Page:United States Statutes at Large Volume 101 Part 3.djvu/590

 101 STAT. 1888

PUBLIC LAW 100-242—FEB. 5, 1988 "(ii) NATIONAL OR REGIONAL NONPROFIT ORGANIZATION.—If the

Loans.

Loans.

Secretary determines that there is no local nonprofit organization or public agency qualified to purchase the housing and related facilities involved, the Secretary shall require the borrower to offer to sell the assisted housing and related facilities to an existing qualified national or regional nonprofit organization. "(C) FINANCING OF SALE.—To facilitate the sale described in subparagraph (A), the Secretary shall— "(i) to the extent provided in appropriation Acts, make an advance to the nonprofit organization or public agency whose offer to purchase is accepted under this paragraph to cover any direct costs (other than the purchase price) incurred by the organization or agency in purchasing and assuming responsibility for the housing and related facilities involved; "(ii) approve the assumption, by the nonprofit organization or public agency involved, of the loan made or insured under section 514 or 515; "(iii) to the extent provided in appropriation Acts, transfer any rental assistance payments that are received under section 521(a)(2)(A), or under section 8 of the United States Housing Act of 1937, with respect to the housing and related facilities involved; and "(iv) to the extent provided in appropriation Acts, provide a loan under section 515(c)(3) to the nonprofit organization or public agency whose offer to purchase is accepted under this paragraph to enable the organization or agency to purchase the housing and related facilities involved. "(D) RENT LIMITATION AND ASSISTANCE.—The Secretary shall, to the extent provided in appropriation Acts, provide to each nonprofit organization or public agency purchasing housing and related facilities under this paragraph financial assistance (in the form of monthly payments or forgiveness of debt) in an amount necessary to ensure that the monthly rent payment made by each low income family or person residing in the housing does not exceed the maximum rent permitted under section 521(a)(2)(A). "(E) RESTRICTION ON SUBSEQUENT TRANSFERS.—Except as provided

in subparagraph (B)(ii), the Secretary may not approve the transfer of any housing and related facilities purchased under this paragraph during the remaining useful life of the housing and related facilities, unless the Secretary determines that— "(i) the transfer will further the provision of housing and related facilities for low income families or persons; or "(ii) there is no longer a need for such housing and related facilities by low income families or persons. Loans. Contracts.

"(F) GENERAL RESTRICTION ON PREPAYMENTS AND REFINANCINGS.-—

Following the transfer of the maximum number of dwelling units set forth in subparagraph (H)(i) in any fiscal year or the maximum number of dwelling units for which budget authority is available in any fiscal year, the Secretary may not accept in such fiscal year any offer to prepay, or request refinancing in accordance with subsection (b)(3) of, any loan made or insured under section 514 or 515 pursuant to a contract entered into before December 21, 1979, except in accordance with subparagraph (G). The limitation established in this subparagraph shall not apply to an offer to prepay, or request to refinance, if, following the date on which such offer or request is made (or following the date of the enactment of the Housing and

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