Page:United States Statutes at Large Volume 112 Part 3.djvu/831

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PUBLIC LAW 105-276—OCT. 21, 1998 112 STAT. 2661 SEC. 599C. AMENDMENTS TO RURAL HOUSING PROGRAMS. (a) PERMANENT EXTENSION OF UNDERSERVED AREAS PRO- GRAM.—Section 509(f)(4)(A) of the Housing Act of 1949 (42 U.S.C. 1479(f)(4)(A)) is amended— (1) in the first sentence, by striking "fiscal year 1998" and inserting "each fiscal year"; and (2) in the second sentence, by striking "such fiscal year" and inserting "each fiscal year". (b) PERMANENT EXTENSION OF SECTION 515 PROGRAM.— (1) AUTHORITY TO MAKE LOANS. —Section 515(b) of the Housing Act of 1949 (42 U.S.C. 1485(b)(4)) is amended— (A) by striking paragraph (4); and (B) by redesignating paragraphs (5), (6), and (7) as paragraphs (4), (5), and (6), respectively. (2) SET-ASIDE FOR NONPROFIT ENTITIES.—The first sentence of section 515(w)(l) of the Housing Act of 1949 (42 U.S.C. 1485(w)(l)) is amended by striking "fiscal year 1998" and inserting "each fiscal year". (c) LOAN GUARANTEE PROGRAM FOR MULTIFAMILY RENTAL HOUSING IN RURAL AREAS.—Section 538 of the Housing Act of 1949 (42 U.S.C. 1490p-2) is amended— (1) in subsection (t), by striking "fiscal year 1998" and inserting "each fiscal year"; and (2) by striking subsection (u) and inserting the following new subsection: "(u) TAX-EXEMPT FINANCING.— The Secretary may not deny a guarantee under this section on the basis that the interest on the loan or on an obligation supporting the loan for which a guarantee is sought is exempt from inclusion in gross income for purposes of chapter I of the Internal Revenue Code of 1986.". (d) FARM LABOR HOUSING ELIGIBILITY FOR LOW-INCOME HOUS- ING TAX CREDIT FINANCING.— The first sentence of section 514(a) of the Housing Act of 1949 (42 U.S.C. 1484(a)) is amended by inserting ", or any nonprofit limited partnership in which the general partner is a nonprofit entity," after "private nonprofit organization". (e) OPTIONAL CONVERSION OF RENTAL ASSISTANCE PAYMENTS TO OPERATING SUBSIDY FOR MIGRANT FARMWORKER PROJECTS. — (1) IN GENERAL.— Section 521(a) of the Housing Act of 42 USC i490a. 1949 (42 U.S.C. 1490(a)) is amended by adding at the end the following new paragraph: " (5) OPERATING ASSISTANCE FOR MIGRANT FARMWORKER PROJECTS.— "(A) AUTHORITY.— In the case of housing (and related facilities) for migrant farmworkers provided or assisted with a loan under section 514 or a grant under section 516, the Secretary may, at the request of the owner of the project, use amounts provided for rental assistance payments under paragraph (2) to provide assistance for the costs of operating the project. Any project assisted under this paragraph may not receive rental assistance under paragraph (2). "(B) AMOUNT. —In any fiscal year, the assistance provided under this paragraph for any project shall not exceed an amount equal to 90 percent of the operating costs for the project for the year, as determined by the Secretary. The amount of assistance to be provided for a project under this paragraph shall be an amount that makes units in the project available to