SECTION 8 COMMUNITY INVESTMENT DEMONSTRATION EXCERPT FROM HUD DEMONSTRATION ACT OF 1993 [Public Law 103–120; 107 Stat. 1148; 42 U.S.C. 1437f note] SEC. 6. [42 U.S.C. 1437f note] SECTION 8 COMMUNITY INVESTMENT DEMONSTRATION PROGRAM. (a) DEMONSTRATION PROGRAM.-The Secretary shall carry out a demonstration program to attract pension fund investment in affordable housing through the use of project-based rental assistance under section 8 of the United States Housing Act of 1937. (b) FUNDING REQUIREMENTS.-In carrying out this section, the Secretary shall ensure that not less than 50 percent of the funds appropriated for the demonstration program each year are used in conjunction with the disposition of either (1) multifamily properties owned by the Department; or (2) multifamily properties securing mortgages held by the Department. (c) CONTRACT TERMS. (1) IN GENERAL.-Project-based assistance under this section shall be provided pursuant to a contract entered into by the Secretary and the owner of the eligible housing that (A) provides assistance for a term of not less than 60 months and not greater than 180 months; and (B) provides for contract rents, to be determined by the Secretary, which shall not exceed contract rents permitted under section 8 of the United States Housing Act of 1937, taking into consideration any costs for the construction, rehabilitation, or acquisition of the housing. (2) AMENDMENT TO SECTION 203.-Section 203 of the Housing and Community Development Amendments of 1978 (12 U.S.C. 1701z-11) is amended by adding at the end the following new subsection: "(1) Project-based assistance in connection with the disposition of a multifamily housing project may be provided for a contract term of less than 15 years if such assistance is provided— "(1) under a contract authorized under section 6 of the HUD Demonstration Act of 1993; and “(2) pursuant to a disposition plan under this section for a project that is determined by the Secretary to be otherwise in compliance with this section.". (d) LIMITATION. (1) The Secretary may not provide (or make a commitment to provide) more than 50 percent of the funding for housing financed by any single pension fund, except that this limitation shall not apply if the Secretary, after the end of the 6-month period beginning on the date notice is issued under subsection (e)(A) determines that (i) there are no expressions of interest that are likely to result in approvable applications in the reasonably foreseeable future; or (ii) any such expressions of interest are not likely to use all funding under this section; and (B) so informs the Committee on Banking, Finance and Urban Affairs of the House of Representatives 1 and the Committee on Banking, Housing, and Urban Affairs of the Senate. (2) If the Secretary determines that there are expressions of interest referred to in paragraph (1)(A)(ii), the Secretary may reserve funding sufficient in the Secretary's determination to fund such applications and may use any remaining funding for other pension funds in accordance with this section. (e) IMPLEMENTATION.-The Secretary shall by notice establish such requirements as may be necessary to carry out the provisions of this section. The notice shall take effect upon issuance. (f) APPLICABILITY OF ERISA.-Notwithstanding section 514(d) of the Employee Retirement Income Security Act of 1974, nothing in this section shall be construed to authorize any action or failure to act that would constitute a violation of such Act. (g) REPORT.-Not later than 3 months after the last day of each fiscal year, the Secretary shall submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives1 and the Committee on Banking, Housing, and Urban Affairs of the Senate a report summarizing the activities carried out under this section during that fiscal year. (h) ESTABLISHMENT OF STANDARDS.-Mortgages secured by housing assisted under this demonstration shall meet such standards regarding financing and securitization as the Secretary may establish. (i) AUTHORIZATION OF APPROPRIATIONS.-There are authorized to be appropriated $100,000,000 for fiscal year 1994 to carry out this section. [G) [Repealed.]] (k) TERMINATION DATE.-The Secretary shall not enter into any new commitment to provide assistance under this section after September 30, 1998. 1Section 1(a) of Public Law 104-14, 109 Stat. 186, provides, in part, that "any reference in any provision of law enacted before January 4, 1995, to... the Committee on Banking, Finance and Urban Affairs of the House of Representatives shall be treated as referring to the Committee on Banking and Financial Services of the House of Representatives". USE OF FUNDS RECAPTURED FROM REFINANCING STATE AND LOCAL FINANCE PROJECTS EXCERPT FROM STEWART B. MCKINNEY HOMELESS ASSISTANCE AMENDMENTS ACT OF 1988 [Public Law 102–550; 106 Stat. 3722; 42 U.S.C. 1437f note] SEC. 1012. [42 U.S.C. 1437f note] USE OF FUNDS RECAPTURED FROM REFINANCING STATE AND LOCAL FINANCE PROJECTS. (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. to (1) RETROACTIVITY.