TERMINATION OF SECTION 8 CONTRACT AND DURATION OF RENEWAL CONTRACT.

SEC. 535. TERMINATION OF SECTION 8 CONTRACT AND DURATION OF RENEWAL CONTRACT. Section 8(c)(8) of the United States Housing Act of 1937 (42 U.S.C. 1437f(c)(8)) is amended— (1) in subparagraph (A)— (A) by striking “terminating” and inserting “termination of”; and (B) by striking the third comma of the first sentence and all that follows through the end of the subparagraph and inserting the following: “. The notice shall also include a statement that, if the Congress makes funds available, the owner and the Secretary may agree to a renewal of the contract, thus avoiding termination, and that in the event of termination the Department of Housing and Urban Development will provide tenant-based rental assistance to all eligible residents, enabling them to choose the place they wish to rent, which is likely to include the dwelling unit in which they currently reside. Any contract covered by this paragraph that is renewed may be renewed for a period of up to 1 year or any number or years, with payments subject to the availability of appropriations for any year.”; (2) by striking subparagraph (B); (3) in subparagraph (C)— (A) by striking the first sentence; (B) by striking “in the immediately preceding sentence”; (C) by striking “180-day” each place it appears; (D) by striking “such period” and inserting “1 year”; and (E) by striking “180 days” and inserting “1 year”; and (4) by redesignating subparagraphs (C), (D), and (E), as amended by the preceding provisions of this subsection, as subparagraphs (B), (C), and (D), respectively.