SEC-716 -- ASSISTANCE TO REDUCE RENT OVERBURDEN. 

 
 Section 521(a)(2)(C) of the Housing Act of 1949 (42 U.S.C.
1491(a)(2)(C)) is amended by adding at the end the following:
"Notwithstanding the preceding sentence, excess funds received from
tenants in projects financed under section 515 during a fiscal year
shall be available during the next succeeding fiscal year, together with
funds provided under subparagraph (D), to the extent approved in
appropriations Acts, to make assistance payments to reduce rent
overburden on behalf of tenants of any such project whose rents exceed
the levels referred to in subparagraph (A). In providing assistance to
relieve rent overburden, the Secretary shall provide assistance with
respect to very low-income and low income families to reduce housing
rentals to the levels specified in subparagraph (A).".