HOLD HARMLESS FOR REDUCTIONS IN AREA MEDIAN GROSS INCOME.

SEC. 3009. HOLD HARMLESS FOR REDUCTIONS IN AREA MEDIAN GROSS INCOME.(a) In General.—Paragraph (2) of section 142(d), as amended by section 3008, is amended by adding at the end the following new subparagraph:“(E) Hold harmless for reductions in area median gross income.—“(i) In general.—Any determination of area median gross income under subparagraph (B) with respect to any project for any calendar year after 2008 shall not be less than the area median gross income determined under such subparagraph with respect to such project for the calendar year preceding the calendar year for which such determination is made.“(ii) Special rule for certain census changes.—In the case of a HUD hold harmless impacted project, the area median gross income with respect to such project for any calendar year after 2008 (hereafter in this clause referred to as the current calendar year) shall be the greater of the amount determined without regard to this clause or the sum of—“(I) the area median gross income determined under the HUD hold harmless policy with respect to such project for calendar year 2008, plus“(II) any increase in the area median gross income determined under subparagraph (B) (determined without regard to the HUD hold harmless policy and this subparagraph) with respect to such project for the current calendar year over the area median gross income (as so determined) with respect to such project for calendar year 2008.“(iii) HUD hold harmless policy.—The term ‘HUD hold harmless policy’ means the regulations under which a policy similar to the rules of clause (i) applied to prevent a change in the method of determining area median gross income from resulting in a reduction in the area median gross income determined with respect to certain projects in calendar years 2007 and 2008.122 STAT. 2888“(iv) HUD hold harmless impacted project.—The term ‘HUD hold harmless impacted project’ means any project with respect to which area median gross income was determined under subparagraph (B) for calendar year 2007 or 2008 if such determination would have been less but for the HUD hold harmless policy.”.(b) Effective Date.—The amendment made by this section shall apply to determinations of area median gross income for calendar years after 2008.