SITE ACQUISITION AND DEVELOPMENT.

SEC. 715. SITE ACQUISITION AND DEVELOPMENT.Section 524(a) of the Housing Act of 1949 (42 U.S.C. 1490d(a)) is amended— (1) by inserting “(1) In general.—” before “The Secretary” in the first sentence; and (2) by adding at the end the following: “(2) Revolving funds.—The Secretary may make grants to nonprofit housing agencies to establish revolving loan funds for the acquisition and preparation of building sites for low- income housing. Any proceeds and repayments from such loans shall be returned to the revolving loan fund to be used for purposes related to this section. Loan funds and interest payments shall be used solely for the acquisition of land; the preparation of land for building sites; the payment of reimbursable legal and technical costs; and technical assistance and administrative costs, not to exceed 10 percent of the fund.”.