STUDY OF DEBT FORGIVENESS FOR SECTION 202 LOANS.

SEC. 521. STUDY OF DEBT FORGIVENESS FOR SECTION 202 LOANS. (a) In General.—The Secretary of Housing and Urban Development shall conduct an analysis of the net impact on the Federal budget deficit or surplus of making available, on a one-time basis, to sponsors of projects assisted under section 202 of the Housing Act of 1959 (as in effect before the enactment of the Cranston-Gonzalez National Affordable Housing Act), forgiveness of any indebtedness to the Secretary relating to any remaining principal and interest under loans made under such section, together with a dollar-for-dollar reduction in the amount of rental assistance under section 8 of the United States Housing Act of 1937 or other rental assistance provided for such project. Such analysis shall take into consideration the full cost of future appropriations for rental assistance under such section 8 expected to be provided if such debt forgiveness does not take place, notwithstanding current budgetary treatment of such actions pursuant to the Congressional Budget Act of 1974. (b) Report.—Not later than the expiration of the 3-month period beginning on the date of the enactment of this Act, the 113 STAT. 1103Secretary of Housing and Urban Development shall submit a report to the Congress containing the quantitative results of the analysis and an enumeration of any project or administrative benefits of such actions.