Page:United States Statutes at Large Volume 101 Part 3.djvu/546

 PUBLIC LAW 100-242—FEB. 5, 1988

101 STAT. 1844 ?.v s V

permit affordable homeownership by the families residing in the project. "(B) The price of a building purchased under the preceding sentence shall be approved by the Secretary, in consultation with the public housing agency and resident management corporation, taking into account the fair market value of the property, the ability of resident families to afford and maintain the property, and such other factors as the Secretary determines to be consistent with increasing the supply of dwelling units affordable to very low income families. "(C) This paragraph shall not have effect after September 30, 1990.

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Termination date.

"(4) CONDITIONS OF RESALE.—

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"(A)(i) A resident management corporation may sell a dwelling unit or ownership rights in a dwelling unit only to a lower income family residing in, or eligible to reside in, public housing and only if the Secretary determines that the purchase will not interfere with the rights of other families residing in the housing project or harm the efficient operation of the project, and the family will be able to purchase and maintain the property. "(ii) The sale of dwelling units or ownership rights in dwelling units under clause (i) shall be made to families in the following order of priority: "(I) a lower income family residing in the public housing project in which the dwelling unit is located; "(ID a lower income family residing in any public housing project within the jurisdiction of the public housing agency having jurisdiction with respect to the project in which the dwelling unit is located; "(III) a lower income family receiving Federal housing assistance and residing in the jurisdiction of such public housing agency; and "(IV) a lower income family on the waiting list of such public housing agency for public housing or assistance under section 8, with priority given in the order in which the family appears on the waiting list. "(iii) Each resident management corporation shall provide each family described in clause (ii) with a notice of the eligibility of the family to purchase a dwelling unit under this paragraph. "(B) A purchase under subparagraph (A) may be made under any of the following arrangements: "(i) Limited dividend cooperative ownership. "(ii) Condominium ownership, "(iii) Fee simple ownership. "(iv) Shared appreciation with a public housing agency providing financing under paragraph (6). "(v) Any other arrangement determined by the Secretary to be appropriate. "(C) Property purchased under this section shall be resold only to the resident management corporation, a lower income family residing in or eligible to reside in public housing or housing assisted under section 8, or to the public housing agency.

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