12 2 STA T . 2 87 2 PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 (E)insubpar a g rap h ( I )(i) , b y ins e r t ing be fo re the se m i -c o l on the follo w ing
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‘,e x cept that the contract may pro v i d e that the maximum rent permitted for a dwelling unit shall not be less than the initial rent for the dwelling unit under the initial housing assistance payments contract cov- ering the unit ’ ’
and ( F ) by adding at the end the following new subpara- graphs: ‘‘( L ) USEINCO O P E RAT I V E H O U SIN G AN D E L EVATOR B UILDINGS .—A public housing agency may enter into a housing assistance payments contract under this paragraph with respect to— ‘‘(i) dwelling units in cooperative housing; and ‘‘(ii) notwithstanding subsection (c), dwelling units in a high-rise elevator pro j ect, including such a project that is occupied by families with children, without review and approval of the contract by the S ecretary. ‘‘( M ) R EVIE W S.— ‘‘(i) SUBSID Y LAYERING.—A subsidy layering review in accordance with section 102 (d) of the D epartment of H ousing and Urban Development Reform Act of 1 98 9( 4 2 U.S. C . 35 45(d)) shall not be re q uired for assistance under this paragraph in the case of a housing assistance payments contract for an existing structure, or if a subsidy layering review has been conducted by the applicable State or local agency. ‘‘(ii) ENVIRON M ENTAL REVIEW.—A public housing agency shall not be required to underta k e any environ- mental review before entering into a housing assistance payments contract under this paragraph for an existing structure, except to the extent such a review is other- wise required by law or regulation.’’. (2) V OUCHER PROGRAM RENT REASONABLENESS.—Section 8(o)(10) of the United States Housing Act of 193 7 (42 U.S.C. 1437f(o)(10)) is amended by adding at the end the following new subparagraph; ‘‘(F) T A X CREDIT PRO J ECTS.—In the case of a dwelling unit receiving tax credits pursuant to section 42 of the Internal Revenue Code of 198 6 or for which assistance is provided under subtitle A of title II of the Cranston G on z alez N ational Affordable Housing Act of 1990, for which a housing assistance contract not subject to para- graph (13) of this subsection is established, rent reasonable- ness shall be determined as otherwise provided by this paragraph, except that— ‘‘(i) comparison with rent for units in the private, unassisted local market shall not be required if the rent is equal to or less than the rent for other com- parable units receiving such tax credits or assistance in the project that are not occupied by families assisted with tenant-based assistance under this subsection; and ‘‘(ii) the rent shall not be considered reasonable for purposes of this paragraph if it exceeds the greater of— ‘‘(I) the rents charged for other comparable units receiving such tax credits or assistance in
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