CONTRACT ADJUSTMENT–S FOR EXPIRATION OF PROPERTY TAX EXEMPTION.

SEC. 142. CONTRACT ADJUSTMENT–S FOR EXPIRATION OF PROPERTY TAX EXEMPTION.Section 8(c)(2)(B) of the United States Housing Act of 1937 (42 U.S.C. 1437f(c)(2)(B)) is amended by inserting after the first sentence the following new sentence: “The Secretary shall make additional adjustments in the maximum monthly rent for units under contract (subject to the availability of appropriations for contract amendments) to the extent the Secretary determines such adjustments are necessary to reflect increases in the actual and necessary expenses of owning and maintaining the units that have resulted from the expiration of a real property tax exemption.”