MULTIFAMILY HOUSING CAPITAL IMPROVEMENTS ASSISTANCE.

SEC. 1011. MULTIFAMILY HOUSING CAPITAL IMPROVEMENTS ASSISTANCE. (a) Amounts Available.— Section 201(j)(4) of the Housing and Community Development Amendments of 1978 (12 U.S.C. 1715z–1a(j)(4)) is amended— (1) by striking “may use not more than $50,000,000” and inserting the following: “shall, to the extent of approvable applications and subject to paragraph (1), use not less than $30,000,000 or 40 percent (whichever is less) of the amounts available”; and (2) by adding at the end the following new sentence: “Any amount reserved under this paragraph for assistance for capital improvements that is not used before the last 60 days of a fiscal year shall become available for other assistance under this section.”. (b) Implementation of Program.— To implement the amendments made by section 185 of the Housing and Community Development Act of 1987, the Secretary of Housing and Urban Development shall issue regulations that become effective not later than February 5, 1989.