Page:United States Statutes at Large Volume 104 Part 5.djvu/933

 PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4255 neously submit the plan of action to the office of the chief executive officer of the appropriate State or local government for the jurisdiction within which the housing is located. An appropriate agency of such State or local government shall review the plan and advise the tenants of the housing of any programs that are available to assist the tenants in carrying out the purposes of this title. "(3) FAILURE TO SUBMIT.— If the owner does not submit a plan of action to the Secretary within the 6-month period referred to in paragraph (1) (or the applicable longer period), the notice of intent shall be ineffective for purposes of this subtitle and the owner may not submit another notice of intent under section 212 until 6 months after the expiration of such period. "(b) CONTENTS. — " (1) TERMINATION OF AFFORDABILITY RESTRICTIONS. —I f the plan of action proposes to terminate the low-income affordability restrictions through prepayment or voluntary termination in accordance with section 218, the plan shall include— "(A) a description of any proposed changes in the status or terms of the mortgage or regulatory agreement; "(B) a description of any proposed changes in the lowincome affordability restrictions; "(C) a description of any chsinge in ownership that is related to prepayment or voluntary termination; "(D) an assessment of the effect of the proposed changes on existing tenants; "(E) an analysis of the effect of the proposed changes on the supply of housing affordable to low- and very lowincome families or persons in the community within which the housing is located and in the area that the housing could reasonably be expected to serve; and "(F) any other information that the Secretary determines is necessary to achieve the purposes of this title. "(2) EXTENSION OF AFFORDABILITY RESTRICTIONS. —I f the plan of action proposes to 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, the plan shall include— "(A) a description of any proposed changes in the status or terms of the mortgage or regulatory agreement; "(B) a description of the Federal incentives requested (including cash flow projections), and analyses of how the owner will address any physical or financial deficiencies and maintain the low-income affordability restrictions of the housing; "(C) a description of any assistance from State or local government agencies, including low-income housing tax credits, that have been offered to the owner or purchaser or for which the owner or purchaser has applied or intends to apply; (D) a description of any transfer of the property, including the identity of the transferee and a copy of any documents of sale; and "(E) any other information that the Secretary determines is necessary to achieve the purposes of this title. "(c) REVISIONS.—An owner may from time to time revise and amend the plan of action as may be necessary to obtain approval of

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