ASSISTANCE FOR INSULAR AREAS.

SEC. 211. ASSISTANCE FOR INSULAR AREAS. (a) Repeal of Amendments Made by Public Law 102’230.— (1) Definitions.—Section 104 of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12704) is amended to read as if the amendments made by section 2 of Public Law 102–230 (105 Stat. 1720) had not been enacted. (2) Allocation of resources.— Section 217(a) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12747(a)) is amended— (A) by striking the first sentence of paragraph (1) and inserting the following: “After reserving amounts under paragraph (2) for Indian tribes and after reserving amounts under paragraph (3) for the insular areas, the Secretary shall allocate funds approved in an appropriation Act to carry out this title by formula as provided in subsection (b)”; (B) by striking paragraph (3) (as added by Public Law 102–229; 105 Stat. 1709); (C) by striking paragraph (3) (as added by Public Law 102–230; 105 Stat. 1720); and (D) by adding after paragraph (2) the following: 106 STAT. 3757 “(3) Insular areas.—For each fiscal year, of any amounts approved in appropriation Acts to carry out this title, the Secretary shall reserve for grants to the insular areas the greater of (A) $750,000, or (B) 0.2 percent of the amounts appropriated under such Acts. The Secretary shall provide for the distribution of amounts reserved under this paragraph among the insular areas pursuant to specific criteria for such distribution, which shall be contained in a regulation issued by the Secretary.”. (3) Expedited issuance of regulation.—The regulation referred to in the amendment made by paragraph (2)(1) shall take effect not later than the expiration of the 90-day period beginning on the date of the enactment of this Act. The regulation shall not be subject to the requirements of subsections (b) and (c) of section 553 of title 5, United States Code, or section 7(o) of the Department of Housing and Urban Development Act. (b) Effective Date.—The amendments made by subsection (a) shall apply with respect to fiscal year 1993 and thereafter.