123STA T . 21 06PUBLIC LA W 111 –8 0 —O CT. 21 , 200 9agre e m e nts entere di nt op rior to f is c a ly ear 201 0forafarmla b or m u lti - family h ousing pro j ect financed under section 5 1 4 or 51 6 of the A ct may not be recaptured for use in another project until such assistance has remained unused for a period of 12 consecuti v e months , if such project has a w aiting list of tenants see k ing such assistance or the project has rental assistance eligible tenants who are not receiving such assistance
- Provide
d fu r th er ,T hat such recap- tured rental assistance shall, to the e x tent practicable, be applied to another farm labor multi-family housing project financed under section 514 or 516 of the Act .MULTI - FA MIL YHO U S I NGREV ITALI Z ATION P ROGRAM A C COUNT F or the rural housing voucher program as authori z ed under section 542 of the H ousing Act of 1 9 49, but notwithstanding sub- section ( b ) of such section, for the cost to conduct a housing dem- onstration program to provide revolving loans for the preservation of low-income multi-family housing projects, and for additional costs to conduct a demonstration program for the preservation and revitalization of multi-family rental housing properties described in this paragraph, $ 4 3 ,191,000, to remain available until expended: Provided, That of the funds made available under this heading, $16,400,000 shall be available for rural housing vouchers to any low-income household (including those not receiving rental assist- ance) residing in a property financed with a section 515 loan which has been prepaid after S eptember 30, 2005: Provided further, That the amount of such voucher shall be the difference between com- parable market rent for the section 515 unit and the tenant paid rent for such unit: Provided further, That funds made available for such vouchers shall be subject to the availability of annual appropriations: Provided further, That the Secretary shall, to the maximum extent practicable, administer such vouchers with current regulations and administrative guidance applicable to section 8 housing vouchers administered by the Secretary of the D epartment of Housing and U rban Development: Provided further, That if the Secretary determines that the amount made available for vouchers in this or any other Act is not needed for vouchers, the Secretary may use such funds for the demonstration programs for the preservation and revitalization of multi-family rental housing prop- erties described in this paragraph: Provided further, That of the funds made available under this heading, $1, 7 91,000 shall be avail- able for the cost of loans to private nonprofit organizations, or such nonprofit organizations ’ affiliate loan funds and State and local housing finance agencies, to carry out a housing demonstration program to provide revolving loans for the preservation of low- income multi-family housing projects: Provided further, That loans under such demonstration program shall have an interest rate of not more than 1 percent direct loan to the recipient: Provided further, That the Secretary may defer the interest and principal payment to the R ural Housing Service for up to 3 years and the term of such loans shall not exceed 30 years: Provided further, That of the funds made available under this heading, $25,000,000 shall be available for a demonstration program for the preservation and revitalization of the sections 514, 515, and 516 multi-family rental housing properties to restructure existing USDA multi-family housing loans, as the Secretary deems appropriate, expressly for the purposes of ensuring the project has sufficient resources to Loans.V o ucher s. Ap p li ca b ili ty .
