Sec. 6. Deadline for action on request for approval regarding exceeding tdc maximum cost for project
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Section 103 of the Native American Housing Assistance and Self-Determination Act of 1996 ( 25 U.S.C. 4113 ) is amended by adding at the end the following new subsection: A request for approval by the Secretary to exceed by more than 10 percent the total development cost maximum cost for a project shall be approved or denied during the 60-day period that begins on the date that the Secretary receives the request. If the Secretary does not respond to a request in the 60-day period described in paragraph (1), the request shall be deemed approved. . Section 4 of the Native American Housing Assistance and Self-Determination Act of 1996 ( 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. 6
Deadline for action on request for approval regarding exceeding tdc maximum cost for project
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