-This section shall apply 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. STUDY OF METHODS FOR EVALUATING PUBLIC EXCERPT FROM QUALITY HOUSING AND WORK RESPONSIBILITY ACT OF 1998 [Public Law 105–276; 112 Stat. 2624; 42 U.S.C. 1437d note] SEC. 563. [42 U.S.C. 1437d note] STUDY OF ALTERNATIVE METHODS FOR EVALUATING PUBLIC HOUSING AGENCIES. (a) IN GENERAL.-The Secretary of Housing and Urban Development shall provide under subsection (e) for a study to be conducted to determine the effectiveness of various alternative methods of evaluating the performance of public housing agencies and other providers of federally assisted housing. (b) PURPOSES.-The purposes of the study under this section shall be (1) to identify and examine various methods of evaluating and improving the performance of public housing agencies in administering public housing and tenant-based rental assistance programs and of other providers of federally assisted housing, which are alternatives to oversight by the Department of Housing and Urban Development; and (2) to identify specific monitoring and oversight activities currently conducted by the Department of Housing and Urban Development and to evaluate whether such activities should be eliminated, expanded, modified, or transferred to other entities (including governmental and private entities) to increase accuracy and effectiveness and improve monitoring. (c) EVALUATION OF VARIOUS PERFORMANCE EVALUATION SYSTEMS. To carry out the purposes under subsection (b), the study under this section shall identify, and analyze the advantages and disadvantages of various methods of regulating and evaluating the performance of public housing agencies and other providers of federally assisted housing, including the following methods: (1) CURRENT SYSTEM.-The system pursuant to the United States Housing Act of 1937, including the methods and requirements under such system for reporting, auditing, reviewing, sanctioning, and monitoring of such agencies and housing providers and the public housing management assessment program pursuant to section 6(j) of the United States Housing Act of 1937. (2) ACCREDITATION MODELS.-Various models that are based upon accreditation of such agencies and housing providers, subject to the following requirements: (A) The study shall identify and analyze various models used in other industries and professions for accreditation and determine the extent of their applicability to the 353 STUDY OF METHODS FOR EVALUATING PUBLIC HOUSING AGENCIES Sec. 563 programs for public housing and federally assisted housing. (B) If any accreditation models are determined to be applicable to the public and federally assisted housing programs, the study shall identify appropriate goals, objectives, and procedures for an accreditation program for such agencies and housing providers. (C) The study shall evaluate the feasibility and merit of establishing an independent accreditation and evaluation entity to assist, supplement, or replace the role of the Department of Housing and Urban Development in assessing and monitoring the performance of such agencies and housing providers. (D) The study shall identify the necessary and appropriate roles and responsibilities of various entities that would be involved in an accreditation program, including the Department of Housing and Urban Development, the Inspector General of the Department, an accreditation entity, independent auditors and examiners, local entities, and public housing agencies. (E) The study shall estimate the costs involved in developing and maintaining such an independent accreditation program. (3) PERFORMANCE BASED MODELS.-Various performancebased models, including systems that establish performance goals or targets, assess the compliance with such goals or targets, and provide for incentives or sanctions based on performance relative to such goals or targets. (4) LOCAL REVIEW AND MONITORING MODELS.-Various models providing for local, resident, and community review and monitoring of such agencies and housing providers, including systems for review and monitoring by local and State governmental bodies and agencies. (5) PRIVATE MODELS.-Various models using private contractors for review and monitoring of such agencies and housing providers. (6) OTHER MODELS.—Various models of any other systems that may be more effective and efficient in regulating and evaluating such agencies and housing providers. (d) CONSULTATION. The entity that, pursuant to subsection (e), carries out the study under this section shall, in carrying out the study, consult with individuals and organizations experienced in managing public housing, private real estate managers, representatives from State and local governments, residents of public housing, families and individuals receiving tenant-based assistance, the Secretary of Housing and Urban Development, the Inspector General of the Department of Housing and Urban Development, and the Comptroller General of the United States. (e) CONTRACT TO CONDUCT STUDY. (1) IN GENERAL.-Subject to paragraph (2), the Secretary shall enter into a contract, within 90 days of the enactment of |