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Committee on Financial Services

United States House of Representatives

Archive Press Releases

January 6, 1999

H.R. 202 - "PRESERVING AFFORDABLE HOUSING
FOR SENIOR CITIZENS INTO THE 21ST CENTURY
"

Section-By-Section

Section 1: Title cited as "Preserving Affordable Housing for Senior Citizens into the 21st Century Act".

TITLE I—CONVERSION OF FINANCING

Section 101: Provides the Secretary of Department of Housing and Urban Development (HUD) with discretionary authority to convert the financing of pre-1990 supportive housing program for the elderly from direct loans and project-based Section 8 rental assistance to the post-1990 method provided to new developments of non-repayable capital advances and project rental assistance contracts (PRACs).

Section 102: Provides discretionary authority to relieve private non-profit providers of supportive housing for the elderly of debt related to outstanding principal or interest for such housing, provided that such debt forgiveness is provided for in advance in appropriations Acts.

Section 103: Provides discretionary authority to discontinue project-based Section 8 rental assistance for elderly housing developments if the financing of such development has been converted to non-repayable capital advances and PRACs. Previously obligated unexpended project-based rental assistance may be used by the Secretary or project owner to improve project marketability, affordability or service, or may be recaptured by the Secretary.

Section 104: Provides discretionary authority to designate public or private entities to carry out finance conversion for elderly housing developments.

Section 105: Provides waiver authority to carry out finance conversion for elderly housing developments.

TITLE II—AUTHORIZATION OF APPROPRIATIONS

Section 201: Provides annual authorization of appropriation of $700 million for existing program of supportive housing for the elderly (section 202) for FY2000, FY2001 and FY2002.

Section 202: Provides annual authorization of appropriation of $225 million for existing program of supportive housing for the disabled (section 811) for FY2000, FY2001 and FY2002.

TITLE III—PROGRAM AMENDMENTS

Section 301: Allows private non-profit housing providers to acquire non-RTC-held properties for providing affordable housing for seniors.

Section 302: Allows private non-profit housing providers to use all sources of financing, including Federal funds, for amenities, relevant design features and construction of affordable housing for seniors.

Section 303: Provides seniors between 50% and 80% of area median income eligibility for occupancy in existing affordable housing developments for seniors, provided that such development is designated as high vacancy.



 

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