RECEIPT OF INCENTIVES TO EXTEND LOW-1NCOME USE.

SEC. 306. RECEIPT OF INCENTIVES TO EXTEND LOW-1NCOME USE.Section 219(a) of the Housing and Community Development Act of 1987 (12 U.S.C. 4109(a)) is amended— (1) in the first sentence, by inserting after “receive” the following: “(for each year after the approval of the plan of action)”; and (2) by adding at the end the following new sentence: “The Secretary shall take such actions as are necessary to ensure that owners receive the annual authorized return for the housing determined under section 214(a) during the period in which rent increases are phased in as provided in section 222(a)(2)(E), including (in order of preference) (1) allowing the owner access to residual receipt accounts (pursuant to subsection (b)(l) of this section), (2) deferring remittance of excess rent payments, and (3) providing an increase in rents permitted under an existing contract under section 8 of the United States Housing Act of 1937 (pursuant to subsection (b)(2) of this section).”.