Sec. 207. Preservation grants for properties receiving section 8 project-based rental assistance
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There is authorized to be appropriated for assistance to owners of properties receiving project-based subsidy contracts under section 8 of the United States Housing Act of 1937 ( 42 U.S.C. 1437f ), $5,000,000,000, to remain available until expended. Amounts provided pursuant to this section shall be used for competitive grants for capital improvements to such properties, including grants for activities that mitigate threats to the health and safety of residents, reduce lead based paint hazards, reduce other housing related hazards, including carbon monoxide, radon, or mold, improve water and energy efficiency, or reduce the risk of harm to occupants or property from natural hazards.
Of any amounts made available pursuant to this section, not less than 10 percent shall be available without regard to any requirement regarding minimum grant amount and only for eligible uses within or directly benefitting— any county that has consistently had 20 percent or more of the population living in poverty during the 30-year period preceding the date of enactment of this Act, as measured by the 1990 and 2000 decennial census and the most recent annual Small Area Income and Poverty Estimates as estimated by the Bureau of the Census; any census tract having a poverty rate of at least 20 percent as measured by the 2014–2018 5-year data series available from the American Community Survey of the Census Bureau; or any territory or possession of the United States.
Projects funded with grants provided under this section shall comply with the requirements of subchapter IV of chapter 31 of title 40, United States Code. Grants under this section shall— be provided through the policies, procedures, contracts, and transactional infrastructure of the authorized programs administered by the Department of Housing and Urban Development, on such terms and conditions as the Secretary of Housing and Urban Development deems appropriate to ensure the maintenance and preservation of the property, the continued operation and maintenance of energy efficiency technologies, and the timely expenditure of funds; and include a financial assessment and physical inspection of such property.
To be eligible for a grant under this section, the owner of the property shall have at least a satisfactory management review rating, be in substantial compliance with applicable performance standards and legal requirements, and commit to an additional period of affordability determined by the Secretary, but of not fewer than 15 years. In administering funds made available pursuant to this section, the Secretary may waive or specify alternative requirements for any provision of any statute or regulation in connection with the obligation by the Secretary or the use of such funds (except for requirements related to fair housing, nondiscrimination, labor standards, and the environment), upon a finding that such a waiver is necessary to expedite or facilitate the use of such funds.
Not less than 15 percent of all amounts made available pursuant to this section shall be used only for activities relating to climate and natural disaster resilience and water and energy efficiency and, at the Secretary’s discretion, other strategies to enhance the environmental sustainability of housing production and design. Of the amounts made available pursuant to this section, the Secretary may transfer up to 0.5 percent to the account for Department of Housing and Urban Development, Program Offices—Office of Housing for necessary costs of administering and overseeing the obligation and expenditure of amounts made available pursuant to this section and such transferred amounts shall remain available until September 30, 2028.
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Sec. 207
Preservation grants for properties receiving section 8 project-based rental assistance
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