Page:United States Statutes at Large Volume 104 Part 5.djvu/931

 PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4253 market area established by the Secretary under section 8(c)(l) of the United States Act of 1937 that is identifiable as a distinct rental market area. The Secretary may rely on the appraisal to determine the relevant local market areeis and prevailing rents in such local areas and any other information the Secretary determines is appropriate. "(3) EFFECT. — For purposes of this subtitle, the aggregate preservation rents shall be considered to exceed the Federal cost limits under this subsection only if the aggregate preservation rents exceed the amount determined under paragraph (1) and the amount determined under paragraph (2). "(b) LIMITATIONS ON ACTION PURSUANT TO FEDERAL COST LIMITS. — " (1) HOUSING WITHIN FEDERAL COST LIMITS. — If the aggregate preservation rents for an eligible low-income housing project do not exceed the Federal cost limit, the owner may not prepay the mortgage on the housing or terminate the insurance contract with respect to the housing, except as permitted under section 224. The owner may— "(A) file a plan of action under section 217 to receive incentives under section 219; or "(B) file a second notice of intent under section 216(d) indicating an intention to transfer the housing under section 220 and take actions pursuant to such section. "(2) HOUSING EXCEEDING FEDERAL COST LIMITS.—I f the aggregate preservation rents for an eligible low-income housing project exceed the Federal cost limit, the owner may— "(A) file a plan of action under section 217 to receive incentives under section 219 if the owner agrees to accept incentives under such sections in an amount that shall not exceed the Federal cost limit; "(B) file a second notice of intent under section 216(d) indicating an intention to transfer the housing under section 220 and take actions pursuant to such section if the owner agrees to transfer the housing at a price that shall not exceed the Federal cost limit; or "(C) file a second notice of intent under section 216(d) indicating an intention to prepay the mortgage or voluntarily terminate the insurance, subject to the mandatory sale provisions under section 221. "SEC. 216. INFORMATION FROM SECRETARY. 12 USC 4106. "(a) INFORMATION TO OWNERS TERMINATING AFFORDABILITY RESTRICTIONS. — The Secretary shall provide each owner who submits a notice of intent to terminate the low-income affordability restrictions on the housing under section 218 with information under this section not later than 6 months after receipt of the notice of intent. The information shall include a description of the criteria for such termination specified under section 218 and the documentation required to satisfy such criteria. " (b) INFORMATION TO OWNERS EXTENDING LOW-INCOME AFFORD- ABILITY RESTRICTIONS. — The Secretary shall provide each owner who submits notice of intent to extend the low-income affordability restrictions on the housing under section 219 or transfer the housing under section 220 to a qualified purchaser with information under this subsection not later than 9 months after receipt of the notice of intent. The information shall include any information necessary for

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