Page:United States Statutes at Large Volume 104 Part 5.djvu/1066

 104 STAT. 4388 PUBLIC LAW 101-625—NOV. 28, 1990 "(17) provision of assistance to private, for-profit entities, when the assistance is appropriate to carry out an economic development project (that shall minimize, to the extent practicable, displacement of existing businesses and jobs in neighborhoods) that— "(A) creates or retains jobs for low- and moderate-income persons; "(B) prevents or eliminates slums and blight; "(C) meets urgent needs; "(D) creates or retains businesses owned by community residents; "(E) assists businesses that provide goods or services needed by, and affordable to, low- and moderate-income residents; or "(F) provides technical assistance to promote any of the activities under subparagraphs (A) through (E);". (b) DIRECT HOMEOWNERSHIP ASSISTANCE. — (1) IN GENERAL.— Section 105(a) of the Housing and Community Development Act of 1974 (42 U.S.C. 5305(a)) is amended— (A) in paragraph (18), by striking "and" at the end; (B) in paragraph (19), by striking the period at the end and inserting "; and"; and (C) by adding at the end the following new paragraph: "(20) provision of direct assistance to facilitate and expand homeownership among persons of low and moderate income (except that such assistance shall not be considered a public service for purposes of paragraph (8)) by using such assistance to— "(A) subsidize interest rates and mortgage principal amounts for low- and moderate-income homebuyers; "(B) finance the acquisition by low- and moderate-income homebuyers of housing that is occupied by the homebuyers; "(C) acquire guarantees for mortgage financing obtained by low- and moderate-income homebuyers from private lenders (except that amounts received under this title may not be used under this subparagraph to directly guarantee such mortgage financing and grantees under this title may not directly provide such guarantees); "(D) provide up to 50 percent of any downpa3ntnent required from low- or moderate-income homebuyer; or "(E) pay reasonable closing costs (normally associated with the purchase of a home) incurred by a low- or moderate-income homebuyer.". 42 USC 5305 (2) TERMINATION.— Effective on October 1, 1992 (or October 1, ^°*^- 1993, if the Secretary determines that such later date is necessary to continue to provide homeownership assistance until homeownership assistance is available under title II of the Cranston-Gonzalez National Affordable Housing Act), section 105(a) of the Housing and Community Development Act of 1974 (42 U.S.C. 5305(a)) is amended— (A) in paragraph (18), by inserting "and" at the end; (B) in paragraph (19), by striking "; and" at the end and inserting a period; and (C) by str^dng paragraph (20).

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