,,ii #aah? ,,congress #b;d ,session ,s4 #cica ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #ab1 #bjbd,mr4 ,br[n introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to pres]ve & protect multifamily h\s+ prop]ties assi/$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,af=dable ,h\s+ ,pres]vation & ,protection ,act ( #bjbd4 #b4 ,revitalization & pres]vation ( di/ress$ multifamily prop]ties 7a7 ,def9itions ,z us$ 9 ?is section-- 7#a7 ! t]m multifamily h\s+ project means a project consi/+ ( five or m dwell+ units assi/$ or approv$ to receive a transf] ( assi/ance1 insur$1 or ) a loan held by ! ,secret>y or a ,/ate or ,/ate ag5cy 9 "p or 9 :ole pursuant to-- 7,a7 section #h7;b7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7b772 7,b7 section #bjb ( ! ,h\s+ ,act ( #aiei 7#ab ,u4,s4,c4 #agjaq72 7,c7 section #bjb ( ! ,h\s+ ,act ( #aiei 7=m] #ab ,u4,s4,c4 #agjaq71 z su* section exi/$ be=e ! enactm5t ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7,public ,law #aja-fbe2 #ajd ,/at4 #djgi72 7,d7 section #haa ( ! ,cran/on-,gonzalez ,national ,af=dable ,h\s+ ,act 7#db ,u4,s4,c4 #hjac72 7,e7 section #bcf ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agaez-#a72 7,f7 a h\s+ assi/ance paym5ts contract = project-bas$ r5tal assi/ance2 or 7,g7 a ,second ,compon5t contract = project-bas$ r5tal assi/ance conv]t$ 9 accordance ) ! matt] "u ! head+ r5tal assi/ance demon/ration "u ! head+ managem5t & adm9i/ration "u ! head+ ,dep>tm5t ( ,h\s+ & ,urban ,developm5t 9 title ,,ii ( division ,c ( ! ,consolidat$ & ,cont9u+ ,appropriations ,act1 #bjab 7#db ,u4,s4,c4 #adcg;f note2 ,public ,law #aab-ee72 & 7#b7 ! t]m necess>y physical improvem5ts means new con/ruction or capital improvem5ts to an exi/+ multifamily h\s+ project t ! ,secret>y det]m9es are necess>y to address ! defici5cies or t rise to su* a level t delay+ physical improvem5ts to ! project w\ld be detrim5tal to ! longevity ( ! project z suitable h\s+ = occupancy4 7b7 ,au?ority ,to su* ext5t or 9 su* am\nts z provid$ 9 appropriations ,acts1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t 79 ?is section ref]r$ to z ! ,secret>y7 may (f] capital assi/ance "u ?is section to own]s or sponsors ( eligible multifamily h\s+ projects = ! purpose ( ensur+ ! long-t]m pres]vation ( safe1 af=dable h\s+4 7c7 ,eligible co/s ,! ,secret>y may use funds "u ?is section =-- 7#a7 ! co/ ( provid+ direct loans1 :i* may be =givable1 & ! co/s ( modify+ su* loans1 to own]s or sponsors ( di/ress$ multifamily h\s+ projects = ! purpose ( mak+ necess>y physical improvem5ts1 includ+ to subsidize gross obligations = ! pr9cipal am\nt ( su* loans1 subject to ! t]ms & conditions 9 subsection 7d71 to fund projects t improve physical conditions2 & 7#b7 adm9i/]+ ! implem5tation ( ?is section1 includ+-- 7,a7 ! co/ ( contracts or coop]ative agreem5ts to support implem5tation2 & 7,b7 co/s relat$ to outrea* & consultation ) resid5ts ( di/ress$ multifamily h\s+ projects & o!r community /akehold]s4 7d7 ,loan t]ms & conditions 7#a7 ,eligibility ,own]s or sponsors ( multifamily h\s+ projects :o meet ea* ( ! foll[+ requirem5ts %all be eligible = loan assi/ance "u ?is section3 7,a7 ,! multifamily h\s+ project1 includ+ any project f :i* assi/ance has be5 approv$ to be transf]r$ has defici5cies t cause ! project to be at risk ( physical obsolesc5ce or economic nonviability4 7,b7 ,! actual r5ts receiv$ by ! own] or sponsor ( ! di/ress$ prop]ty w\ld n adequately su/a9 ! debt ne$$ to make necess>y physical improvem5ts4 7,c7 ,! own] or sponsor meets any su* additional eligibility crit]ia z ! ,secret>y det]m9es to be appropriate1 consid]+ factors t contribut$ to ! project's defici5cies4 7,d7 ,! own] or sponsor agrees to ext5d or e/abli% an af=dable h\s+ use agreem5t = #cj ye>s & agrees to accept a r5ewal ( a h\s+ assi/ance paym5ts contract 9 any ye> 9 :i* a r5ewal is (f]$ by ! ,secret>y4 7#b7 ,use ( loan funds ,ea* recipi5t ( loan assi/ance "u ?is section may only use su* loan assi/ance = eligible uses1 z det]m9$ by ! ,secret>y1 to result 9 necess>y physical improvem5ts4 7#c7 ,loan availability ,! ,secret>y %all only provide loan assi/ance to an own] or sponsor ( a multifamily h\s+ project :5 su* assi/ance1 consid]$ ) o!r f9ancial res\rces available to ! own] or sponsor1 is ne$$ to make ! necess>y physical improvem5ts4 7#d7 ,int]e/ rates & l5g? ,loans provid$ "u ?is section %all be> int]e/ at #a p]c5t1 & at orig9ation %all h a repaym5t p]iod cot]m9\s ) ! af=dability p]iod describ$ 9 p>agraph 7#a77;,d71 ) ! frequ5cy & am\nt ( repaym5ts to be det]m9$ by requirem5ts e/abli%$ by ! ,secret>y4 7#e7 ,loan modifications or =giv5ess ,) respect to loans provid$ "u ?is section1 ! ,secret>y may take any ( ! foll[+ actions if ! ,secret>y det]m9es t do+ s w pres]ve af=dability ( ! project3 7,a7 ,waive any due on sale or due on ref9anc+ re/riction4 7,b7 ,cons5t to ! t]ms ( new debt to :i* ! loans may be subord9ate1 ev5 if su* new debt w\ld impact ! repaym5t ( ! loan4 7,c7 ,ext5d ! t]m ( ! loan4 7,d7 ,=give ! loan 9 :ole or 9 "p4 7#f7 ,mat*+ contribution ,ea* recipi5t ( loan assi/ance "u ?is section %all secure at lea/ #bj p]c5t ( ! total co/ ne$$ to make ! necess>y physical improvem5ts f non-,f$]al s\rces1 except 9 cases :]e ! ,secret>y det]m9es t a lack ( f9ancial res\rces qualifies a loan recipi5t =-- 7,a7 a r$uc$ contribution bel[ #bj p]c5t2 or 7,b7 an exemption to ! mat*+ contribution requirem5t4 7#g7 ,additional loan conditions ,! ,secret>y may e/abli% additional conditions = loan eligibility provid$ "u ?is section z ! ,secret>y det]m9es to be appropriate4 7#h7 ,multifamily h\s+ projects insur$ by ! ,secret>y ,9 ! case ( any prop]ty ) respect to :i* assi/ance is provid$ "u ?is section t has a mortgage insur$ by ! ,secret>y1 ! ,secret>y may use funds available "u ?is section z necess>y to pay = ! co/s ( modify+ su* loan4 7e7 ,implem5tation 7#a7 ,9 g5]al ,! ,secret>y %all take /eps to ensure ! effective implem5tation ( ?is section1 includ+ ensur+-- 7,a7 timely execution ( rehabilitation activities fund$ by assi/ance "u ?is section2 7,b7 ongo+ own] compliance ) contract or program requirem5ts2 & 7,c7 outrea* to & consultation ) resid5ts ( di/ress$ prop]ties4 7#b7 ,requirem5ts ,! ,secret>y %all h ! au?ority to e/abli% by notice any requirem5ts t ! ,secret>y det]m9es are necess>y = timely & effective implem5tation ( ! program & exp5diture ( funds appropriat$1 :i* requirem5ts %all take effect ^u issuance4 7f7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ to ! ,secret>y to c>ry out ?is section-- 7#a7 = fiscal ye> #bjbe1 #be1jjj1jjj2 & 7#b7 = ea* fiscal ye> !reaft]1 su* sums z may be necess>y4