PUBLIC LAW 105-65 —OCT. 27, 1997 111 STAT. 1407 (c) REUSE AND RESCISSION OF CERTAIN RECAPTURED BUDGET AUTHORITY.— Section 8(bb) of the United States Housing Act of 1937 (42 U.S.C. 1437f(bb)) is amended— (1) by inserting after "(bb)" the following: " TRANSFER, REUSE, AND RESCISSION OF BUDGET AUTHORITY.— "(1)"; and (2) by inserting the following new paragraph at the end: "(2) REUSE AND RESCISSION OF CERTAIN RECAPTURED BUDGET AUTHORITY. — Notwithstanding paragraph (1), if a project-based assistance contract for an eligible multifamily housing project subject to actions authorized under title I is terminated or amended as part of restructuring under section 517 of the Multifamily Assisted Housing Reform and Affordability Act of 1997, the Secretary shall recapture the budget authority not required for the terminated or amended contract and use such amounts as are necessary to provide housing assistance for the same number of families covered by such contract for the remaining term of such contract, under a contract providing for project-based or tenant-based assistance. The amount of budget authority saved as a result of the shift to project-based or tenant-based assistance shall be rescinded.". (d) SECTION 8 CONTRACT RENEWALS.— Section 405(a) of the Balanced Budget Downpa5mient Act, I (42 U.S.C. 1437f note) is amended by striking "For" and inserting "Notwithstanding part 24 of title 24 of the Code of Federal Regulations, for". (e) RENEWAL UPON REQUEST OF OWNER.— Section 211(b)(3) of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 (Public Law 104-204; 110 Stat. 2896) is amended— 42 USC I437f (1) by striking the paragraph heading and inserting the note. following: "(3) EXEMPTION OF CERTAIN OTHER PROJECTS.—"; and (2) by striking "section 202 projects, section 811 projects and section 515 projects" and inserting "section 202 projects, section 515 projects, projects with contracts entered into pursuant to section 441 of the Stewart B. McKinney Homeless Assistance Act, and projects with rents that exceed 100 percent of fair market rent for the market area, but that are less than rents for comparable projects". (f) EXTENSION OF DEMONSTRATION CONTRACT PERIOD. —Section 212(g) of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 (Public Law 104-204) is amended— 42 USC I437f (1) by inserting "(1)" after "(g)"; note. (2) by inserting before the period at the end the following: "or in paragraph (2)"; and (3) by adding at the end the following: "(2) The Secretary may renew a demonstration contract for an additional period of not to exceed 120 days, if— "(A) the contract was originally executed before February 1, 1997, and the Secretary determines, in the sole discretion of the Secretary, that the renewal period for the contract needs to exceed 1 year, due to delay of publication of the Secretary's demonstration program guidelines until January 23, 1997 (not to exceed 21 projects); or "(B) the contract was originally executed before October 1, 1997, in connection with a project that has been identified
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