Page:United States Statutes at Large Volume 113 Part 2.djvu/95

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PUBLIC LAW 106-74—OCT. 20, 1999 113 STAT. 1115 which the Secretary determines that debt restructuring is inappropriate, the Secretary shall, at the request of the owner of the project and to the extent sufficient amounts are made available in appropriation Acts, provide benefits to the owner comparable to those provided under such contract, including annual distributions, rent increase procedures, and duration of low-income affordability restrictions. This paragraph shall apply to projects with contracts Applicability, expiring before, on, or after the date of the enactment of this section. "(B) DEMONSTRATION PROGRAMS. —The authority specified in this subparagraph is the authority under— "(i) section 210 of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1996 (Public Law 104-134; 110 Stat. 1321-285; 42 U.S.C. 1437f note); "(ii) section 212 of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 (Public Law 104-204; 110 Stat. 2897; 42 U.S.C. 1437f note); and "(iii) either of such sections, pursuant to any provision of this title. "(f) PREEMPTION OF CONFLICTING STATE LAWS LIMITING DISTRIBUTIONS. — "(1) IN GENERAL. —Except as provided in paragraph (2), no State or political subdivision of a State may establish, continue in effect, or enforce any law or regulation that limits or restricts, to an amount that is less than the amount provided for under the regulations of the Secretary establishing allowable project distributions to provide a return on investment, the amount of surplus funds accruing after the date of the enactment of this section that may be distributed from any multifamily housing project assisted under a contract for rental assistance renewed under any provision of this section (except subsection (b)) to the owner of the project. "(2) EXCEPTION AND WAIVER. — Paragraph (1) shall not apply to any law or regulation to the extent such law or regulation applies to— "(A) a State-financed multifamily housing project; or "(B) a multifamily housing project for which the owner has elected to waive the applicability of paragraph (1). " (3) TREATMENT OF LOW-INCOME USE RESTRICTIONS. — This subsection may not be construed to provide for, allow, or result in the release or termination, for any project, of any lowor moderate-income use restrictions that can not be eliminated by unilateral action of the owner of the project. "(g) APPLICABILITY.—Except to the extent otherwise specifically provided in this section, this section shall apply with respect to any multifamily housing project having a contract for project-based assistance under section 8 that terminates or expires during fiscal year 2000 or thereafter.". (b) DEFINITION OF ELIGIBLE MULTIFAMILY HOUSING PROJECT.— Section 512(2) of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1437f note) is amended by inserting after and below subparagraph (C) the following: