Page:United States Statutes at Large Volume 104 Part 5.djvu/854

 104 STAT. 4176 PUBLIC LAW 101-625—NOV. 28, 1990 1973, and the Age Discrimination Act of 1975, and will affirmatively further fair housing. (e) SELECTION CRITERIA.— The Secretary shall establish selection criteria for assistance under this subtitle, which shall include— (1) the ability of the applicant to develop and carry out the proposed homeownership program, taking into account the qualifications and experience of the applicant and the quality of any related ongoing program of the applicant; (2) the feasibility of the homeownership program; (3) the quality and viability of the proposed homeownership program; (4) the extent to which suitable eligible property is available for use under the program in the area to be served, and the extent to which the t3rpes of property expected to be covered by the proposed homeownership program are federally owned; (5) whether the approved comprehensive housing affordability strategy for the jurisdiction within which the eligible property is located includes the proposed homeownership program as one of the general priorities identified pursuant to section 105(b)(7) of the Cranston-Gonzalez National Affordable Housing Act; (6) national geographic diversity among housing for which applicants are selected to receive assistance; and (7) the extent to which a sufficient supply of affordable rental housing of the type assisted under this subtitle 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) 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. 42 USC 12894. SEC. 444. HOMEOWNERSHIP PROGRAM REQUIREMENTS. (a) IN GENERAL.—A homeownership program under this subtitle shall provide for acquisition by eligible families of ownership interests in, or shares representing, 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) AFFORDABILITY. — A homeownership program under this subtitle shall provide for the establishment of sales prices (including principal, insurance, taxes, and interest and closing costs) for initial 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) EuGiBLE PROPERTY. — A property may not participate in a homeownership program under this subtitle unless all tenants or occupants of the property (at the time of the application for the implementation grant covering the property is filed with the Secretary) participate in the homeownership program. (d) 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;

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