SEC-717 -- HOUSING PRESERVATION GRANTS. 

 
 (a) Use of Deobligated Funds.-Section 533(c)(1) of the Housing Act of
1949 (42 U.S.C. 1490m(c)(1)) is amended by adding at the end the
following: "Funds obligated, but subsequently unspent and deobligated,
may remain available, to the extent provided in appropriations Acts, for
use as housing preservation grants in ensuing fiscal years.".
 
 (b) Reallocation.-Section 533(g) of the Housing Act of 1949 (42 U.S.C.
1490m(g)) is amended by striking the last sentence and inserting the
following: "Any amounts which become available as a result of actions
under this subsection shall be reallocated as housing preservation
grants to such grantee or grantees as the Secretary may determine.".