Page:United States Statutes at Large Volume 124.djvu/4105

124 STAT. 4079 PUBLIC LAW 111–372—JAN. 4, 2011 SEC. 105. NONMETROPOLITAN ALLOCATION. Paragraph (3) of section 202(l) of the Housing Act of 1959 (12 U.S.C. 1701q(l)(3)) is amended by inserting after the period at the end the following: ‘‘In complying with this paragraph, the Secretary shall either operate a national competition for the non- metropolitan funds or make allocations to regional offices of the Department of Housing and Urban Development.’’. TITLE II—REFINANCING SEC. 201. APPROVAL OF PREPAYMENT OF DEBT. Subsection (a) of section 811 of the American Homeownership and Economic Opportunity Act of 2000 (12 U.S.C. 1701q note) is amended— (1) in the matter preceding paragraph (1), by inserting ‘‘, for which the Secretary’s consent to prepayment is required,’’ after ‘‘Affordable Housing Act)’’; (2) in paragraph (1)— (A) by inserting ‘‘at least 20 years following’’ before ‘‘the maturity date’’; (B) by inserting ‘‘project-based’’ before ‘‘rental assist- ance payments contract’’; (C) by inserting ‘‘project-based’’ before ‘‘rental housing assistance programs’’; and (D) by inserting ‘‘, or any successor project-based rental assistance program,’’ after ‘‘1701s))’’; (3) by amending paragraph (2) to read as follows: ‘‘(2) the prepayment may involve refinancing of the loan if such refinancing results in— ‘‘(A) a lower interest rate on the principal of the loan for the project and in reductions in debt service related to such loan; or ‘‘(B) a transaction in which the project owner will address the physical needs of the project, but only if, as a result of the refinancing— ‘‘(i) the rent charges for unassisted families residing in the project do not increase or such families are provided rental assistance under a senior preserva- tion rental assistance contract for the project pursuant to subsection (e); and ‘‘(ii) the overall cost for providing rental assistance under section 8 for the project (if any) is not increased, except, upon approval by the Secretary to— ‘‘(I) mark-up-to-market contracts pursuant to section 524(a)(3) of the Multifamily Assisted Housing Reform and Affordability Act (42 U.S.C. 1437f note), as such section is carried out by the Secretary for properties owned by nonprofit organizations; or ‘‘(II) mark-up-to-budget contracts pursuant to section 524(a)(4) of the Multifamily Assisted Housing Reform and Affordability Act (42 U.S.C. 1437f note), as such section is carried out by the Secretary for properties owned by eligible owners (as such term is defined in section 202(k) of the