,,ii #aagth ,,congress #b;d ,session ,s4 #daha ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #aa 7legislative day1 ,may #aj71 #bjbb,mr4 ,leahy 7for himself1 ,ms4 ,collins1 ,mr4 ,wyden1 ,mr4 ,bennet1 ,ms4 ,cortez ,masto1 ,mr4 ,king1 ,ms4 ,hassan1 ,mr4 ,padilla1 ,mr4 ,reed1 ,mr4 ,sanders1 and ,mr4 ,whitehouse7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend title ,,vi of the ,social ,security ,act to allow coronavirus ,state and local fiscal recovery funds to be used for low-income housing credit projects4 #a4 ,short title ,this ,act may be cited as the ,,lihtc ,financing ,enabling ,long-term ,investment in ,neighborhood ,excellence ,act or the ,,lifeline ,act4 #b4 ,authority to use coronavirus ,state and local fiscal recovery funds for low-income housing credit projects 7a7 ,in general ,title ,,vi of the ,social ,security ,act 7#db ,u4,s4,c4 #hja et seq47 is amended-- 7#a7 in section #fjb-- 7,a7 in subsection 7a77#a71 by inserting 7except as provided in subsection 7c77#e77 after ,december #ca1 #bjbd2 and 7,b7 in subsection 7c7-- 7i7 in paragraph 7#a71 in the matter preceding subparagraph 7,a71 by striking paragraph 7#c7 and inserting paragraphs 7#c71 7#d71 and 7#e72 and 7ii7 by adding at the end the following new paragraph3 7#e7 ,use of funds for low-income housing credit projects 7,a7 ,in general ,a ,state1 territory1 or ,tribal government1 in consultation with a housing finance agency1 may use funds provided under this section to finance the cost of construction of #a or more new qualified low-income buildings 7as defined in section #db7;c77#b7 of the ,internal ,revenue ,code of #aihf71 or the cost of rehabilitation expenditures 7as defined in section #db7;e77#b7 of such ,code71 which are expected to be eligible for the low-income housing credit under section #db of such ,code in an amount greater than #j1 including credits described in subsection 7h77#d7 thereof4 ,the financing permitted by the preceding sentence must be provided by loans having maturities of #cj or more years1 with such buildings having a placed in service date that is no earlier than the date of enactment of this paragraph4 ,funds provided under this section to finance such buildings must be obligated by ,december #ca1 #bjbd1 and expended by ,december #ca1 #bjbf4 ,any amount loaned in accordance with this subparagraph shall be considered expended in accordance with the requirements of this subsection4 7,b7 ,requirements ,the project sponsor of a building financed in whole or in part by loans for which financing is permitted under this paragraph shall agree1 as a condition for accepting such a loan-- 7i7 to waive any right to request a qualified contract 7as defined in section #db7;h77#f77;,f7 of the ,internal ,revenue ,code of #aihf72 and 7ii7 to repay any loaned funds to the entity that originated the loan at the time the project of which the building is a part becomes non-compliant1 including if such project ceases to satisfy the requirements to be considered a qualified low-income housing project 7as defined in section #db7;g7 of the ,internal ,revenue ,code7 or a qualified residential rental project 7as defined in section #adb7;d7 of such ,code71 or if such project fails to comply with an extended low-income housing commitment 7as defined in section #db7;h77#f7 of such ,code74 7,c7 ,returned or repaid funds ,any funds used by a ,state1 territory1 or ,tribal government in accordance with subparagraph 7,a7 that are returned to the ,state1 territory1 or ,tribal government1 including from loan repayment1 shall be used to finance affordable housing1 including buildings that are eligible for low-income housing credits under section #db7;a7 of the ,internal ,revenue ,code of #aihf by virtue of being part of #a or more qualified low-income housing projects 7as defined in section #db7;g7 of such ,code71 or being part of #a or more qualified residential rental projects 7as defined in section #adb7;d7 of such ,code74 7,d7 ,reports 7i7 ,annual reports on ,,lihtc project obligations ,during the period beginning on the date of enactment of this paragraph and ending on ,december #ca1 #bjbf1 the ,secretary shall provide annual reports to the ,committee on ,ways and ,means of the ,house of ,representatives1 the ,committee on ,oversight and ,reform of the ,house of ,representatives1 the ,committee on ,appropriations of the ,house of ,representatives1 the ,committee on ,finance of the ,senate1 and the ,committee on ,appropriations of the ,senate on the obligation and expenditure of funds for projects under this paragraph4 