Ill STAT. 1398 PUBLIC LAW 105-65—OCT. 27, 1997 (i) the ability of the tenants to find adequate, available, decent, comparable, and affordable housing in the local market; (ii) the types of tenants residing in the project (such as elderly families, disabled families, large families, and cooperative homeowners); (iii) the local housing needs identified in the comprehensive housing affordability strategy, and local market vacancy trends; (iv) the cost of providing assistance, comparing the applicable payment standard to the project's adjusted rent levels determined under section 514(g); (v) the long'-term financial stability of the project; (vi) the ability of residents to make reasonable choices about their individual living situations; (vii) the quality of the neighborhood in which the tenants would reside; and (viii) the project's ability to compete in the marketplace. (C) REPORTS TO DIRECTOR.—Each participating administrative entity shall report regularly to the Director as defined in subtitle D, as the Director shall require, identifying— (i) each eligible multifamily housing project for which the entity has developed a rental assistance assessment plan under this paragraph that determined that the tenants of the project generally supported renewal of assistance with tenant-based assistance, but under which assistance for the project was renewed with project-based assistance; and (ii) each project for which the entity has developed such a plan under which the assistance is renewed using tenant-based assistance. (3) ELIGIBILITY FOR TENANT-BASED ASSISTANCE.— Subject to paragraph (4), with respect to any project that is not described in paragraph (1), if a participating administrative entity approves the use of tenant-based assistance based on a rental assistance assessment plan developed under paragraph (2), tenant-based assistance shall be provided to each assisted family (other than a family already receiving tenant-based assistance) residing in the project at the time the assistance described in section 512(2)(B) terminates. (4) RENTS FOR FAMILIES RECEIVING TENANT-BASED ASSIST- ANCE. — (A) IN GENERAL.— Notwithstanding subsection (c)(1) or (o)(l) of section 8 of the United States Housing Act of 1937, in the case of any family described in paragraph (3) that resides in a project described in section 512(2)(B) in which the reasonable rent (which rent shall include any amount allowed for utilities and shall hot exceed compsirable market rents for the relevant housing market area) exceeds the fair market rent limitation or the payment standard, as applicable, the amount of assistemce for the family shall be determined in accordance with subparagraph (B). (B) MAXIMUM MONTHLY RENT; PAYMENT STANDARD. — With respect to the certificate program under section 8(b)
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