Page:United States Statutes at Large Volume 101 Part 3.djvu/581

 PUBLIC LAW 100-242—FEB. 5, 1988

101 STAT. 1879

of action approved by the Secretary of Housing and Urban Development under this subtitle. (b) ALTERNATIVE PREPAYMENT MORATORIUM.—In the event any court of the United States or any State invalidates the requirements established in this subtitle, an owner of eligible low income housing located in the geographic area subject to the jurisdiction of such court may not prepay, and a mortgagee may not accept prepayment of, a mortgage on such housing during the 2-year period following the date of such invalidation. SEC. 222. NOTICE OF INTENT.

12 USC 1715/ note.

An owner of eligible low income housing seeking to initiate prepayment or other changes in the status or terms of the mortgage or regulatory agreement shall file with the Secretary a notice of the intent of the owner in such form and manner as the Secretary shall prescribe. The owner shall simultaneously file the notice or intent State and local with any appropriate State or local government agency for the governments. jurisdiction within which the housing is located. SEC. 223. PLAN OF ACTION. (a) PREPARATION AND SUBMISSION.—Upon receipt of a notice of

intent, the Secretary shall provide the owner with such information as the owner needs to prepare a plan of action, which information shall include a description of the Federal incentives authorized under this title. The owner shall submit the plan of action to the Secretary in such form and manner as the Secretary shall prescribe. The owner may simultaneously submit the plan of action to any appropriate State or local government agency for the jurisdiction within which the housing is located, which agency shall, in reviewing the plan, consult with representatives of the tenants of the housing. (b) CONTENTS.—The plan of action shall include— (1) a description of any proposed changes in the status or terms of the mortgage or regulatory agreement, which may include a request for incentives to extend the low income use of the housing; (2) a description of any assistance that could be provided by State or local government agencies, as determined by prior consultation between the owner and any appropriate State or local agencies; (3) a description of any proposed changes in the low income affordability restrictions; (4) a description of any change in ownership that is related to prepayment; (5) an assessment of the effect of the proposed changes on existing tenants; (6) a statement of the effect of the proposed changes on the supply of housing affordable to lower and very low income families or persons in the community within which the housing is located and in the area that the housing could reasonably be expected to serve; and (7) any other information that the Secretary determines is necessary to achieve the purposes of this title. (c) REVISIONS.—The owner may from time to time revise and amend the plan of action as may be necessary to obtain approval of the plan under this subtitle.

12 USC 1715/ note.

State and local governments.

State and local governments.

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