Page:United States Statutes at Large Volume 104 Part 5.djvu/936

 104 STAT. 4258 PUBLIC LAW 101-625—NOV. 28, 1990 213(b)(2). The owner or the purchaser shall submit a plan of action under section 217 for any sale under this subsection, which shall include any request for assistance under this section, upon the acceptance of any bona fide offer meeting the requirements of this paragraph. (2) EXPRESSION OF INTEREST.— During such period, priority purchasers may submit written notice to the Secretary stating their interest in acquiring the housing. Such notice shall be made in the form and include such information as the Secretary may prescribe. "(3) INFORMATION.—Within 30 days of receipt of an expression of interest by a priority purchaser, the Secretary shall provide such purchaser with information on the assistance available from the Federal Government to facilitate a transfer and the owner shall provide appropriate information on the housing, as determined by the Secretary. " (c) RIGHT OF REFUSAL FOR OTHER QUALIFIED PURCHASERS. —I f no bona fide offer to purchase any eligible low-income housing subject to this section that meets the requirements of subsection (b) is made and accepted during the period under such subsection, during the 3-month period beginning upon the expiration of the 12-month period under subsection (b)(l), the owner of the housing may offer to sell and may sell the housing only to qualified purchasers. The negotiated sale price may not exceed the preservation value of the housing determined under section 2130^X2). The owner or purchaser shall submit a plan of action under section 217 for any sale under this subsection, which shall include any request for assistance under this section, upon the acceptance of any bona fide offer meeting the requirements of this paragraph. (d) ASSISTANCE.— "(1) APPROVAL. — If the qusdified purchaser is a resident council, the Secretary may not approve a plan of action for assistance under this section unless the council's proposed resident homeownership program meets the requirements under section 226. For all other qualified purchasers, the Secretary may not approve the plan unless the Secretary finds that the criteria for approval under section 222 have been satisfied. (2) AMOUNT.—Subject to the availability of amounts approved in appropriations Acts, the Secretary shall, for approvable plans of action, provide assistance sufficient to enable qualified purchasers to— "(A) acquire the eligible low-income housing from the current owner for a purchgise price not greater than the preservation equity of the housing; "(B) pay the debt service on the federally-assisted mortgage covering the housing; "(C) pay the debt service on any loan for the rehabilitation of the housing; "(D) meet project operating expenses and establish adequate reserves for the housing; "(E) receive an adequate return (as determined by the Secretary) on any actual cash investment made to acquire the project; "(F) in the case of a priority purchaser, receive an adequate reimbursement for transaction expenses relating to acquisition of the housing, subject to approval by the Secretary; and

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