Page:United States Statutes at Large Volume 105 Part 2.djvu/829

 PUBLIC LAW 102-233—DEC. 12, 1991 105 STAT. 1781 houses under subparagraph (A), (ii) such sale is necessary to avoid the displacement of, and unnecessary hardship to, the resident household, (iii) the resident household intends to occupy the property as a principal residence for at least 12 months, and (iv) and the resident household certifies in writing that the household intends to occupy the property for at least 12 months.". SEC. 606. PERIODS FOR EXPRESSION OF SERIOUS INTEREST AND RE- STRICTED BIDS FOR ELIGIBLE MULTIFAMILY HOUSING PROP- ERTY. Section 21A(c)(3) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(c)(3)) is amended— (1) in the first sentence of subparagraph (B), by striking the first comma and all that follows through "first"; (2) in subparagraph (C), by striking "determining that a property is ready for sale" and inserting the following: "the expiration of the period referred to in subparagraph (B) for a property,"; and (3) in subparagraph (D), by inserting after the period at the end the following new sentence: "If, before the expiration of such 45-day period, any offer to purchase a property initially accepted by the Corporation is subsequently rejected or fails (for any reason), the Corporation shall accept another offer to purchase the property made during such period that complies with the terms and conditions established by the Corporation (if such another offer is made). The preceding sentence may not be construed to require a qualifying multifamily purchaser whose offer is accepted during the 45-day period to purchase the property before the expiration of the period.". SEC. 607. LOWER-INCOME OCCUPANCY REQUIREMENTS FOR ELIGIBLE MULTIFAMILY HOUSING PROPERTY. Section 21A(c)(3)(E) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(c)(3)(E)) is amended to read as follows: " (E) LOWER-INCOME OCCUPANCY REQUIREMENTS. — "(i) SINGLE PROPERTY PURCHASES. —With respect to any purchase of a single eligible multifamily housing property by a qualifying multifamily purchaser under subparagraph (D)— "(I) not less than 35 percent of all dwelling units purchased shall be made available for occupancy by and maintedned as affordable for lower-income and very low-income families during the remaining useful life of the building property structure in which the units are located: Provided, That '^(11) not less than 20 percent of all dwelling units purchased shall be made available for occupancy shall be made available for occupancy by and maintained as affordable for very low-income families during the remaining useful life of the building or structure in which the units are located. " (ii) AGGREGATION REQUIREMENTS FOR MULTIPROPERTY PURCHASES. —With respect to any purchase under subparagraph (D) by a qualifying multifamily purchaser involving more than one eligible multifamily housing property as a part of the same negotiation—

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