds in the replacement reserve are connected to capital needs. . Paragraph
(1)of section 9(g) of the United States Housing Act of 1937 ( 42 U.S.C. 1437g(g)(1) ) is amended— by striking
(1)and all that follows through —Of and inserting the following: Of ; and by adding at the end the following new subparagraph: Of any amounts appropriated for fiscal year 2017 or any fiscal year thereafter that are allocated for fiscal year 2017 or any fiscal year thereafter from the Operating Fund for any public housing agency, the agency may use not more than 20 percent for activities that are eligible under subsection
(d)for assistance with amounts from the Capital Fund, but only if the public housing plan under section 5A for the agency provides for such use. .
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