Sec. 224. Rental assistance contract authority
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Subsection
(d)of section 521 of the Housing Act of 1949 ( 42 U.S.C. 1490a(d) ) is amended— in paragraph (1), by inserting after subparagraph
(A)the following new subparagraph (and renumbering the remaining subparagraphs accordingly): upon request of an owner of a project financed under section 514 or 515, the Secretary is authorized to enter into renewal of such agreements for a period of 20 years or the term of the loan, whichever is shorter, subject to amounts made available in appropriations Acts; ; and by adding at the end the following new paragraph: In the case of any rental assistance contract authority that becomes available because of the termination of assistance on behalf of an assisted family— at the option of the owner of the rental project, the Secretary shall provide the owner a period of 6 months before such assistance is made available pursuant to subparagraph
(B)during which the owner may use such assistance authority to provide assistance of behalf of an eligible unassisted family that— is residing in the same rental project that the assisted family resided in prior to such termination; or newly occupies a dwelling unit in such rental project during such period; and except for assistance used as provided in subparagraph (A), the Secretary shall use such remaining authority to provide such assistance on behalf of eligible families residing in other rental projects originally financed under section 515 or both sections 514 and 516 of this Act. .
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Sec. 224
Rental assistance contract authority
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