Page:United States Statutes at Large Volume 104 Part 5.djvu/1073

 PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4395 government, State, or organization or agency may recover some or all of the amount paid to the Secretary by the administering agency, as the Secretary shall provide. Any property acquired pursuant to this subsection may be transferred, under an urban homesteading program under this section, only to individuals and families who are lower income families (as such term is defined in subsection (h)(3)). "(5) For purposes of this subsection, a bulk acquisition of properties shall involve not less than 100 properties. "(6) In using properties acquired under this subsection, each urban homesteading program shall provide for preference in convey- ing such properties under the program to residents of public housing (as such term is de^ed in section 3(b) of the United States Housing Act of 1937) who meet all eligibility criteria under this section.. (b) NEIGHBORHOOD IMPROVEMENT STRATEGY. — Section 810(b)(6) of the Housing and Community Development Act of 1974 (12 U.S.C. 1706e(b)(6)) is amended by striking the period at the end and inserting the following: ", except that this paragraph shall not apply with respect to any group of 10 or less properties obtained for use under an urban homesteading program if the properties (A) are located in any single census tract, and (B) were acquired by the Secretary from the Resolution Trust Corporation pursuant to subsection (1).". (c) RTC DISPOSITION PROCEDURES. —Section 21A(c)(6) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(c)(6)), as amended by section 804 of this Act, is further amended by adding at the end the following new subparagraph: " CE) URBAN HOMESTEADING ACQUISITION. — " (i) In providing for bulk acquisition of eligible single family properties by the Secretary under section 810(1) of the Housing and Community Development Act of 1974 and by participating jurisdictions for inclusion in affordable housing activities assisted under title II of the Cranston- Gonzalez National Affordable Housing Act, the Corporation shall agree to an amount to be paid for acquisition of such properties. The acquisition price shall include discounts for bulk purchase and for holding of the property such that the acquisition price for each property shall not exceed 50 percent of the fair market value of the property, as valued individually. "(ii) To the extent necessary to facilitate sale of properties to the Secretary and participating jurisdictions, the requirements of paragraphs (2), (5), and (6)(A) of this subsection shall not apply to such transactions and property involved in such transactions. "(iii) To facilitate acquisitions by the Secretary and participating jurisdictions, the Corporation shall provide the Secretary and participating jurisdictions with an inventory of eligible single family properties, not less than 4 times each year.". SEC. 915. NEIGHBORHOOD DEVELOPMENT DEMONSTRATION. Section 123(g) of the Housing and Urban-Rural Recovery Act of 1983 (42 U.S.C. 5318 note) is amended to read as follows: "(g) To the extent provided in appropriations Acts, of the amounts made available for assistance under section 103 of the Housing and Community Development Act of 1974, $2,000,000 for fiscal year 1991 and $2,000,000 for fiscal year 1992 shall be available to carry out this section.".

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