7ii7 ,annual reports on ,,lihtc project loans ,for each year during the term of an initial loan financed by funds made available under this paragraph is outstanding1 the ,secretary shall provide an annual report to each of the committees identified in clause 7i7 on any repayment of such funds4 2 and 7#b7 in section #fjc-- 7,a7 in subsection 7a71 by inserting 7except as provided in subsection 7c77#f77 after ,december #ca1 #bjbd2 and 7,b7 in subsection 7c7-- 7i7 in paragraph 7#a71 in the matter preceding subparagraph 7,a71 by striking paragraphs 7#c7 and 7#d7 and inserting paragraphs 7#c71 7#d71 7#e71 and 7#f72 and 7ii7 by adding at the end the following new paragraph3 7#f7 ,use of funds for low-income housing credit projects 7,a7 ,in general ,a metropolitan city1 nonentitlement unit of local government1 or county1 in consultation with a housing finance agency1 may use funds provided under this section to finance the cost of construction of #a or more new qualified low-income buildings 7as defined in section #db7;c77#b7 of the ,internal ,revenue ,code of #aihf71 or the cost of rehabilitation expenditures 7as defined in section #db7;e77#b7 of such ,code71 which are expected to be eligible for the low-income housing credit under section #db of such ,code in an amount greater than #j1 including credits described in subsection 7h77#d7 thereof4 ,the financing permitted by the preceding sentence must be provided by loans having maturities of #cj or more years1 with such buildings having a placed in service date that is no earlier than the date of enactment of this paragraph4 ,funds provided under this section to finance such buildings must be obligated by ,december #ca1 #bjbd1 and expended by ,december #ca1 #bjbf4 ,any amount loaned in accordance with this subparagraph shall be considered expended in accordance with the requirements of this subsection4 7,b7 ,requirements ,the project sponsor of a building financed in whole or in part by loans for which financing is permitted under this paragraph shall agree1 as a condition for accepting such a loan-- 7i7 to waive any right to request a qualified contract 7as defined in section #db7;h77#f77;,f7 of the ,internal ,revenue ,code of #aihf72 and 7ii7 to repay any loaned funds to the entity that originated the loan at the time the project of which the building is a part becomes non-compliant1 including if such project ceases to satisfy the requirements to be considered a qualified low-income housing project 7as defined in section #db7;g7 of the ,internal ,revenue ,code7 or a qualified residential rental project 7as defined in section #adb7;d7 of such ,code71 or if such project fails to comply with an extended low-income housing commitment 7as defined in section #db7;h77#f7 of such ,code74 7,c7 ,returned or repaid funds ,any funds used by a metropolitan city1 nonentitlement unit of local government1 or county in accordance with subparagraph 7,a7 that are returned to the metropolitan city1 nonentitlement unit of local government1 or county1 including from loan repayment1 shall be used to finance affordable housing1 including buildings that are eligible for low-income housing credits under section #db7;a7 of the ,internal ,revenue ,code of #aihf by virtue of being part of #a or more qualified low-income housing projects 7as defined in section #db7;g7 of such ,code71 or being part of #a or more qualified residential rental projects 7as defined in section #adb7;d7 of such ,code74 7,d7 ,reports 7i7 ,annual reports on ,,lihtc project obligations ,during the period beginning on the date of enactment of this paragraph and ending on ,december #ca1 #bjbf1 the ,secretary shall provide annual reports to the ,committee on ,ways and ,means of the ,house of ,representatives1 the ,committee on ,oversight and ,reform of the ,house of ,representatives1 the ,committee on ,appropriations of the ,house of ,representatives1 the ,committee on ,finance of the ,senate1 and the ,committee on ,appropriations of the ,senate on the obligation and expenditure of funds for projects under this paragraph4 7ii7 ,annual reports on ,,lihtc project loans ,for each year during the term of an initial loan financed by funds made available under this paragraph is outstanding1 the ,secretary shall provide an annual report to each of the committees identified in clause 7i7 on any repayment of such funds4 4 7b7 ,technical amendments ,sections #fjb7;c77#c7 and #fjc7;c77#c7 of title ,,vi of the ,social ,security ,act 7#db ,u4,s4,c4 #hjb7;c77#c71 #hjc7;c77#c77 are each amended by striking paragraph 7#ag7 of4