Page:United States Statutes at Large Volume 102 Part 4.djvu/302

 102 STAT. 3272

PUBLIC LAW 100-628—NOV. 7, 1988 "(II) is a not-for-profit charitable organization whose principal purposes include developing or managing low income housing or community development projects, "(ii) NONPROFIT ORGANIZATION.—The term 'nonprofit organization' means any private organization— "(I) no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual; "(II) that is approved by the Secretary as to financial responsibility; and "(III) that does not have among its officers or directorate persons or parties with a material interest (or persons or parties related to any person or party with such an interest) in loans financed under section 515 that have been prepaid.".

SEC. 1029. SECTION 8 LOAN MANAGEMENT PROGRAM. (a) REPEAL OF 15-YEAR TERM REQUIREMENT.—Section 8(v) of the

United States Housing Act of 1937 (42 U.S.C. 1437f(v)) is amended— (1) by striking paragraph (1); and (2) by redesignating paragraph (2) as paragraph (1). (b) EXECUTION OF N E W CONTRACTS.—Section 8(v)(l) of the United States Housing Act of 1937 (42 U.S.C. 1437f[vXl)) (as so redesignated by subsection (a) of this section) is amended by inserting "for projectbased loan management assistance" after "new contract". (c) AVAILABILITY OF ASSISTANCE FOR UNSUBSIDIZED PROJECTS.—

Section 8(v) of the United States Housing Act of 1937 (42 U.S.C. 1437f(v)) (as amended by subsection (a) of this section) is further amended by adding at the end the following new paragraph: "(2)(A) The eligiblity of a multifamily residential project for loan management assistance under this section shall be determined without regard to whether the project is subsidized or unsubsidized. "(B) In allocating loan management assistance under this section, the Secretary may give a priority to any project only on the basis that the project has serious financial problems that are likely to result in a claim on the insurance fund in the near future or the project is eligible to receive incentives under subtitle B of the Emergency Low Income Housing Preservation Act of 1987.".

Subtitle C—Rural Housing SEC. 1041. IMPLEMENTATION OF GUARANTEED LOAN DEMONSTRATION.

Regulations.

(a) IN GENERAL.—Section 304(a) of the Housing and Community Development Act of 1987 (42 U.S.C. 1472 note) is amended by adding at the end the following: "To implement this section, the Secretary shall issue regulations that take effect not later than 120 days after the date of the enactment of the Stewart B. McKinney Homeless Assistance Amendments Act of 1988.". (b) CLARIFICATION.—Section 304 of the Housing and Community Development Act of 1987 (42 U.S.C. 1472 note) is amended by adding at the end the following new subsection: "(f) RELATION TO OTHER LAW.—Section 502(d), and the second sentence of section 517(e), of the Housing Act of 1949 shall not apply to this section.".

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