Gulf Coast Multifamily and Assisted Housing Recovery Act - Amends the Housing Act of 1959 to authorize additional appropriations to the Secretary of Housing and Urban Development to provide assistance to private nonprofit organizations and consumer cooperatives to expand the supply of supportive housing for low-income elderly persons meeting certain criteria relating to Hurricanes Katrina and Rita in 2005.
Amends the Cranston-Gonzalez National Affordable Housing Act to authorize additional appropriations to the Secretary to provide the same kind of assistance for low-income persons with disabilities.
Authorizes appropriations for the redevelopment (rebuilding or replacement) of housing authorized under the Housing Act of 1959 which was damaged or destroyed by Hurricane Katrina in New Orleans and in the Parish of St. Bernard.
Requires the Secretary to adjust the rent levels annually on a budget-based basis for eligible projects in a designated disaster area receiving rental assistance under the Housing Act of 1959 and the Cranston-Gonzalez National Affordable Housing Act.
Requires the Secretary to report to specified congressional committees on: (1) the number of project-based assistance contracts and units which were terminated in the designated disaster area after September 30, 2005; and (2) the specific developer, project name, location, number of units, and project description for each such project-based assistance contract.
Prohibits a project-based assistance payments contract for a covered assisted multifamily housing project from expiring or being terminated because of the damage or destruction of dwelling units in the project by Hurricane Katrina or Hurricane Rita.
Deems the expiration date of such a contract to be the later of the date: (1) specified in the contract; or (2) that is not less than three months after the dwelling units in such project, or in a replacement project, are first made habitable.
Requires the Secretary to develop and report to specified congressional committees on a written disaster response plan for federally assisted properties that receive assistance pursuant to such Acts.