123STA T .97 9 PUBLIC LA W 111 –8—M A R .11 , 2 0 09 SEC.23 3. The Se cr e ta r yof the D e p art m e n tof H o usi n g an dU r b an De v e l opment shall for F iscal Y ear 2 0 0 9 and thereafter , notify the public through the Federal R egister and other means, as deter - mined appropriate, of the issuance of a notice of the availability of assistance or notice of funding availability (NO F A) for any pro- gram or discretionary fund administered by the Secretary that is to be competitively a w arded. Notwithstanding any other provision of law, for Fiscal Year 2009 and thereafter, the Secretary may ma k e the NOFA available only on the I nternet at the appropriate government website or websites or through other electronic media, as determined by the Secretary. SEC. 23 4 . PR E PAYM E NT AN D RE FI NANCIN G . (a) APPR OV A L OF PREPAYMENT OF DE B T. — Upon re q uest of the pro j ect sponsor of a project assisted with a loan under section 202 of the Housing Act of 1 9 5 9 (as in effect before the enactment of the C ranston- G on z alez National Affordable Housing Act), for which the Sec- retary ’ s consent to prepayment is required, the Secretary shall approve the prepayment of any indebtedness to the Secretary relating to any remaining principal and interest under the loan as part of a prepayment plan under which— (1) the project sponsor agrees to operate the project until the maturity date of the original loan under terms at least as advantageous to e x isting and future tenants as the terms required by the original loan agreement or any project-based rental assistance payments contract under section 8 of the United States Housing Act of 193 7 (or any other project-based rental housing assistance programs of the Department of Housing and Urban Development, including the rent supple- ment program under section 101 of the Housing and Urban Development Act of 19 6 5 (12 U.S.C. 1701s)) or any successor project-based rental assistance program, except as provided by subsection (a)(2)( B )
and (2) the prepayment may involve refinancing of the loan if such refinancing results — (A) in a lower interest rate on the principal of the loan for the project and in reductions in debt service related to such loan; or (B) in the case of a project that is assisted with a loan under such section 202 carrying an interest rate of 6 percent or lower, a transaction under which (i) the project owner shall address the physical needs of the project; (ii) the prepayment plan for the transaction, including the refinancing, shall meet a cost benefit analysis, as established by the Secretary, that the ben- efit of the transaction outweighs the cost of the trans- action including any increases in rent charged to unassisted tenants; (iii) the overall cost for providing rental assistance under section 8 for the project (if any) is not increased, except, upon approval by the Secretary to— (I) mark-up-to-market contracts pursuant to section 524(a)(3) of the M ultifamily Assisted Housing Reform and Affordability Act (42 U.S.C. 1437f note), as such section is carried out by the Secretary for properties owned by nonprofit organizations; or Costan a ly s i s .Webp ostin g . N oti f i c ation. F e d e r al R egister , p u blication. 42US C 35 45a.
