MATCHING REQUIREMENTS.

SEC. 210. MATCHING REQUIREMENTS. (a) Tiered Contribution.— Section 220(a) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12750(a)) is amended— (1) in paragraph (1)— (A) by striking “and” and inserting a comma; (B) by inserting “and substantial rehabilitation” after “rehabilitation”; and (C) by inserting “and” after the semicolon; (2) in paragraph (2)— (A) by striking “33” and inserting “30”; and (B) by striking “substantial rehabilitation; and” and inserting “new construction”; (3) by striking paragraph (3); and (4) in the matter preceding paragraph (1), by striking “affordable housing assisted under this title” and inserting “housing that qualifies as affordable housing under this title”. (b) Form.—Section 220(c) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12750(c)) is amended— (1) by striking “and” at the end of paragraph (4); (2) by striking the period at the end of paragraph (5) and inserting a semicolon; and (3) by adding at the end the following: “(6) up to— “(A) 50 percent of proceeds from bond financing validly issued by a State or local government, agency or instrumentality thereof, or political subdivision thereof, and repayable with revenues derived from a multifamily affordable housing project financed, and “(B) 25 percent of proceeds from bond financing validly issued by a State or local government, agency or instrumentality thereof, or political subdivision thereof, and repayable with revenues derived from a single-family project financed, but not more than 25 percent of the contribution required under subsection (a) may be derived from these sources; “(7) the reasonable value of any site-preparation and construction materials and any donated or voluntary labor in connection with the site-preparation for, or construction or rehabilitation of, affordable housing; and “(8) such other contributions to affordable housing as the Secretary considers appropriate.”, (c) Reduction of Requirement.—Section 220 of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12750) is amended by striking subsection (d) and inserting: “(d) Reduction of Requirement.— “(1) In general.— The Secretary shall reduce the matching requirement under subsection (a) with respect to any funds drawn from a jurisdiction’s HOME Investment Trust Fund Account during a fiscal year by— “(A) 50 percent for a jurisdiction that certifies that it is in fiscal distress; and “(B) 100 percent for a jurisdiction that certifies that it is in severe fiscal distress. “(2) Definitions.— For purposes of this section— “(A) ‘fiscal distress’ means a jurisdiction other than a State that satisfies 1 of the distress criteria set forth in paragraph (3); and 106 STAT. 3756 “(B) ‘severe fiscal distress’ means a jurisdiction other than a State that satisfies both of the distress criteria set forth in paragraph (3). “(3) Distress criteria.— For purposes of a jurisdiction other than a State certifying that it is distressed, the following criteria shall apply: “(A) Poverty rate.—The average poverty rate in the jurisdiction for the calendar year immediately preceding the year in which its fiscal year begins was equal to or greater than 125 percent of the average national poverty rate during such calendar year (as determined according to information of the Bureau of the Census). “(B) Per capita income.—The average per capita income in the jurisdiction for the calendar year immediately i»receding the year in which its fiscal year begins was less than 75 percent of the average national per capita income during such calendar year (as determined according to information of the Bureau of the Census). “(4) States.—In determining the degree to which a jurisdiction that is a State is distressed, the Secretary shall take into consideration the State’s fiscal capacity and expenditure needs as determined by a national organization which compiles the relevant data. “(5) Waiver in disaster areas.—If a participating jurisdiction is located in an area in which a declaration of a disaster pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act is in effect for any part of a fiscal year, the Secretary may reduce the matching requirement for that fiscal year under subsection (a) with respect to any funds drawn from a jurisdiction’s HOME Investment Trust Fund Account during that fiscal year by up to 100 percent.”. (d) Applicability.—The amendments made by this section shall apply with respect to fiscal year 1993 and each fiscal year thereafter.