123STA T .540PUBLIC LA W 111 –8—M A R .11 , 200 9fund,as f ol lo w s
- $7
, 345 ,347, 0 00 fo r loans t os ec t i on 50 2b orrowers, ofw h ich $ 1 ,121,4 8 8,000 shall be for direct loans, and of which $ 6 ,223,85 9 ,000 shall be for unsubsidi z ed g uaranteed loans
$34,410,000 for section 504 housing re p air loans; $69,512,000 for section 515 rental housing; $129,090,000 for section 538 guaranteed m ulti - famil y housing loans; $5,045,000 for section 524 site loans; $11,447,000 for credit sales of ac q uired property, of which up to $1,447,000 may be for multi-family credit sales; and $4,970,000 for section 523 self-help housing land de v elopment loans .F or the cost of direct and guaranteed loans, including the cost of modifying loans, as defined in section 502 of the C ongres- sional B udget A ct of 1974, as follows: section 502 loans, $154,407,000, of which $75,364,000 shall be for direct loans, and of which $79,043,000, to remain available until e x pended, shall be for unsubsidized guaranteed loans; section 504 housing repair loans, $9,246,000; repair, rehabilitation, and new construction of section 515 rental housing, $28,611,000; section 538 multi-family housing guaranteed loans, $8,082,000; credit sales of acquired prop- erty, $523,000; and section 523 self-help housing and development loans, $82,000: Provide d ,T hat of the total amount appropriated in this paragraph, $2,500,000 shall be available through J une 30, 2009, for authorized empowerment zones and enterprise commu- nities and communities designated by the S ecretary of Agriculture as R ural E conomic Area P artnership Z ones: Provided fu r th er, That, for applications received under the 2009 notice of funding avail- ability, 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 authorized by Public L aw 109 – 97 and Public Law 110–5 shall be transferred to and merged with the ‘ ‘Rural H ousing Service, M ulti-family Housing Revitalization Pro- gram Account ’ ’. I n addition, for administrative expenses necessary to carry out the direct and guaranteed loan programs, $460,217,000, which 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, $902,500,000, to remain available through September 30, 2010; 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
