RENTAL HOUSING PGRAM-GRANTS

Amends the Rental Housing Support Program Act. In regard to grants provided under the Rental Housing Support Program for the operating expenses of local administering agencies, provides that on an annual basis, operating expenses for local administering agencies shall not exceed 10% for grants under $500,000 and shall not exceed 7% for grants over $500,000 (rather than operating expenses for local administering agencies shall not exceed 10% for grants under $500,000 and shall not exceed 7% for grants over $500,000). Provides that if a grant to a local administering agency covers more than one year, the Authority shall calculate operating expenses on an annual pro rata share of the grant. Provides that if the annual pro rata share is $500,000 or less, then the fee shall be 10%; if the annual pro rata share is greater than $500,000, then the fee shall be 7%.