FLEXIBLE SUBSIDY PROGRAM.

SEC. 406. FLEXIBLE SUBSIDY PROGRAM. Section 201(d)(6) of the Housing and Community Development Amendments of 1978 (12 U.S.C. 1715z–1a(d)(6)) is amended by inserting before the period at the end the following: “; and except that the Secretary shall review and approve or disapprove each plan not later than the expiration of the 30-day period beginning upon the date of submission of the plan to the Secretary by the owner, but if the Secretary fails to inform the owner of approval or disapproval of the plan within such period the plan shall be considered to have been approved”.