LOAN MANAGEMENT PROGRAM.

SEC. 1029. SECTION 8 LOAN MANAGEMENT PROGRAM. (a) Repeal of 15-Year Term Requirement.— Section 8(v) of the United States Housing Act of 1937 (42 U.S.C. 1437f(v)) is amended— (1) by striking paragraph (1); and (2) by redesignating paragraph (2) as paragraph (1). (b) Execution of New Contracts.— Section 8(v)(1) of the United States Housing Act of 1937 (42 U.S.C. 1437f(v)(1)) (as so redesignated by subsection (a) of this section) is amended by inserting “for project-based loan management assistance” after “new contract”. (c) Availability of Assistance for Unsubsidized Projects.— Section 8(v) of the United States Housing Act of 1937 (42 U.S.C. 1437f(v)) (as amended by subsection (a) of this section) is further amended by adding at the end the following new paragraph: “(2) (A) The eligiblity of a multifamily residential project for loan management assistance under this section shall be determined without regard to whether the project is subsidized or unsubsidized. “(B) In allocating loan management assistance under this section, the Secretary may give a priority to any project only on the basis that the project has serious financial problems that are likely to result in a claim on the insurance fund in the near future or the project is eligible to receive incentives under subtitle B of the Emergency Low Income Housing Preservation Act of 1987.”.