Page:United States Statutes at Large Volume 103 Part 2.djvu/1029

 PUBLIC LAW 101-235—DEC. 15, 1989 103 STAT. 2039 "When underwriting an equity loan under this subsection, the Secret£ury may assume that the rental assistance provided in accord- ance with an approved plan of action under section 225(b) of the Emergency Low Income Housing Preservation Act of 1987 will be extended for the full term of the contract entered into under section 225(c) of that Act. The Secretary may accelerate repayment of a loan under this section in the event rental assistance is not extended under section 225(c) of that Act or the Secretary is imable to develop a revised package of incentives to the owner comparable to those received under the original approved plan of action.. (2) ACQUISITIONS BY PUBLIC ENTITIES.— Section 241(fK3) of the National Housing Act is amended by inserting "public entity," after "A". (d) LIMITATIONS ON FORECLOSURE. —Section 241(f) of the National Housing Act is amended by adding at the end the following new paragraph: "(6) If the Secretary is unable to extend the term of rental assistance for the full term of the contract entered into under section 225(c) of the Emergency Low Income Housing Preserva- tion Act of 1987, the Secretary is authorized to take such actions as the Secretary deems to be appropriate to avoid default, avoid disruption of the sound ownership and management of the property or otherwise minimize the cost to the Federal Govern- ment.". SEC. 204. PRESERVATION. (a) MANAGEMENT AND PRESERVATION OF HUD-OWNED AND HUD- HELD MULTIFAMILY HOUSING PROJECTS.— Section 203<k) of the Hous- ing and (Community Development Amendments of 1978 is amended to read as follows: "The Secretary shall annually submit to the Congress on June 1 of each year a report describing the status of multifamily housing projects that are subject to subsection (a), which report shall include— "(1) the name, address, and size of each project; "(2) the nature and date of assignment; "(3) the status of the mortgage; "(4) the physical condition of the project; "(5) the proportion of units in a project that are vacant; "(6) the date on which the Secretary became mortgagee in possession or the date of imposition of any receivership; "(7) the date and conditions of any foreclosure sale; "(8) the date of acquisition by the Secretary; and "(9) the date and conditions of any property disposition sale. The report shall describe the activities carried out under subsection (e) during the preceding year, and shall contain a description and assessment of the rules, guidelines and practices governing the Department's assumption of management responsibilities in multi- family housing projects subject to subsection (a) that are owned by the Secretary (or for which the Secretary is mortgagee in possession) as well OB the steps that the Secretary has taken or plans to take to expedite the assumption of management responsibilities of the Department and improve the management performance of the Department, including the expedited repair and turnover of vacant units.". (b) REHABIUTATION LOANS. —Section 241 of the National Housing Act is amended by inserting the following after subsection (f): 12 USC 1715Z-6. 12 USC ITOlz-ll. Reports.

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