Page:United States Statutes at Large Volume 104 Part 5.djvu/831

 PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4153 "(5) the extent to which funds for activities that do not qualify as eligible activities will be provided in support of the homeownership program; "(6) whether the approved comprehensive housing affordability strategy for the jurisdiction within which the public housing project is located includes the proposed homeownership program as one of the general priorities identified pursuant to section 1050t)X7) of the Cranston-Gonzailez National Affordable Housing Act; "(7) national geographic diversity among housing for which applicants are selected to receive assistance; and "(8) the extent to which a sufficient supply of affordable rental housing of the t5rpe assisted under this title exists in the locality, so that the implementation of the homeownership program will not appreciably reduce the number of such rental units available to residents currently residing in such units or eligible for residency in such units. "(f) LOCATION WITHIN PARTICIPATING JURISDICTIONS. —The Secretary may approve applications for grants under this title only for public housing projects located within the boundaries of jurisdictions— "(1) which are participating jurisdictions under title III of the Cranston-Gonzalez National Affordable Housing Act; or "(2) on behalf of which the agency responsible for affordable housing has submitted a housing strategy or plan. "(g) APPROVAL.— The Secretary shall notify each applicant, not later than 6 months after the date of the submission of the application, whether the application is approved or not approved. The Secretary may approve the application for an implementation grant with a statement that the application for the section 8 assistance for replacement housing and for residents of the project not purchasing units is conditionally approved, subject to the availability of appropriations in subsequent fiscal years. "SEC. 304. HOMEOWNERSHIP PROGRAM REQUIREMENTS. 42 USC "(a) IN GENERAL.—A homeownership program under this title shall provide for acquisition by eligible femilies of ownership interests in, or shares representing, at least one-half of the units in a public housing project under any arrangement determined by the Secretary to be appropriate, such as cooperative ownership (including limited equity cooperative ownership) and fee simple ownership (including condominium ownership), for occupancy by the eligible families. "(b) AFFORDABILTTY. —A homeownership program under this title shall provide for the establishment of sales prices (including principal, insurance, taxes, and interest and closing costs) for initial acquisition of the property from the public housing agency if the applicant is not a public housing agency, and for sales to eligible families, such that an eligible family shall not be required to expend more than 30 percent of the adjusted income of the family per month to complete a sale under the homeownership program. "(c) PLAN.— A homeownership program under this title shall provide, and include a plan, for— "(1) identifying and selecting eligible families to participate in the homeownership program; "(2) providing relocation assistance to families who elect to move;

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