Page:United States Statutes at Large Volume 105 Part 3.djvu/438

 105 STAT. 2322 PUBLIC LAW 102-242—DEC. 19, 1991 by a qualifying multifamily purchaser under paragraph (4) or (5)— "(i) not less than 35 percent of all dwelling units purchased shall be made available for occupancy by and maintained as affordable for low-income and very ,' ^ low-income families during the reraaining useful life of the property in which the units are located; provided that "(ii) not less than 20 percent of all dwelling units purchased shall be made available for occupancy by and maintained as affordable for very low-income families during the remaining useful life of the property in which the units are located. "(B) AGGREGATION REQUIREMENTS FOR MULTIPROPERTY PURCHASES. —With respect to any purchase under paragraph (4) or (5) by a qualifying multifamily purchaser involving more than one eligible multifamily housing property as a part of the same negotiation, with respect to which the purchaser intends to aggregate the low-income occupancy required under this paragraph over the total number of units so purchased— "(i) not less than 40 percent of the aggregate number of all dwelling units purchased shall be made available for occupancy by and maintained as affordable for lowincome and very low-income families during the remaining useful life of the building or structure in which the units are located; provided that "(ii) not less than 20 percent of the aggregate number of all dwelling units purchased 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; and further provided that "(iii) not less than 10 percent of the dwelling units in each separate property purchased shall be made available for occupancy by and maintained as affordable for low-income families during the remaining useful life of the property in which the units are located. The requirements of this paragraph shall be contained in the deed or other recorded instrument. "(8) EXEMPTIONS. — " (A) CONTINUED OCCUPANCY OF CURRENT RESIDENTS.— No purchaser of an eligible multifamily property may terminate the occupancy of any person residing in the property on the date of purchase for purposes of meeting low-income occupancy requirement applicable to the property under paragraph (7). The purchaser shall be considered to be in compliance with this subsection if each newly vacant dwelling unit is reserved for low-income occupancy until the lowincome occupancy requirement is met. "(B) FINANCIAL INFEASIBILITY. — The Secretary or the State housing finance agency for the State in which an eligible multifamily housing property is located may temporarily reduce the low-income occupancy requirements under paragraph (7) applicable to the property, if the Secretary or such agency determines that an owner's compliance with such requirements is no longer financially

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