12 2 STA T . 2 873PUBLIC LA W 11 0– 28 9—J UL Y 30 , 2008 theproj e c tth a t are n ot occ u p i e dbyf a m i l ie s assisted w ith tenant - based assistance under this subsection
and ‘ ‘ (I I ) the payment standard established by the public housin g agency for a unit of the si z e in v olved .’ ’. (b) SECTION20 2 H O US IN GF O RELD ERL YP ERSONS. — Subsection (f) of section 202 of the Housing A ct of 195 9 (12 U .S. C . 1 7 01 q (f)) is amended— (1) by stri k ing ‘‘SELECTION CRITERI A .—’’ and inserting ‘‘INI- TIAL SELECTION CRITERIA AND PROCESSING.— (1) SELECTION CRITERIA.—’’; (2) by redesignating paragraphs (1) through (7) as subpara- graphs (A) through ( G ) , respectively; and ( 3 ) by adding at the end the following new paragraph
‘‘(2) D ELEGATED P ROCESSING.— ‘‘(A) In issuing a capital advance under this subsection for any project for which financing for the purposes described in the last two sentences of subsection (b) is provided by a combination of a capital advance under sub- section (c)(1) and sources other than this section, within 30 days of award of the capital advance, the Secretary shall delegate review and processing of such projects to a State or local housing agency that— ‘‘(i) is in geographic pro x imity to the property; ‘‘(ii) has demonstrated experience in and capacity for underwriting multifamily housing loans that pro- vide housing and supportive services; ‘‘(iii) may or may not be providing low-income housing tax credits in combination with the capital advance under this section, and ‘‘(iv) agrees to issue a firm commitment within 12 months of delegation. ‘‘( B ) T he Secretary shall retain the authority to process capital advances in cases in which no State or local housing agency has applied to provide delegated processing pursu- ant to this paragraph or no such agency has entered into an agreement with the Secretary to serve as a delegated processing agency. ‘‘(C) An agency to which review and processing is dele- gated pursuant to subparagraph (A) may assess a reason- able fee which shall be included in the capital advance amounts and may recommend project rental assistance amounts in excess of those initially awarded by the Sec- retary. The Secretary shall develop a schedule for reason- able fees under this subparagraph to be paid to delegated processing agencies, which shall take into consideration any other fees to be paid to the agency for other funding provided to the project by the agency, including bonds, tax credits, and other gap funding. ‘‘(D) Under such delegated system, the Secretary shall retain the authority to approve rents and development costs and to execute a capital advance within 6 0 days of receipt of the commitment from the State or local agency. The Secretary shall provide to such agency and the project sponsor, in writing, the reasons for any reduction in capital Deadlin e . Deadline s .
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