Page:United States Statutes at Large Volume 104 Part 5.djvu/797

 PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4119 severe problems of housing affordability. For purposes of this section, agencies of the United States, government-sponsored mortgage finance corporations, and qualified research organizations shall be included as eligible organizations in addition to eligible organizations specified under section 243. SEC. 245. REACH: ASSET RECYCLING INFORMATION DISSEMINATION. (a) IN GENERAL.— The Secretary shall make available upon request by any participating jurisdiction a list of eligible properties that are located within the jurisdiction and that are owned or controlled by the Department of Housing and Urban Development to facilitate the purchase, development, or rehabilitation of such properties with assistance made available under this title. (b) EuGiBLE PROPERTIES.—An eligible property under this section shall— (1) be an unoccupied single-family or multifamily dwelling, such that acquisition and rehabilitation of the dwelling would not result in the displacement of any residents of the dwelling; and (2) have an appraised value that does not exceed (A) in the case of a 1- to 4-family dwelling, 95 percent of the median purchase price for the area for such dwellings, as determined by the Secretary, or (B) in the case of a dwelling with more than 4 units, the applicable maximum dollar amount limitation under section 221(d)(3)(ii) of the National Housing Act (12 U.S.C. 1715/(d)(3)(ii)) for elevator-type structures. Subtitle D—SpeciHed Model Programs 42 USC 12785. SEC. 251. GENERAL AUTHORITY. Among the alternative model progrgims that the Secretary shall make available for use by participating jurisdictions under the provisions of section 213 shall be model programs specified in this subtitle. The Secretary shall keep these specified model programs under review and submit to Congress such recommendations for change as the Secretary determines to be appropriate. SEC. 252. RENTAL HOUSING PRODUCTION. (a) REPAYABLE ADVANCES. — (1) IN GENERAL.— The Secretary shall make available a model program under which repayable advances may be made to public and private project sponsors in constructing, acquiring, or substantially rehabilitating projects to be used as affordable rental housing, including limited equity cooperatives and mutual housing. (2) MAXIMUM AMOUNT OF ADVANCE.— An advance under this model program shall not exceed 50 percent of the total costs associated with the construction, acquisition, or substantial rehabilitation of the project, as determined by the participating jurisdiction. (3) TERMS OF REPAYMENT.— (A) INTEREST PAYMENTS. — (i) IN GENERAL. — Under the model program, advances shall be repaid with interest calculated at a rate of not more than 3 percent per year, as determined by the participating jurisdiction to be appropriate. Interest 42 USC 12801. 42 USC 12802.

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