SEC-612 -- MANAGEMENT AND PRESERVATION OF FEDERALLY ASSISTED HOUSING. 

 
 (a) Section 236.-Section 236(f) of the National Housing Act, as amended
by the preceding provisions of this Act, is further amended by adding
at the end the following new paragraph:
 
 "(6)(A) Notwithstanding paragraph (1), tenants whose incomes exceed
80 percent of area median income shall pay as rent the lower of the
following amounts: (A) 30 percent of the family's adjusted monthly
income; or (B) the relevant fair market rental established under section
8(b) of the United States Housing Act of 1937 for the jurisdiction in
which the housing is located.
 
 "(B) An owner shall phase in any increase in rents for current tenants
resulting from subparagraph (A). Rental charges collected in excess of
the basic rental charges shall continue to be credited to the reserve
fund described in subsection (g)(1).".
 
 (b) Section 221.-Section 221 of the National Housing Act is amended by
inserting the following new subsection after subsection (k):
 
 "(l)(1) Notwithstanding any other provision of law, tenants residing
in eligible multifamily housing whose incomes exceed 80 percent of area
median income shall pay as rent not more than the lower of the following
amounts: (A) 30 percent of the family's adjusted monthly income; or (B)
the relevant fair market rental established under section 8(b) of the
United States Housing Act of 1937 for the jurisdiction in which the
housing is located. An owner shall phase in any increase in rents for
current tenants resulting from this subsection.
 
 "(2) For purposes of this subsection, the term `eligible multifamily
housing' means any housing financed by a loan or mortgage that is (A)
insured or held by the Secretary under subsection (d)(3) and assisted
under section 101 of the Housing and Urban Development Act of 1965 or
section 8 of the United States Housing Act of 1937; or (B) insured or
held by the Secretary and bears interest at a rate determined under the
proviso of subsection (d)(5).".