To provide for renewal of project-based assisted housing contracts at reimbursement levels that are sufficient to sustain operations, and for other purposes.

Amends the Multifamily Assisted Housing Reform and Affordability Act of 1997 to revise the (rental) reimbursement levels for expiring project-based section 8 contracts. (Eliminates the existing reimbursement based upon the lesser of adjusted existing, fair market, or market rents for expiring moderate rehabilitation project contracts.)