PUBLIC HOUSING AGENCY MORTGAGES AND SECURITY INTERESTS.

SEC. 516. PUBLIC HOUSING AGENCY MORTGAGES AND SECURITY INTERESTS. Title I of the United States Housing Act of 1937 (42 U.S.C. 1437 et seq.) is amended by adding at the end the following: “SEC. 30. PUBLIC HOUSING MORTGAGES AND SECURITY INTERESTS. “(a) General Authorization.— The Secretary may, upon such terms and conditions as the Secretary may prescribe, authorize a public housing agency to mortgage or otherwise grant a security interest in any public housing project or other property of the public housing agency. “(b) Terms and Conditions.— In making any authorization under subsection (a), the Secretary may consider— “(1) the ability of the public housing agency to use the proceeds of the mortgage or security interest for low-income housing uses; “(2) the ability of the public housing agency to make payments on the mortgage or security interest; and “(3) such other criteria as the Secretary may specify. “(c) No Federal Liability.— No action taken under this section shall result in any liability to the Federal Government.”.