A bill to authorize the Secretary of Housing and Urban Development to renew project-based contracts for assistance under secion 8 of the United States Housing Act of 1937 at up to market rent levels, in order to preserve these projects as affordable low-income housing, and for other purposes.
Save My Home Act of 1999 - Authorizes the Secretary of Housing and Urban Development to renew project-based rental housing contracts under section 8 of the United States Housing Act of 1937 at up to market levels.
Directs the Secretary to: (1) offer to renew expired section 8 contracts at up to market levels in low-vacancy areas or areas with concentrations of elderly or disabled families; and (2) establish certain market rents.
Authorizes ten-year section 8 contract renewals.
(Sec. 5) Directs the Secretary to make enhanced voucher assistance (as defined by this Act) available for residents of projects with certain expiring section 8 contracts in low-vacancy areas, and authorizes such assistance for other covered low-income residents. Authorizes appropriations.
(Sec. 6) Sets forth market value rent appraisal requirements. Directs the Secretary to establish an Appraisal Clearinghouse to collect data and develop model appraisal standards.
(Sec. 7) Establishes appraisal-related staffing requirements.
(Sec. 8) Authorizes the Secretary to contract with State or local housing finance agencies to perform market rental rate determinations.
(Sec. 10) Authorizes the Secretary to transfer specified nonrenewed section 8 projects to nonprofit organizations (with preference for tenant organizations).
Introduced in Senate
Sponsor introductory remarks on measure. (CR S8093)
Read twice and referred to the Committee on Banking.
Subcommittee on Housing and Transportation. Hearings held.
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