PRESERVATION.

SEC. 712. PRESERVATION. (a) Applicability.—Section 502(c) of the Housing Act of 1949 (42 U.S.C. 1472(c)) is amended— (1) in subparagraph (2), by striking “before December 21, 1979,” and inserting “prior to the date of enactment of the Department of Housing and Urban Development Reform Act of 1989”; (2) in subparagraph (4)(A), by striking “before December 21, 1979” and inserting “prior to the date of enactment of the Department of Housing and Urban Development Reform Act of 1989”; (3) in subparagraph (5)(F), by striking “before December 21, 1979” and inserting “prior to the date of enactment of the Department of Housing and Urban Development Reform Act of 1989”; and (4) in subparagraph (5)(0), by striking “before December 21, 1979” and inserting “prior to the date of enactment of the Department of Housing and Urban Development Reform Act of 1989”. (b) Incentives.—Section 502(c)(4)(B) of the Housing Act of 1949 (42 U.S.C. 1472(c)(4)B)) is amended by adding the following new clause: “(vi) In the case of a project that has received rental assistance under section 8 of the United States Housing Act of 1937, permitting the owner to receive rent in excess of the amount determined necessary by the Secretary to defray the cost of long-term repair or maintenance of such a project.”. (c) Office of Rural Housing Preservation.—Title V of the Housing Act of 1949 (42 U.S.C. 1471 et seq.) is amended by inserting after section 536 the following: “SEC. 537. OFFICE OF RURAL HOUSING PRESERVATION. “(a) Establishment.—There is established within the Farmers Home Administration an Office of Rental Housing Preservation (hereafter in this section referred to as the ‘Office’). The Office shall be headed by a Director designated by the Secretary of Agriculture. “(b) Purposes.—The purposes of the Office are: 106 STAT. 3842 “(1) to review and process applications under section 602(c) and section 515(t) related to the preservation of rural rental housing; “(2) to provide technical or financial assistance to any other projects needing such assistance; “(3) to coordinate and direct all other activities related to the preservation of rural housing; and “(4) to monitor compliance of projects prepaid or receiving incentives under the Housing Act of 1949.”.