Page:United States Statutes at Large Volume 104 Part 5.djvu/932

 104 STAT. 4254 PUBLIC LAW 101-625-NOV. 28, 1990 the owner to prepare a plan of action under section 217, including the following: "(1) PRESERVATION VALUES.— A statement of the preservation value of the housing determined under paragraphs (1) and (2) of section 213(b). "(2) PRESERVATION RENT. —A statement of the preservation rent for the housing as calculated under section 214(b). "(3) FEDERAL COST LIMITS.— A statement of the applicable Federal cost limits for the market area (or relevant local market area, if applicable) in which the housing is located, which shall explain the limitations under sections 219 and 220 of the amount of assistance that the Secretary may provide based on such cost limits. "(4) FEDERAL COST LIMIT ANALYSIS.— A statement of whether the aggregate preservation rents exceeds the Federal cost limits and a direction to the owner to file a plan of action under section 217 or submit a second notice of intent under section 216(d), whichever is applicable. "(c) AVAILABILITY TO TENANTS.— The Secretary shall make any information provided to the owner under subsections (a) and (b) available to the tenants of the housing, together with other information relating to the rights and opportunities of the tenants. " (d) SECOND NOTICE OF INTENT.— "(1) FiliNG. — Each owner of eligible low-income housing that elects to transfer housing under section 220 shall submit to the Secretary, in such form and manner as the Secretary prescribes, notice of intent to sell the housing under section 220. To be eligible to prepay the mortgage or voluntarily terminate the insurance contract on the mortgage, an owner of housing for which the preservation rents exceed the Federal cost limits under section 215(b) shall submit to the Secretary notice of such intent. The provisions of sections 221 and 223 shall apply to any owner submitting a notice under the preceding sentence. "(2) TIMING. —A second notice of intent under this subsection shall be submitted not later than 30 days after receipt of information from the Secretary under this section. If an owner fails to submit such notice within such period, the notice of intent submitted by the owner under section 212 shall be void and ineffective for purposes of this subtitle. 12 USC 4107. " SEC. 217. PLAN OF ACTION. "(a) SUBMISSION TO SECRETARY. — "(1) TIMING. —Not later than 6 months after receipt of the information from the Secretary under section 216 an owner seeking to terminate the low-income affordability restrictions through prepayment of the mortgage or voluntary termination under section 218, or to extend the low-income affordability restriction on the housing under section 219, shall submit a plan of action to the Secretary in such form and manner as the Secretary shall prescribe. Any owner or purchaser seeking a transfer of the housing under section 220 or 221 shall submit a plan of action under this section to the Secretary upon acceptance of a bona fide offer under section 220(b) or (c) or upon making of any bona fide offer under section 221. "(2) COPIES TO TENANTS.—Each owner submitting a plan of action under this section to the Secretary shall also submit a copy to the tenants of the housing. The owner shall simulta-

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