PROGRAM AUTHORIZATIONS.

SEC. 301. PROGRAM AUTHORIZATIONS. (a) Insurance and Guarantee Authority.— Section 513(a)(1) of the Housing Act of 1949 is amended to read as follows: “(a) (1) The Secretary may, to the extent approved in appropriation Acts, insure and guarantee loans under this title during fiscal years 1988 and 1989 in aggregate amounts not to exceed $1,775,395,000 and $1,794,925,000, respectively, as follows: “(A) For insured or guaranteed loans under section 502 on behalf of borrowers receiving assistance under section 521(a)(1) or receiving guaranteed loans pursuant to section 304 of the Housing and Community Development Act of 1987, 101 STAT. 1892$1,104,000,000 for fiscal year 1988 and $1,116,144,000 for fiscal year 1989. “(B) For loans under section 504, $11,335,000 for fiscal year 1988 and $11,460,000 for fiscal year 1989. “(C) For insured loans under section 514, $11,485,000 for fiscal year 1988 and $11,612,000 for fiscal year 1989. “(D) For insured loans under section 515, $647,000,000 for fiscal year 1988 and $654,117,000 for fiscal year 1989. “(E) For loans under section 523(b)(1)(B), $1,000,000 for fiscal year 1988 and $1,011,000 for fiscal year 1989. “(F) For site loans under section 524, $575,000 for fiscal year 1988 and $581,000 for fiscal year 1989.”. (b) Authorization of Appropriations.— Section 513(b) of the Housing Act of 1949 is amended to read as follows: “(b) There are authorized to be appropriated for fiscal years 1988 and 1989, and to remain available until expended, the following amounts: “(1) For grants under section 504, $13,113,000 for fiscal year 1988 and $13,362,000 for fiscal year 1989. “(2) For purposes of section 509(c), $713,000 for fiscal year 1988 and $727,000 for fiscal year 1989. “(3) Such sums as may be necessary to meet payments on notes or other obligations issued by the Secretary under section 511 equal to— “(A) the aggregate of the contributions made by the Secretary in the form of credits on principal due on loans made pursuant to section 503; and “(B) the interest due on a similar sum represented by notes or other obligations issued by the Secretary. “(4) For financial assistance under section 516, $9,979,000 for fiscal year 1988 and $10,169,000 for fiscal year 1989. “(5) For grants under section 523(f), $8,392,000 for fiscal year 1988 and $8,551,000 for fiscal year 1989. “(6) For grants under section 533, $20,078,000 for fiscal year 1988 and $20,460,000 for fiscal year 1989.”. (c) Rental Assistance Payment Contracts.— Section 513(c) of the Housing Act of 1949 is amended to read as follows: “(c) (1) The Secretary, to the extent approved in appropriation Acts for fiscal years 1988 and 1989, may enter into rental assistance payment contracts under section 521(a)(2)(A) aggregating $275,310,000 for fiscal year 1988 and $280,000,000 for fiscal year 1989. “(2) Any authority approved in appropriation Acts for fiscal year 1988 or any succeeding fiscal year for rental assistance payment contracts under section 521(a)(2)(A) shall be used by the Secretary— “(A) to renew rental assistance payment contracts that expire during such fiscal year; “(B) to provide amounts required to continue rental assistance payments for the remaining period of an existing contract, in any case in which the original amount of rental assistance is used prior to the end of the term of the contract; and “(C) to make additional rental assistance payment contracts for existing or newly constructed dwelling units.”. (d) Supplemental Rental Assistance Contracts.— Section 513 of the Housing Act of 1949 is amended by adding at the end the following new subsection: 101 STAT. 1893 “(d) The Secretary, to the extent approved in appropriation Acts for fiscal years 1988 and 1989, may enter into 5-year supplemental rental assistance contracts under section 502(c)(5)(D) aggregating $26,000,000 for fiscal year 1988 and $27,534,000 for fiscal year 1989.” (e) Rental Housing Loan Authority.— Section 515(b)(4) of the Housing Act of 1949 is amended by striking “March 15, 1988” and inserting “September 30, 1989”. (f) Mutual and Self-Help Housing Grant and Loan Authority.— Section 523(f) of the Housing Act of 1949 is amended by striking “March 15, 1988” and inserting “September 30, 1989”. (g) Rural Housing Voucher Demonstration.— Section 513 of the Housing Act of 1949 (as amended by subsection (d) of this section) is further amended by adding at the end the following: “(e) (1) To such extent or in such amounts as are approved in appropriation Acts, the Secretary shall carry out a demonstration rural housing voucher program during fiscal years 1988 and 1989. For such purpose, the Secretary shall enter into contracts using a payment standard in accordance with section 8(o) of the United States Housing Act of 1937 covering up to 7,500 dwelling units located in rural areas in not more than 5 States during each such fiscal year. “(2) The Secretary may use the authority conferred by paragraph (1) in a State only if the State Farmers Home Administration Administrator certifies that— “(A) such Administrator has completed an inventory of the State’s housing supply, including housing suitable for rehabilitation, using currently available data; and “(B) there is an adequate supply of decent, safe, and sanitary housing available for occupancy by voucher holders in that State. “(3) In carrying out the voucher demonstration program under this subsection, the Secretary shall coordinate activities under this subsection with activities assisted under sections 515 and 533 of this title and under section 17 of the United States Housing Act of 1937. “(4) Funding for the voucher demonstration program under this subsection shall be from amounts in the Rural Housing Insurance Fund authorized for loans under sections 502 and section 515 in proportion to the amounts authorized for such loans. Any reduction in the amounts available for such loans shall be made from the total amounts available for such loans in all States.”.