123STA T . 21 05PUBLIC LA W 111 –8 0 —O CT. 21 , 200 9Forthec o s to fdi rect an d gu aranteed l oans , including the cost of m odif y ing loans, as defined in section 502 of the C ongres - sional B udget A ct of 1974 , as follo w s
section 502 loans, $ 21 3 ,510,000, of which $40,710,000 shall b e for direct loans, and of which $172, 8 00,000, to remain a v ailable until e xp ended, shall be for unsubsidi z ed guaranteed loans
section 504 housing repair loans, $4,422,000; repair, rehabilitation, and new construction of section 515 rental housing, $18,935,000; section 538 multi-family housing guaranteed loans, $1,485,000; and credit sales of ac q uired property, $55 6 ,000: Provide d, T hat of the total amount appropriated in this paragraph, the amount equal to the amount of R ural H ousing I nsurance Fund P rogram Account funds allocated by the S ecretary for Rural E conomic Area Partnership Z ones for the fiscal year 2009, shall be available through J une 30, 2010, for communities designated by the Secretary of Agriculture as Rural Economic Area Partnership Zones: Provided fu r th er, That section 538 multi-family housing guaranteed loans funded pursuant to this paragraph shall not be sub j ect to a guarantee fee and the interest on such loans may not be subsidized: Provided further, That any balances for a demonstration program for the preservation and revitalization of the section 515 multi-family rental housing properties as author- ized by Public L aw 109 – 97 and Public Law 110–5 shall be trans- ferred to and merged with the ‘ ‘Rural Housing Service, M ulti- family Housing Revitalization Program Account ’ ’ . In addition, for administrative expenses necessary to carry out the direct and guaranteed loan programs, $468,593,000 shall be transferred to and merged with the appropriation for ‘‘Rural D evelopment, Salaries and Expenses’’. RENTAL A S S I STAN C E P R OG RA M For rental assistance agreements entered into or renewed pursuant to the authority under section 521 ( a ) (2) or agreements entered into in lieu of debt forgiveness or payments for eligible households as authorized by section 502(c)(5)(D) of the Housing Act of 1949, $980,000,000; and, in addition, such sums as may be necessary, as authorized by section 521(c) of the Act, to liquidate debt incurred prior to fiscal year 1992 to carry out the rental assistance program under section 521(a)(2) of the Act: Provided, That of this amount, up to $5,958,000 shall be available for debt forgiveness or payments for eligible households as authorized by section 502(c)(5)(D) of the Act, and not to exceed $50,000 per project for advances to nonprofit organizations or public agencies to cover direct costs (other than purchase price) incurred in purchasing projects pursuant to section 502(c)(5)(C) of the Act: Provided further , That of this amount not less than $2,030,000 is available for newly constructed units financed by section 515 of the Housing Act of 1949, and not less than $3,400,000 is for newly constructed units financed under sections 514 and 516 of the Housing Act of 1949: Provided further, That rental assistance agreements entered into or renewed during the current fiscal year shall be funded for a one-year period: Provided further, That any unexpended balances remaining at the end of such one-year agreements may be trans- ferred and used for the purposes of any debt reduction; mainte- nance, repair, or rehabilitation of any existing projects; preserva- tion; and rental assistance activities authorized under title V of the Act: Provided further, That rental assistance provided under
