SEC-713 -- SET-ASIDE OF RURAL RENTAL HOUSING FUNDS. 

 
 Section 515 of the Housing Act of 1949 (42 U.S.C. 1485), as amended by
the preceding provisions of this Act, is further amended by adding at
the end the following new subsection:
 
 "(w) Set-Aside of Rural Rental Housing Funds.-
 
 "(1) Authority.-Except as provided in paragraph (2), the Secretary
shall set aside from amounts made available for each State for loans
under this section, not less than 7 percent of the amounts available in
fiscal year 1991 and not less than 9 percent of the amounts available
in fiscal year 1992. Amounts set aside shall be available only for
nonprofit entities in the State, which may not be wholly or partially
owned or controlled by a for-profit entity or under whole or partial
control with a for-profit entity.
 
 "(2) Minimum state set-aside.-If the amount set aside under paragraph
(1) for any State is less than $750,000 in any fiscal year, the
Secretary shall pool such amount together with set-aside amounts from
other States whose set-aside is less than $750,000, and shall make such
amounts available for such eligible entities under paragraph (1) in any
such State. The Secretary shall establish a procedure to provide that
any amounts pooled under this paragraph from the allocation for any
State in any fiscal year that are not obligated during a reasonable
period in such year shall be made available for any such eligible
entities under paragraph (1) in such State.
 
 "(3) Unused amounts.-Any amounts set aside or pooled under this
subsection from the allocation for any State in any fiscal year that are
not obligated by a reasonable date established by the Secretary (which
shall be after the expiration of the period under paragraph (2)) shall
be made available to any entity eligible under this section in such
State.".