Page:United States Statutes at Large Volume 112 Part 3.djvu/722

From Wikisource
Jump to: navigation, search
This page needs to be proofread.


112 STAT. 2552 PUBLIC LAW 105-276—OCT. 21, 1998 agency, which shall be, for any fiscal year beginning after the effective date of the formulas described in subsections (d)(2) and (e)(2)— "(A) for assistance from the Capital Fund, the amount determined for the agency under the formula under subsection (d)(2); and "(B) for assistance from the Operating Fund, the amount determined for the agency under the formula under subsection (e)(2). "(2) FUNDING. — There are authorized to be appropriated for assistance for public housing agencies under this section the following amounts: "(A) CAPITAL FUND. —For allocations of assistance from the Capital Fund, $3,000,000,000 for fiscal year 1999, and such sums as may be necessary for fiscal years 2000, 2001, 2002, and 2003. "(B) OPERATING FUND. —For allocations of assistance from the Operating Fund, $2,900,000,000 for fiscal year 1999, and such sums as may be necessary for each of fiscal years 2000, 2001, 2002, and 2003. "(d) CAPITAL FUND. — "(1) IN GENERAL. —The Secretary shall establish a Capital Fund for the purpose of making assistance available to public housing agencies to carry out capital and management activities, including— "(A) the development, financing, and modernization of public housing projects, including the redesign, reconstruction, and reconfiguration of public housing sites and buildings (including accessibility improvements) and the development of mixed-finance projects; "(B) vacancy reduction; "(C) addressing deferred maintenance needs and the replacement of obsolete utility systems and dwelling equipment; "(D) planned code compliance; "(E) management improvements; "(F) demolition and replacement; "(G) resident relocation; "(H) capital expenditures to facilitate programs to improve the empowerment and economic self-sufficiency of public housing residents and to improve resident participation; "(I) capital expenditures to improve the security and safety of residents; and "(J) homeownership activities, including programs under section 32. "(2) FORMULA. — The Secretary shall develop a formula for determining the amount of assistance provided to public housing agencies from the Capital Fund for a fiscal year, which shall include a mechanism to reward performance. The formula may take into account such factors as— "(A) the number of public housing dwelling units owned, assisted, or operated by the public housing agency, the characteristics and locations of the projects, and the characteristics of the families served and to be served (including the incomes of the families);