PUBLIC LAW 106-74—OCT. 20, 1999 113 STAT. 1119 on the date of the enactment of such Public Law 105-276, and any excess rental charges referred to in such section that have been collected since such date of the enactment with respect to projects with mortgages insured under section 207 of the National Housing Act (12 U.S.C. 1713) may be retained by the project owner unless the Secretary of Housing and Urban Development specifically provides otherwise. The Secretary may return any excess charges remitted to the Secretary since such date of the enactment. (f) EFFECTIVE DATE.—This section shall take effect, and the Applicability, amendments made by this section are made and shall apply, on 12 USC I7i5z-l the date of the enactment of this Act. "°*®' SEC. 533. REHABILITATION OF ASSISTED HOUSING. (a) REHABILITATION LOANS FROM RECAPTURED IRP AMOUNTS.— Section 236(s) of the National Housing Act (12 U.S.C. 1715z-l(s)) is amended— (1) by striking the subsection designation and heading and inserting the following: "(s) GRANTS AND LOANS FOR REHABILITATION OF MULTIFAMILY PROJECTS.— "; (2) in paragraph (1), by inserting "and loans" after "grants"; (3) in paragraph (2)— (A) in the matter preceding subparagraph (A), by striking "capital grant assistance under this subsection" and inserting "capital assistance under this subsection under a grant or loan only"; and (B) in subparagraph (D)(i), by striking "capital grant assistance" and inserting "capital assistance under this subsection from a grant or loan (as appropriate)"; (4) in paragraph (3), by striking all of the matter that precedes subparagraph (A) and inserting the following: "(3) ELIGIBLE USES.— Amounts from a grant or loan under this subsection may be used only for projects eligible under paragraph (2) for the purposes of—"; (5) in paragraph (4)— (A) by striking the paragraph heading and inserting " GRANT AND LOAN AGREEMENTS"; and (B) by inserting "or loan" after "grant", each place it appears; (6) in paragraph (5), by inserting "or loan" after "grant", each place it appears; (7) in paragraph (6), by adding at the end the following new subparagraph: "(D) LOANS.— In making loans under this subsection using the amounts that the Secretary has recaptured from contracts for interest reduction payments pursuant to clause (i) or (ii) of paragraph (7)(A)— "(i) the Secretary may use such recaptured amounts for costs (as such term is defined in section 502 of the Congressional Budget Act of 1974) of such loans; and "(ii) the Secretary may make loans in any fiscal year only to the extent or in such amounts that amounts are used under clause (i) to cover costs of such loans.";
�
