MODERATE REHABILITATION PROGRAM.

SEC. 597. MODERATE REHABILITATION PROGRAM. (a) Reprogramming.— Notwithstanding any other provision of law, but only to the extent specifically provided in advance in a subsequent appropriations Act, the Secretary of Housing and Urban Development shall reprogram funds under contracts NY36K113004 and NY36K113005 of the Department of Housing and Urban Development and shall allocate such funds to the City of New Rochelle, New York. Such allocation shall be consistent with the requirements of the HOME Investment Partnerships Act. This section shall take effect on the date of the enactment of this Act. (b) Exception Projects.— Section 524(a)(2) of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C.1437f note) is amended— (1) by inserting “and subject to section 516 of this subtitle” after “Notwithstanding paragraph (1)”; and (2) by striking “the base rent adjusted by an operating cost adjustment factor established by the Secretary” and inserting “the lesser of existing rents, adjusted by an operating cost adjustment factor established by the Secretary, fair market rents (less any amounts allowed for tenant-purchased utilities), or comparable market rents for the market area”. (c) Effective Date.— This section shall take effect on, and the amendments made by this section are made on, and shall apply beginning upon, the date of the enactment of this Act.