Page:United States Statutes at Large Volume 104 Part 5.djvu/937

 PUBLIC LAW 101-625—NOV. 28, 1990 104 STAT. 4259 "(G) in the case of an approved resident homeownership program, cover the costs of training for the resident council, homeownership counseling and training, the fees for the nonprofit entity or public agency working with the resident council and costs related to relocation of tenants who elect to move. " (3) INCENTIVES. — "(A) IN GENERAL.—For all qualified purchasers of housing under this subsection, the Secretary may provide assistance for an approved plan of action in the form of 1 or more of the incentives authorized under section 219(b), except that any residual receipts for the housing trsinsfered to the selling owner shall be deducted from the sale price of the housing under subsection (b) or (c) and the incentive under such section 219(b)(7) may include an acquisition loan under section 241(f) of the National Housing Act. "(B) PRIORITY PURCHASERS.—Where the qualified purchaser is ^ a priority purchaser, the Secretary may provide assistance for an approved plan of action (in the form of a grant) for each unit in the housing in an amount, as determined by the Secretary, that does not exceed the present value of the total of the projected published fair mairket rentals for existing housing (established by the Secretary under section 8(c) of the United States Housing Act of 1937) for the next 10 years (or such longer period if additional assistance is necessary to cover the costs referred to in paragraph (2)). "SEC. 221. MANDATORY SALE FOR HOUSING EXCEEDING FEDERAL COST 12 USC 4111. LIMITS. "(a) IN GENERAL.— With respect to any eligible low-income housing for which the aggregate preservation rents determined under section 214(b) exceed the Federal cost limit, the owner shall offer the housing for sale to qualified purchasers as provided in this section. "(b) RIGHT OF FIRST REFUSAL TO PRIORITY PURCHASERS. — "(1) DURATION AND REQUIRED SALE. — For the 12-month period beginning upon the receipt by the Secretary of the second notice of intent under section 216(d) with respect to such housing, the owner of the housing may offer to sell and may sell the housing only to priority purchasers. If, during such period, a priority purchaser makes a bona fide offer to purchase the housing for a sale price not less than the preservation value of the housing determined under section 213(b)(2), the Secretary shall require the owner to sell the housing pursuant to such offer. "(2) EXPRESSION OF INTEREST.— During the period under paragraph (1), priority purchasers shall have the opportunity to submit written notice to the owner and the Secretary stating their interest in acquiring the housing. Such written notice shall be in such form and include such information as the Secretary may prescribe. "(3) INFORMATION FROM SECRETARY. — Not later than 30 days after receipt of any notice under paragraph (2), the Secretary shall provide such purchaser with information on the assist£mce available from the Federal Government to facilitate a transfer and the owner shall provide such purchaser with appropriate information on the housing, as determined by the Secretary. "(c) RIGHT OF REFUSAL FOR OTHER QUALIFIED PURCHASERS. — If no bona fide offer to purchase any eligible low-income housing subject

