section 4104(a) of this titlesection 4105(a) of this title11 So in original. Probably should be “subsection”.section 4104(a) of this titlesection 4112(a)(2)(E) of this titlesection 1437f of title 42After approving a plan of action from an owner of eligible low-income housing that includes the owner’s plan to extend the low-income affordability restrictions of the housing, the Secretary shall, subject to the availability of appropriations for such purpose, enter into such agreements as are necessary to enable the owner to receive (for each year after the approval of the plan of action) the annual authorized return for the housing determined under , pay debt service on the federally-assisted mortgage covering the housing, pay debt service on any loan for rehabilitation of the housing, and meet project operating expenses and establish adequate reserves. The Secretary shall take into account the Federal cost limits under for the housing when providing incentives under subsections (b)(2) and (3) of this section. The Secretary shall take such actions as are necessary to ensure that owners receive the annual authorized return for the housing determined under during the period in which rent increases are phased in as provided in , including (in order of preference) (1) allowing the owner access to residual receipt accounts (pursuant to subsection (b)(1) of this section), (2) deferring remittance of excess rent payments, and (3) providing an increase in rents permitted under an existing contract under (pursuant to subsection (b)(2) of this section).
(b)
Permissible incentives
Such agreements may include one or more of the following incentives:
(1)
Increased access to residual receipts accounts.
(2)
Subject to the availability of amounts provided in appropriations Acts—
section 1437f of title 42 additional assistance under or an extension of any project-based assistance attached to the housing; and
(3)
section 4112 of this title An increase in the rents on units occupied by current tenants as permitted under .
(4)
Financing of capital improvements under section 201 of the Housing and Community Development Amendments of 1978.
(5)
section 1715z–6 of this title Financing of capital improvements through provision of insurance for a second mortgage under .
(6)
section 4119(1)(A)(iii) of this title In the case of housing defined in , redirection of the Interest Reduction Payment subsidies to a second mortgage.
(7)
22 See References in Text note below. Access by the owner to a portion of the preservation equity in the housing through provision of insurance for a second mortgage loan insured under section 1715z–6(f) of this title or a non-insured mortgage loan approved by the Secretary and the mortgagee.
(8)
Other incentives authorized in law.
section 1715z–1 of this titlesection 1715z–1 of this titlesection 1715z–1(f) of this titleWith respect to any housing with a mortgage insured or otherwise assisted pursuant to , the provisions of subsections (f) and (g) of notwithstanding, the fair market rental charge for each unit in such housing may be increased in accordance with this subsection, but the owner shall pay to the Secretary all rental charges collected in excess of the basic rental charges, in an amount not greater than the fair market rental charges as such charges would have been established under absent the requirements of this paragraph.
Pub. L. 102–550section 4104(a) of this titlesection 4112(a)(2)(E) of this titlesection 1437f of title 421992—Subsec. (a). inserted “(for each year after the approval of the plan of action)” after “receive” and inserted at end “The Secretary shall take such actions as are necessary to ensure that owners receive the annual authorized return for the housing determined under during the period in which rent increases are phased in as provided in , including (in order of preference) (1) allowing the owner access to residual receipt accounts (pursuant to subsection (b)(1) of this section), (2) deferring remittance of excess rent payments, and (3) providing an increase in rents permitted under an existing contract under (pursuant to subsection (b)(2) of this section).”
Statutory Notes and Related Subsidiaries
Study of Projects Assisted Under Flexible Subsidy Program
Pub. L. 102–550, title III, § 318106 Stat. 377212 U.S.C. 1715z–112 U.S.C. 1715l, , , directed the Secretary to conduct a study of certain housing projects assisted under or the proviso of (d)(5) and submit a report to the Congress regarding any findings and conclusions of the study not later than the expiration of the 1-year period beginning on .