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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/7/2008--Passed House without amendment. Authorizes the Secretary of Housing and Urban Development (HUD), upon request of the owner of a multifamily housing project to which specified contracts are subject, to: (1) convert such contracts to a contract for project-based rental assistance under section 8 of the United States Housing Act of 1937; and (2) treat the contemplated resulting contract as eligible for initial renewal under the Multifamily Assisted Housing Reform and Affordability Act of 1997, if certain conditions are met.
Deems the owner to be in compliance with income-targeting requirements of the United States Housing Act of 1937 by serving low-income families.
Considers each family residing in an assisted dwelling unit on the date of such conversion to meet the applicable requirements for income eligibility and occupancy.