^*i^ti- PUBLIC LAW 105-65—OCT. 27, 1997 111 STAT. 1397 renew such contract, and the owner of the project shall accept the offer, if the initial renewal is in accordance with the terms and conditions specified in the mortgage restructuring and rental assistance sufficiency plan and the rental assistance assessment plan. (2) TENANT-BASED ASSISTANCE.— Subject to the availability of amounts provided in advance in appropriations Acts and to the control of the Secretary of applicable accounts in the Treasury of the United States, with respect to an expiring section 8 contract on an eligible multifamily housing project to be renewed with tenant-based assistance (based on a determination under subsection (c)), the Secretary shall enter into contracts with participating administrative entities pursuant to which the participating administrative entity shall provide for the renewal of section 8 assistance on an eligible multifamily housing project with tenant-based assistance, or the Secretary shall provide for such renewal, in accordance with the terms and conditions specified in the mortgage restructuring and rental assistance sufficiency plan and the rental assistance assessment plan. (b) REQUIRED COMMITMENT.— After the initial renewal of a section 8 contract pursuant to this section, the owner shall accept each offer made pursuant to subsection (a) to renew the contract, for the term of the affordability and use restrictions required by section 514(e)(6), if the offer to renew is on terms and conditions specified in the mortgage restructuring and rental assistance sufficiency plan. (c) DETERMINATION OF WHETHER TO RENEW WITH PROJECT- BASED OR TENANT-BASED ASSISTANCE.— (1) MANDATORY RENEWAL OF PROJECT-BASED ASSISTANCE.— Section 8 assistance shall be renewed with project-based assistance, if— (A) the project is located in an area in which the participating administrative entity determines, based on housing market indicators, such as low vacancy rates or high absorption rates, that there is not adequate available and affordable housing or that the tenants of the project would not be able to locate suitable imits or use the tenantbased assistance successfully; (B) a predominant number of the units in the project are occupied by elderly families, disabled families, or elderly and disabled families; (C) the project is held by a nonprofit cooperative ownership housing corporation or nonprofit cooperative housing trust. (2) RENTAL ASSISTANCE ASSESSMENT PLAN.— (A) IN GENERAL. — With respect to any project that is not described in paragraph (1), the participating administrative entity shall, after consultation with the owner of the project, develop a rental assistance assessment plan to determine whether to renew assistance for the project with tenant-based assistance or project-based assistance. (B) RENTAL ASSISTANCE ASSESSMENT PLAN REQUIRE- MENTS. —Each rental assistance assessment plan developed under this paragraph shall include an assessment of the impact of converting to tenant-based assistance and the impact of extending project-based assistance on—
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