Page:United States Statutes at Large Volume 105 Part 3.djvu/442

 105 STAT. 2326 PUBLIC LAW 102-242 —DEC. 19, 1991 the Corporation for properties transferred under this subsection f T shall be an amount agreed to by the Corporation and the transferee agency. "(3) LOW-INCOME USE. —Any State housing finance agency or State or local housing agency acquiring properties under this subsection shall offer to sell or transfer the properties only as follows: "(A) ELIGIBLE SINGLE FAMILY PROPERTIES. — For eligible single family properties— "(i) to purchasers described under subparagraphs (A) and (B) of subsection (c)(2); "(ii) if the purchaser is a purchaser described under subsection (c)(2)(B)(i), subject to the rent limitations under subsection (e)(D; "(iii) subject to the requirement in the second sentence of subsection (c)(2); and "(iv) subject to recapture by the Corporation of excess proceeds from resale of the properties under paragraphs (3) and (4) of subsection (c). "(B) ELIGIBLE MULTIFAMILY HOUSING PROPERTIES. — For eligible multifamily housing properties— "(i) to qualifying multifamily purchasers; "(ii) subject to the low-income occupancy requirements under subsection (d)(7); "(iii) subject to the provisions of subsection (d)(8); "(iv) subject to a preference, among financially acceptable offers, to the offer that would reserve the highest percentage of dwelling units for occupancy or purchase by very low- and low-income families and would retain such affordability for the longest term; and "(v) subject to the rent limitations under subsection (e)(1). "(4) AFFORDABILITY. — The State housing finance agency or State or local housing agency shall endeavor to make the properties transferred under this subsection more affordable to low-income families based upon the extent to which the acquisition price of a property under paragraph (2) is less than the market value of the property. " (k) EXCEPTION FOR SALES TO NONPROFIT ORGANIZATIONS AND PUBLIC AGENCIES.— "(1) SUSPENSION OF OFFER PERIODS. — With respect to any eligible residential property, the Corporation may (in the discretion of the Corporation) suspend any of the requirements of paragraphs (1) and (2) of subsection (c) and paragraphs (1) through (4) of subsection (d), as applicable, but only to the extent that for the duration of the suspension the Corporation negotiates the sale of the property to a nonprofit organization or public agency. If the property is not sold pursuant to such negotiations, the requirements of any provisions suspended shall apply upon the termination of the suspension. Any time period referred to in such subsections shall toll for the duration of any suspension under this paragraph. "(2) USE RESTRICTIONS.— "(A) ELIGIBLE SINGLE FAMILY PROPERTY.—Any eligible single family property sold under this subsection shall be (i) made available for occupancy by and maintained as afford-

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