Political Quotes

“The bill provides renewal policies for projects which undergo restructuring under the mark-to-market program and those which do not. Briefly, for fiscal year 1998, the conferees have approved a 1-year extension of the basic rent renewal policies in section 211(b) of the fiscal year 1997 VA-HUD Appropriations Act and the mark-to-market demonstration program to cover contracts expiring in fiscal year 1998. This means that projects which undergo restructuring under the demonstration program--those with rents in excess of 120 percent of the fair market rent [FMR]--will receive rents determined under the restructuring plan. For projects that do not enter the demonstration program, contracts will be renewed at rents in effect upon expiration, but not to exceed 120 percent of FMR. The 120 percent of FMR limit, however, does not apply to rents for certain exception projects enumerated in the bill. These projects, which include section 202 elderly projects and publicly financed projects, for example, will be renewed at existing rent levels. The legislation also establishes permanent renewal policy for fiscal year 1999 and beyond when the permanent mark-to-market program is implemented.”