SUPPORTIVE HOUSING FOR THE ELDERLY.

SEC. 801. SUPPORTIVE HOUSING FOR THE ELDERLY. (a) In General.—Section 202 of the Housing Act of 1959 (12 U.S.C. 1701q) is amended to read as follows: “SEC. 202. SUPPORTIVE HOUSING FOR THE ELDERLY.” * * * * * * * (b) Conforming Amendment.—Section 213(a) of the Housing and Community Development Act of 1974 is amended by striking “section 202 of the Housing Act of 1959”. (c) [12 U.S.C. 1701q note] Effective Date and Applicability.—The amendments made by this section shall take effect on October 1, 1991, with respect to projects approved on or after such date. The Secretary shall issue regulations for such purpose after notice and an opportunity for public comment in accordance with section 553 of title 5, United States Code. Regulations shall be issued for comment not later than 180 days after the date of enactment of this Act. (d) [12 U.S.C. 1701q note] Expedited Financing and Construction.— (1) In general.—The Secretary may, subject to the availability of appropriations for contract amendments for the purposes of this subsection— (A) provide such adjustments and waivers to the cost limitations specified under 24 CFR 885.410(a)(1); and (B) make such adjustments to the relevant fair market rent limitations established under section 8(c)(1) of the United States Housing Act of 1937 in providing assistance under such Act, as are necessary to ensure the expedited financing and construction of qualified supportive housing for the elderly provided that the Secretary finds that any applicable cost containment rules and regulations have been satisfied. (2) Definition.—For purposes of this subsection, the term “supportive housing for the elderly” means housing— (A) located in a high-cost jurisdiction; and (B) for which a loan reservation was made under section 202 of the Housing Act of 1959, 3 years before the date of enactment of this Act but for which no loan has been executed and recorded. (e) Authorization for Existing Program.—Section 202(a)(4)(C) of the Housing Act of 1959 (12 U.S.C. 1701q(a)(4)(C)) is amended— * * * * * * *