Page:United States Statutes at Large Volume 104 Part 5.djvu/844

 104 STAT. 4166 PUBLIC LAW 101-625—NOV. 28, 1990 1973, and the Age Discrimination Act of 1975, and will affirmatively further fair housing. (d) SELECTION CRITERIA.— The Secretary shall establish selection criteria for assistance under this section, which shall include— (1) the qualifications or potential capabilities of the applicant; (2) the feasibility of the homeownership program; (3) the extent of tensuit interest in the development of a homeownership program for the property; (4) the potential for developing an affordable homeownership program and the suitability of the property for homeownership; (5) national geographic diversity among housing for which applicants are selected to receive assistance; (6) the extent to which a sufficient supply of affordable rental housing of the type 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; and (7) such other factors as the Secretary determines to be appropriate for purposes of carrying out the program established by the subtitle in an effective and efficient manner. (e) 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 residents of the project not purchasing units is conditionally approved, subject to the availability of appropriations in subsequent fiscal years. 42 USC 12874. SEC. 424. HOMEOWNERSHIP PROGRAM REQUIREMENTS. (a) IN GENERAL.—A homeownership progrsim under this subtitle shall provide for acquisition by eligible families of ownership interest in, or shares representing, the units in an eligible property 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 subtitle shall provide for the establishment of sales prices (including principal, insurance, taxes, and interest and closing costs) for initisd acquisition of the property, and for sales to eligible families, such that the 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 subtitle 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; (3) ensuring continued affordability by tenants, homebuyers, and homeowners in the property; and (4) providing ongoing training and counseling for homebuyers and homeowners. (d) ACQUISITION AND REHABILITATION LIMFTATION.— Acquisition or rehabilitation of a property under a homeownership program under

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