Page:United States Statutes at Large Volume 104 Part 5.djvu/928

 104 STAT. 4250 PUBLIC LAW 101-625—NOV. 28, 1990 ability restrictions through prepayment or voluntary termination in accordance with section 218, extend the low-income afFordability restrictions of the housing in accordance with section 219, or transfer the housing to a qualified purchaser in accordance with section 220, shall file with the Secretary a notice indicating such intent in the form and manner as the Secretary shall prescribe. " (b) FILING WITH THE STATE OR LOCAL GOVERNMENT, TENANTS, AND MORTGAGEE.—The owner, upon filing a notice of intent under this section, shall simultaneously file the notice of intent with the chief executive officer of the appropriate State or local government for the jurisdiction within which the housing is located and with the mortgagee, and shall inform the tenants of the housing of the filing. "(c) INELIGIBILITY FOR FIUNG.— An owner shall not be eligible to file a notice of intent under this section if the mortgage covering the housing— "(1) falls into default on or after the date of the enactment of the Cranston-Gonzalez National Affordable Housing Act; or "(2)(A) fell into default before, but is current as of, such date; and "(B) the owner does not agree to recompense the appropriate Insurance Fund, in the amount the Secretary determines appropriate, for any losses sustained by the Fund as a result of any work-out or other arrangement agreed to by the Secretary and the owner with respect to the defaulted mortgage. The Secretary shall carry out this subsection in a manner consistent with the provisions of section 203 of the Housing and Community Development Amendments of 1978. 12 USC 4103. "SEC. 213. APPRAISAL AND PRESERVATION VALUE OF ELIGIBLE LOW- INCOME HOUSING. "(a) APPRAISAL.— Upon receiving notice of intent regarding an eligible low-income housing project indicating an intent to extend the low-income affordability restrictions under section 219 or transfer the housing under section 220, the Secretary shall provide for determination of the preservation value of the housing, as follows: "(1) APPRAISERS.—The preservation value shall be determined by 2 independent appraisers, one of whom shall be selected by the Secretary and one of whom shall be selected by the owner. The appraisals shall be conducted not later than 4 months after filing the notice of intent under section 212, and the owner shall submit to the Secretary the appraisal made by the owner's selected appraiser not later than 90 days after receipt of the notice under paragraph (2). If the 2 appraisers fail to agree on the preservation value, and the Secretary and the owner also fail to agree on the preservation value, the Secretary and the owner shall jointly select and jointly compensate a third appraiser, whose appraisal shall be binding on the parties. "(2) NOTICE.—Not later than 30 days after the filing of a notice of intent to seek incentives under section 219 or trsmsfer the property under section 220, the Secretary shall provide written notice to the owner filing the notice of intent of— "(A) the need for the owner to acquire an appraisal of the property under paragraph (1); "(B) the rules and guidelines for such appraisals; "(C) the filing deadline for submission of the appraisal under paragraph (1);

