Page:United States Statutes at Large Volume 101 Part 3.djvu/580

 101 STAT. 1878

PUBLIC LAW 100-242—FEB. 5, 1988 (A) providing a more adequate supply of decent, safe, and sanitary housing that is affordable to low income Americans; (B) increasing the supply of housing affordable to low income Americans that is accessible to employment opportunities; and (C) expanding housing opportunities for all Americans, particularly members of disadvantaged minorities; (6) the provision of an adequate supply of low income housing has depended and will continue to depend upon a strong, longterm partnership between the public and private sectors that accommodates a fair return on investment; (7) recent reductions in Federal housing assistance and tax benefits related to low income housing have increased the incentives for private industry to withdraw from the production and management of low income housing; (8) efforts to retain this housing must take account of specific financial and market conditions that differ markedly from project to project; (9) a major review of alternative responses to this threatened loss of affordable housing is now being undertaken by numerous private sector task forces as well as State and local organizations; and (10) until the Congress can act on recommendations that will emerge from this review, interim measures are needed to avoid the irreplaceable loss of low income housing and irrevocable displacement of current tenants. (b) PURPOSE.—It is the purpose of this title— (1) to preserve and retain to the maximum extent practicable as housing affordable to low income families or persons those privately owned dwelling units that were produced for such purpose with Federal assistance; (2) to minimize the involuntary displacement of tenants currently residing in such housing; and (3) to continue the partnership between all levels of government and the private sector in the production and operation of housing that is affordable to low income Americans.

12 USC 1715/

SEC. 203. TERMINATION OF CERTAIN PROVISIONS.

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(a) IN GENERAL.—Effective upon the expiration of the 2-year period beginning on the date of the enactment of this Act— (1) subtitles B and D are repealed; and (2) each provision of law amended by subtitle B or D is amended to read as it would without such amendment. (b) SAVINGS PROVISION.—The repeal or amendment of any provision under subsection (a) shall have no effect on any action taken or authorized under the provision prior to such repeal or amendment.

Subtitle B—Prepayment of Mortgages Insured Under National Housing Act 12 USC 1715/

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SEC. 221. GENERAL PREPAYMENT LIMITATION. (a) PRIOR APPROVAL OF PLAN OF ACTION.—An owner of eligible low

income housing may prepay, and a mortgagee may accept prepayment of, a mortgage on such housing only in accordance with a plan

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