PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3755

SEC. 210. MATCHING REQUIREMENTS.

(a) TIERED CONTRIBUTION.—Section 220(a) of the Cranston-
Gonzalez National Affordable Housing Act (42 U.S.C. 12750(a))
is amended—

(1) in paragraph (1)—

(A) by striking "and" and inserting a comma;

(B) by inserting "and substantial rehabilitation" after
"rehabilitation"; and

(C) by inserting "and" after the semicolon;

(2) in paragraph (2)—

(A) by striking "33" and inserting "30"; and

(B) by striking "substantial rehabilitation; and" and
inserting new construction.";

(3) by striking paragraph (3); and

(4) in the matter preceding paragraph (1), by striking
"affordable housing assisted under this title" and inserting
"housing that qualifies as affordable housing under this title .

(b) FORM.—Section 220(c) of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 12750(c)) is amended—

(1) by striking "and" at the end of paragraph (4);

(2) by striking the period at the end of paragraph (5)
and inserting a semicolon; and

(3) by adding at the end the following:
"(6) up to—

"(A) 50 percent of proceeds from bond financing validly
issued by a State or local government, agency or instrumen-
tality thereof, or political subdivision thereof, and repayable
with revenues derived from a multifamily affordable nous-
ing project financed, and

"(B) 25 percent of proceeds from bond financing validly
issued by a State or local government, agency or instrumen-
tality thereof, or political subdivision thereof, and repayable
with revenues derived from a single-family project financed,

but not more than 25 percent of the contribution required

under subsection (a) may be derived from these sources;

"(7) the reasonable value of any site-preparation and

construction materials and any donated or voluntary labor in

connection with the site-preparation for, or construction or

rehabilitation of, affordable housing; and

"(8) such other contributions to affordable housing as the

Secretary considers appropriate.".

(c) REDUCTION OF REQUIREMENT.—Section 220 of the Cranston-
Gonzalez National Affordable Housing Act (42 U.S.C. 12750) is
amended by striking subsection (d) and inserting:

"(d) REDUCTION OF REQUIREMENT.—

"(1) IN GENERAL.—The Secretary shall reduce the matching
requirement under subsection (a) with respect to any funds
drawn from a jurisdiction's HOME Investment Trust Fund
Account during a fiscal year by—

"(A) 50 percent for a jurisdiction that certifies that
it is hi fiscal distress; and

"(B) 100 percent for a jurisdiction that certifies that
it is in severe fiscal distress.
"(2) DEFINITIONS.—For purposes of this section—

"(A) 'fiscal distress' means a jurisdiction other than
a State that satisfies 1 of the distress criteria set forth
in paragraph (3); and