HOMEOWNERSHIP OPTION.

SEC. 555. HOMEOWNERSHIP OPTION. * * * * * * * (b) [42 U.S.C. 1437f note] Demonstration Program.— (1) In general.—With the consent of the affected public housing agencies, the Secretary may carry out (or contract with 1 or more entities to carry out) a demonstration program under section 8(y) of the United States Housing Act of 1937 (42 U.S.C. 1437f(y)) to expand homeownership opportunities for low-income families. (2) Report.—The Secretary shall report annually to Congress on activities conducted under this subsection. (c) [42 U.S.C. 1437f note] Applicability.—This section shall take effect on, and the amendments made by this section are made on, and shall apply beginning upon, the date of the enactment of this Act.