12 2 STA T . 2 7 22 PUBLIC LA W 11 0– 2 89—J UL Y3 0 , 2008 ‘ ‘ (1)INGE NE RAL.—TheS e cr e ta r ys ha l l i ss u ere g ulati on s to carry out this section. ‘‘( 2 ) R E QUI RE DCO N T ENT S .—The regulations issue d under this su b section shall include— ‘‘( A )are q uire m ent that the Secretary ensure that the use o f grant amounts under this section by States or State designated entities is audited not less than annually to ensure com p liance w ith this section
‘‘( B ) authority for the Secretary to audit , pro v ide for an audit, or otherwise verify a State or State designated entity ’ s activities to ensure compliance with this section; ‘‘( C ) a requirement that, for the purposes of subpara - graphs (A) and (B), any financial statement submitted by a grantee or recipient to the Secretary shall be reviewed by an independent certified public accountant in accordance with Statements on Standards for Accounting and Review Services, issued by the American Institute of Certified P ublic Accountants; ‘‘( D ) requirements for a process for application to, and selection by, each State or State designated entity for activi- ties meeting the State or State designated entity’s priority housing needs to be funded with grant amounts under this section, which shall provide for priority in funding to be based upon— ‘‘(i) geographic diversity; ‘‘(ii) ability to obligate amounts and underta k e activities so funded in a timely manner; ‘‘(iii) in the case of rental housing pro j ects under subsection (c)( 7 )(A), the e x tent to which rents for units in the project funded are affordable, especially for extremely low-income families; ‘‘(iv) in the case of rental housing projects under subsection (c)(7)(A), the extent of the duration for which such rents will remain affordable; ‘‘(v) the extent to which the application makes use of other funding sources; and ‘‘(vi) the merits of an applicant’s proposed eligible activity; ‘‘( E ) requirements to ensure that grant amounts pro- vided to a State or State designated entity under this section that are used for rental housing under subsection (c)(7)(A) are used only for the benefit of extremely low- and very low-income families; and ‘‘( F ) requirements and standards for establishment, by a State or State designated entity, for use of grant amounts in2 0 0 9 and subsequent years of performance goals, bench- marks, and timetables for the production, preservation, and rehabilitation of affordable rental and homeownership housing with such grant amounts. ‘‘(h) A F FORDA B LE H OUSING TRUST FUND.—If, after the date of enactment of the Federal Housing Finance Regulatory Reform Act of 200 8 , in any year, there is enacted any provision of Federal law establishing an affordable housing trust fund other than under this title for use only for grants to provide affordable rental housing and affordable homeownership opportunities, and the subsequent year is a year referred to in subsection (c), the Secretary shall in such subsequent year and any remaining years referred to in Deadlin e .
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