Page:United States Statutes at Large Volume 104 Part 5.djvu/938

 104 STAT. 4260 PUBLIC LAW 101-625—NOV. 28, 1990 to this section that meets the requirements of subsection 0?) is made 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. If, during such period, a quEdified purchaser makes a bona fide offer to purchase the housing for a sale price not less that 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. "(d) ASSISTANCE. — "(1) FEDERAL COST LIMIT. — Subject to the availability of amounts approved in appropriations Acts, the Secretary shall, for approvable plans of action, provide to qualified purchasers assistance under section 8 of the United States Housing Act of 1937 sufficient to produce a gross income potential equal to the amount determined by multiplying 120 percent of the prevailing rents in the relevant local market area in which the housing is located by the number of units in the project (according to appropriate unit sizes), and any other incentives authorized under section 219(b) that would have been provided to a qualified purchaser under section 220. "(2) ADDITIONAL ASSISTANCE. —From amounts made available under section 234(b), the Secretary may make grants to assist in the completion of sales and transfers under this section to smy qualified purchasers. Any grant under this paragraph shall be in an amount not exceeding the difference between the preservation value for the housing (determined under section 213(b)(2)) and the level of gissistance under paragraph (1) of this subsection. "(3) SECURING STATE AND LOCAL FUNDING. —The Secretary shall assist any qualified purchaser of such housing in securing funding and other assistance (including tax and assessment reductions) from State and local governments to facilitate a sale under this section. 12 USC 4112. "SEC. 222. CRITERIA FOR APPROVAL OF PLAN OF ACTION INVOLVING INCENTIVES. "(a) IN GENERAL.— The Secretary may approve a plan of action for extension of the low-income affordability restrictions on any eligible low-income housing or transfer the housing to a qualified purchaser (other than a resident council) only upon finding that— "(1) due diligence has been given to ensuring that the package of incentives is, for the Federal Government, the least costly alternative that is consistent with the full achievement of the purposes of this title; "(2) binding commitments have been made to ensure that— "(A) the housing will be retained as housing affordable for very low-income families or persons, low income families or persons, and moderate-income families or persons for the remaining useful life of such housing (as determined under subsection (c)); "(B) throughout such period, adequate expenditures will be made for maintenance and operation of the housing and that the project meets housing standards established by the Secretary under subsection (d), as determined by inspections conducted under such subsection by the Secretary;

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