Page:United States Statutes at Large Volume 103 Part 3.djvu/246

 103 STAT. 2314 PUBLIC LAW 101-239—DEC. 19, 1989 Income Housing Preservation Act of 1987 or under section 502(c) of the Housing Act of 1949 at any time within 1 year after the date of the application for such •'> '' a waiver, "(ii) the appropriate Federal official certifies to the Secretary that it is resisonable to expect that, if the waiver is not granted, such building will cease comply- ing with its low-income occupancy requirements, and (iii) the eligibility to prepay such mortgage without the approval of the appropriate Federal official is waived by all persons who are so eligible and such waiver is binding on all successors of such persons. " (D) BUILDINGS ACQUIRED FROM INSURED DEPOSITORY INSTITUTIONS IN DEFAULT.— A WEUver may be granted under subparagraph (A) (without regard to any clause thereof) with respect to any building acquired from an insured depository institution in default (as defined in section 3 of the Federal Deposit Insurance Act) or from a receiver or conservator of such an institution." (g) INCREASE IN CREDIT FOR BUILDINGS IN HIGH COST AREAS.— Paragraph (5) of section 42(d) (relating to eligible basis) is amended by adding at the end thereof the following new subparagraph: " (D) INCREASE IN CREDIT FOR BUILDINGS IN HIGH COST AREAS.— "(i) IN GENERAL.—In the CEise of any building located in a qualified census tract or difficult development area which is designated for purposes of this subpara- graph— "(I) in the case of a new building, the eligible basis of such building shall be 130 percent of such basis determined without regard to this subpara- graph, and '^ "(II) in the case of an existing building, the rehabilitation expenditures taken into account -' ' under subsection (e) shall be 130 percent of such expenditures determined without regard to this ', subparagraph. "(ii) QUALIFIED CENSUS TRACT.— "(I) IN GENERAL.—The term 'qualified census tract' means any census tract in which 50 percent ' ' or more of the households have an income which is • " less than 60 percent of the area median gross income. ''^ ' " (II) LIMIT ON MSA'S DESIGNATED.— The portion of a metropolitan statistical area which may be des- ignated for purposes of this subparagraph shall not exceed an area having 20 percent of the population of such metropolitan statistical area. "(Ill) DETERMINATION OF AREAS. —For purposes of this clause, each metropolitan statistical area shall be treated as a separate area and all nonmetropolitan areas in a State shall be treated as 1 area, "(iii) DIFFICULT DEVELOPMENT AREAS. — " (I) IN GENERAL. —The term 'difficult develop- ' ' '•' • ment areas' means any area designated by the ^ ^:«t Secretary of Housing and Urban Development as

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