Pub. L. 113-235, div. K, tit. II (as amended)

238.Clause (i) of section 3(a)(2)(B) of the United States Housing Act of 1937 (42 U.S.C. 1437a(a)(2)(B)(i)), as amended by section 210 of the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2014 (division L of Public Law 113-76; 128 Stat. 625), is amended—(1)by striking which shall not be lower in the matter preceding subclause (I) and all that follows through the end of subclause (I) and inserting the following:which—(I)shall not be lower than 80 percent of—(aa)the applicable fair market rental established under section 8(c) of this Act; or(bb)at the discretion of the Secretary, such other applicable fair market rental established by the Secretary that the Secretary determines more accurately reflects local market conditions and is based on an applicable market area that is geographically smaller than the applicable market area used for purposes of the applicable fair market rental under section 8(c);except that a public housing agency may apply to the Secretary for exception allowing for a flat rental amount for a property that is lower than the amount otherwise determined pursuant to item (aa) or (bb) and the Secretary may grant such exception if the Secretary determines that the fair market rental for the applicable market area pursuant to item (aa) or (bb) does not reflect the market value of the property and the proposed lower flat rental amount is based on a market analysis of the applicable market and complies with subclause (II) and;(2)in subclause (II), by inserting shall before be designed; and(3)in the matter after and below subclause (II), by striking Public housing agencies must comply by June 1, 2014, with the requirement of this clause, except that if and inserting If.