12 2 STA T . 2 869PUBLIC LA W 11 0– 289 —J UL Y3 0 , 2008 ‘ ‘ (C)EXIST I NGREQU IRE M ENTS .—Anyactio n s ta ke n pur suant to t h is para g raph sha l l b etakenina m anner that pro v i d es f or full compliance w ith any e x isting re q uire - ments under law or regulation that are designed to protect families receiving F ederal housing assistance , including income targeting, rent, and fair housing provisions, and shall also comply with requirements regarding environ- mental review and protection and wages paid to laborers. ‘‘( D ) R E CO MMEN DA TIONS.— I n implementing the changes required under this paragraph, the S ecretary shall solicit recommendations regarding such changes from pro j ect owners and sponsors, investors and stakeholders in housing tax credits, State and local housing finance agencies, tenant advocates, and other stakeholders in such projects. ’ ’. SEC.2834 . U SE OF F HAL OA N S WIT H HOUSIN G TA X C R E D ITS. (a) SU B SID YL AYERING REQUIREMENTS.—Subsection (d) of sec- tion 102 of the Department of H ousing and U rban Development Reform Act of 1 98 9( 4 2 U.S.C. 35 45(d)) is amended— (1) in the first sentence, by inserting after ‘‘assistance within the jurisdiction of the Department’’ the following
‘‘, as such term is defined in subsection (m), except that for purposes of this subsection such term shall not include any mortgage insurance provided pursuant to title II of the N ational Housing Act (12 U.S.C. 1 7 07 et seq.)’’
and (2) in the second sentence, by inserting ‘‘such’’ before ‘‘assistance’’. (b) COST CERTI F ICATION.—Section 227 of National Housing Act (12 U.S.C. 1715r) is amended— (1) in the matter preceding paragraph (a) (relating to a definition of ‘‘new or rehabilitated multifamily housing’’)— (A) in the first sentence— (i) by striking ‘‘Notwithstanding’’ and inserting ‘‘Except as provided in subsection (b) and notwith- standing’’; and (ii) by redesignating clauses (a) and (b) as clauses (A) and ( B ), respectively; and (B) by striking ‘‘As used in this section—’’; (2) in paragraph (c) (relating to a definition of ‘‘actual cost’’)— (A) in clause (i), by redesignating clauses (1) and (2) as clauses (I) and (II), respectively; and (B) in clause (ii), by redesignating clauses (1) and (2) as clauses (I) and (II), respectively; (3) by redesignating paragraphs (a), (b), and (c) as para- graphs (1), (2), and (3), respectively; (4) by inserting before paragraph (1) (as so redesignated by paragraph (3) of this subsection) the following: ‘‘(b) EXEM P TION FOR CERTAIN P RO J ECTS ASSISTED W IT H LO W - INCOME HOUSING T AX CREDIT.—In the case of any mortgage insured under any provision of this title that is executed in connection with the construction, rehabilitation, purchase, or refinancing of a multifamily housing project for which equity provided through any low-income housing tax credit pursuant to section 42 of the Internal Revenue Code of 198 6 (26 U.S.C. 42), if the Secretary determines at the time of issuance of the firm commitment for
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