106 STAT. 4032 PUBLIC LAW 102-550—OCT. 28, 1992 42 USC 11405. Contracts. 42 USC 11405a. (f) PROJECT- AND SPONSOR-BASED RENTAL ASSISTANCE AND SIN- GLE ROOM OCCUPANCY DWELLINGS.— Subtitle F of title IV of the Stewart B. McKinney Homeless Assistance Act (42 U.S.C. 11403 et seq.), as amended by the preceding provisions of this section, is further amended by inserting at the end the following new parts: " PART m—PROJECT-BASED RENTAL ASSISTANCE '«EC. 476. AUTHORITY. The Secretary may use amounts made available under section 463 to provide project-based rental housing assistance for eligible persons in accordance with this part.
- «£€. 477. HOUSING ASSISTANCE.
"Assistance under this part shall be provided pursuant to a contract between the recipient and an owner of an existing structure. The contract shall provide that rental assistance payments shall be made to the owner and that the units in the structure shall be occupied by eligible persons for not less than the term of the contract. 42 USC 11405b. SEC. 478. TERM OF CONTRACT AND AMOUNT OF ASSISTANCE.
- (a) TERM OF CONTRACT.—Each contract with a recipient for
assistance under this part shall be for a term of 5 years, and the owner shall have an option to renew the assistance for an additional 5-year term, subject to the availability of amounts provided in appropriation Acts; except that if an expenditure of at least $3,000 for each unit (including its prorated share of work on common areas or systems) is required to make the structure decent, safe, and sanitary, and the owner agrees to carry out the rehabilitation with resources other than assistance under this subtitle within 12 months of notification of grant approval, the contract shall be for a term of 10 years. "(b) AMOUNT OF ASSISTANCE.—Each contract shall provide that the recipient shall receive ag^egate amounts not to exceed the appropriate existing housing fair market rental under section 8(c)(l) of the United States Housing Act of 1937 in effect at the time the application is approved. Any amounts not needed for a year may be used to increase the cunount available in subsequent years.
- PART IV--SPONSOR-BASED RENTAL
ASSISTANCE 42 USC 11406. Contracts. 42 USC 11406a. •SEC. 481. AUTHORITY. The Secretary may use amounts made available under section 463 to provide sponsor-based rental assistance for eligible persons in accordance with this part. •SEC. 482. HOUSING ASSISTANCE. "Assistance under this part shall be provided pursuant to a contract between the recipient and a private nonprofit sponsor that owns or leases dwelling units. The contract shall provide that rental assistance payments shall be made-to the sponsor and that such assisted units shall be occupied by eligible persons.
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