PUBLIC LAW 105-276—OCT. 21, 1998 112 STAT. 2577 residents of the public housing project, including an assessment of the availability of decent and safe dwellings renting at or below the payment standard established for tenantbased assistance under section 8 by the agency; "(D) the impact of the conversion to tenant-based assistance under this section on the neighborhood in which the public housing project is located; and "(E) a plan that identifies actions, if any, that the public housing agency would take with regard to converting any public housing project or projects (or portions thereof) of the public housing agency to tenant-based assistance. "(2) TIMING.— Not later than 2 years after the effective Deadline. date under section 503(a) of the Quality Housing and Work Responsibility Act of 1998, each public housing agency shall conduct an assessment under paragraph (1) or (3) of the status of each public housing project owned by such agency and shall submit to the Secretary such assessment. A public housing agency may otherwise undertake an assessment under this subsection at any time and for any public housing project (or portion thereof) owned by the agency. A public housing agency may update a previously conducted assessment for a project (or portion thereof) for purposes of compliance with the one-year limitation under subsection (c). "(3) STREAMLINED ASSESSMENT.—At the discretion of the Secretary or at the request of a public housing agency, the Secretary may waive any or all of the requirements of paragraph (1) or (3) or otherwise require a streamlined assessment with respect to any public housing project or class of public housing projects. "(c) CRITERIA FOR IMPLEMENTATION OF CONVERSION PLAN.— A public housing agency may convert a public housing project (or portion thereof) owned by the agency to tenant-based assistance only pursuant to a conversion assessment under subsection (b) that one year and that demonstrates that the conversion— "(1) will not be more expensive than continuing to operate the public housing project (or portion thereof) as public housing; "(2) will principally benefit the residents of the public housing project (or portion thereof) to be converted, the public housing agency, and the community; and "(3) will not adversely affect the availability of affordable housing in such community. "(d) CONVERSION PLAN REQUIREMENT. — A public housing project may be converted under this section to tenant-based assistance only as provided in a conversion plan under this subsection, which has not been disapproved by the Secretary pursuant to subsection (e). Each conversion plan shall— "(1) be developed by the public housing agency, in consultation with the appropriate public officials, with significant participation by the residents of the project (or portion thereof) to be converted; "(2) be consistent with and part of the public housing agency plan; "(3) describe the conversion and fiiture use or disposition of the project (or portion thereof) and include an impact analysis on the affected community; "(4) provide that the public housing agency shall—
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