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    "ocrText": "enter into a contract that specifies additional conditions for the continuation of any contract under\nthis paragraph. If the units are owned by the public housing agency, the term of the contract\nshall be agreed upon by the public housing agency and the unit of general local government or\nother entity approved by the Secretary in the manner provided by paragraph (11).\n(C) EXTENSION OF CONTRACT TERM.-In the case of a housing assistance payment\ncontract that applies to a structure under this paragraph, a public housing agency may enter into a\ncontract with the owner, contingent upon the future availability of appropriated funds for the pur-\npose of renewing expiring contracts for assis\npayments, as provided in appropriations Acts,\nto extend the term of the underlying hous\nance payment contract for such period as the\npublic housing agency determines to tc achieve long-term affordability of the\nhousing or to expand housing opportuniti\nComract may obligate the owner to have such\nextensions of the underlying housing assistance payment contract accepted by the owner and the\nsuccessors in interest of the owner.\n(D) RENT CALCULATION.-For project-based assistance under this paragraph, housing\nassistance payment contracts shall establish rents for each assisted unit up to 110 percent of the\napplicable fair market rental (or any exception payment standard approved by the Secretary\npursuant to paragraph (1)(D) of this subsection), except that if a contract is for a unit that has\nbeen allocated low-income housing tax credits pursuant to 26 U.S.C. 42 (other than a contract\npursuant to subparagraph (H) below) and is located in a qualified census tract, the rent for\nthat unit may be set at any level that does\nthe rent charged for comparable units in the\nbuilding that also receive low-income ho\nbut do not have additional rental\nassistance. The rents established by housing\nistance payment contracts attached to a structure\nmay vary from the payment standard[s] esta\n-d by the public housing agency pursuant to\nparagraph (1)(B) and are subject to paragraph (10)(A) of this subsection.\n(E) ADJUSTED RENTS.-With respect to rents adjusted under this paragraph-\n(i) the adjusted rent for any unit shall be reasonable in comparison with rents charged for\ncomparable dwelling units in the private, unassisted, local market and may not exceed the\nmaximum rent permissible under (D) above; and (ii) the provisions of subsection (c)(2)(C) shall\nnot apply.\n(F) TENANT SELECTION. - A public housing agency shall select families to receive project-\nbased assistance pursuant to this paragraph from its waiting list for assistance under subsection\n(o). The eligibility of families for initial receipt of assistance under this paragraph is subject to\nparagraph (4) of this subsection and section 16(b). The agency may establish preferences or\ncriteria for selection for a unit assisted under this paragraph that are consistent with the needs\nidentified in the agency's annual plan. Any family that rejects an offer of project-based\nassistance under this paragraph, or that is rejected for admission by the owner or manager of a\nstructure with project-based assistance under this paragraph, retains its place on the waiting list\nas if the offer had not been made. Owners or managers of structures with project-based\nassistance under this paragraph shall not admit any family to a unit subject to a housing\nAug. 29, 2000, page 2"
}