Directs the HUD Secretary to provide assistance in the form of planning grants, capital advances, and project rental assistance to private nonprofit organizations and consumer cooperatives to expand the supply of supportive housing for very low-income veteran families (that is, families with incomes not exceeding 50% of the area median income).
Prescribes a formula for such families' rent contribution for a dwelling unit assisted under this Act.
Allows the families to occupy such units for at least 15 years.
Limits a project rental assistance contract to an initial 60-month term.
Authorizes the Secretary, subject only to the availability of amounts provided in appropriations Acts, to renew the contract for 10 consecutive one-year terms, beginning upon the expiration of such 60-month period.
Requires the Secretary to establish selection criteria for such assistance, based in part upon: (1) the extent to which the proposed housing design will meet the service-connected disability needs of such families; and (2) a preference in such selection for applications proposing housing to be reserved for occupancy by such families who are homeless.
Directs the Secretary, in issuing a capital advance for projects, to delegate review and processing of such projects to a state or local housing agency that:
(1) is in geographic proximity to the property;
(2) has demonstrated experience in and capacity for underwriting multifamily housing loans that provide housing and supportive services;
(3) may or may not be providing low-income housing tax credits in combination with such capital advance; and
(4) agrees to issue a firm commitment within 12 months of delegation.
Authorizes the Secretary to retain such processing authority if no state or local housing agency has applied to provide it or entered into an agreement with the Secretary to serve as a delegated processing agency.
Allows such agencies to: (1) assess a reasonable fee to be included in the capital advance amounts; and (2) recommend project rental assistance amounts in excess of those initially awarded by the Secretary.
Declares that the Secretary, under the delegated system, shall retain the authority to approve rents and development costs and to execute a capital advance within 60 days of receipt of the state or local agency's commitment.
Requires the Secretary to coordinate with the Secretary of Veterans Affairs to ensure that any housing assistance provided to veterans or veteran families includes a range of specified services tailored to the occupant's needs.
Requires the Secretary to coordinate with the Secretary of Veterans Affairs to ensure that owners of such assisted housing have the managerial capacity to: (1) assess the service needs of residents; (2) coordinate the provision of supportive services, tailoring them to a resident's individual needs; and (3) seek new sources of assistance to ensure the long-term provision of such services.
Requires the Secretary periodically to establish reasonable development cost limitations by market area for various types and sizes of supportive housing for the families by publishing a notice of such limitations in the Federal Register.
States that neither this Act nor any other provision of law may be construed as prohibiting or preventing the location and operation, in an assisted project, of commercial facilities for the benefit of project and community residents. Prohibits use of such assistance to subsidize any such commercial facility.
Entitles project owners, if their actual development costs are less than the financing amount, to retain 50% of the savings in a special housing account, increased to 75% for owners which add energy efficiency features meeting specified requirements.
Requires the Secretary to give owners the flexibility to design housing appropriate to their location and proposed resident population within broadly defined parameters.
Permits an owner voluntarily to provide funds from sources other than this Act for amenities and other features of appropriate design and construction suitable for supportive housing if their cost is not: (1) financed with the capital advance; or (2) taken into account in determining the amount of federal assistance or tenant rent contribution.
Requires an owner to: (1) adopt written tenant selection procedures that meet specified requirements; and (2) notify in writing any rejected applicant of the grounds for rejection.
Requires the Secretary to make available appropriate technical assistance to ensure that prospective applicants are able to participate more fully in the program.
Prescribes antidiscrimination, owner deposit, prevailing wage labor, residual receipt, project reserves, and other specified requirements and prohibitions.
Authorizes appropriations for FY2008 and following fiscal years.