Sec. 1012. USE OF FUNDS RECAPTURED FROM REFINANCING STATE AND LOCAL FINANCE PROJECTS
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## SEC. 1012 USE OF FUNDS RECAPTURED FROM REFINANCING STATE AND LOCAL FINANCE PROJECTS **[**[42 U.S.C. 1437f note](/us/usc/t42/s1437f)**]** ###
(a)Definition of Qualified Project For purposes of this section, the term “**qualified project**” means any State financed project or local government or local housing agency financed project, that— ####
(1)was— #####
(A)provided a financial adjustment factor under section 8 of the United States Housing Act of 1937; or #####
(B)constructed or substantially rehabilitated pursuant to assistance provided under a contract under section 8(b)(2) of the United States Housing Act of 1937 (as in effect on September 30, 1983) entered into during any of calendar years 1979 through 1984; and ####
(2)is being refinanced. ###
(b)Availability of Funds The Secretary shall make available to the State housing finance agency in the State in which a qualified project is located, or the local government or local housing agency initiating the refinancing of the qualified project, as applicable, an amount equal to 50 percent of the amounts recaptured from the project (as determined by the Secretary on a project-by-project basis). Notwithstanding any other provision of law, such amounts shall be used only for providing decent, safe, and sanitary housing affordable for very low-income families and persons. ###
(c)Applicability and Budget Compliance ####
(1)Retroactivity This section shall apply to refinancings of projects for which settlement occurred or occurs before, on, or after the date of the enactment of the Housing and Community Development Act of 1992, subject to the provisions of paragraph (2). ####
(2)Budget compliance This section shall apply only to the extent or in such amounts as are provided in appropriation Acts. * * * * * * *
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Sec. 1012
USE OF FUNDS RECAPTURED FROM REFINANCING STATE AND LOCAL FINANCE PROJECTS
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