PARK CENTRAL NEW COMMUNITY PROJECT.

SEC. 522. PARK CENTRAL NEW COMMUNITY PROJECT. (a) Housing Assistance.— Section 213 of the Housing and Community Development Act of 1974 is amended by adding at the end the following new subsection: “(e) From budget authority made available in appropriation Acts for fiscal year 1988, the Secretary shall enter into an annual contributions contract for a term of 180 months to obligate sufficient funds to provide assistance payments pursuant to section 8(b)(1) of the United States Housing Act of 1937 on behalf of 500 lower income families from budget authority made available for fiscal year 1988, 101 STAT. 1939so long as such families occupy properties in the Park Central New Community Project or in adjacent areas that are recognized by the unit of general local government in which such Project is located as being included within the Park Central New Town In Town Project. If a lower income family receiving assistance payments pursuant to this subsection ceases to qualify for assistance payments pursuant to the provisions of section 8 of such Act or of this subsection during the 180-month term of the annual contributions contract, assistance payments shall be made on behalf of another lower income family who occupies a unit identified in the previous sentence.”. (b) Community Development Assistance.— Section 107(a) of the Housing and Community Development Act of 1974 is amended by adding at the end the following new sentence: “Of the amount set aside for grants under subsection (b) for fiscal year 1988, $5,000,000 shall be made available by the Secretary for purposes of grants under subsection (b)(1) for the Park Central New Community Project.”.