Page:United States Statutes at Large Volume 105 Part 3.djvu/443

 PUBLIC LAW 102-242 —DEC. 19, 1991 105 STAT. 2327 able for low-income families for the remaining useful life of the property, or made available for purchase by such families, (ii) subject to the rent limitations under subsection (e)(l), (iii) subject to the requirements relating to residency of a qualifying household under subsection (p)(12) and to residency of a low-income family under subsection (c)(2)(B), and (iv) subject to recapture by the Corporation of excess proceeds from resale of the property under paragraphs (3) and (4) of subsection (c). "(B) EuGiBLE MULTiFAMiLY HOUSING PROPERTY. —Any eligible multifamily housing property sold under this subsection shall comply with the low-income occupancy requirements under subsection (d)(7) and shall be subject to the rent limitations under subsection (e)(D- " (1) RULES GOVERNING DISPOSITION OF ELIGIBLE CONDOMINIUM PROPERTY.— "(1) NOTICE TO CLEARINGHOUSES. —Within a reasonable period of time after acquiring title to an eligible condominium property, the Corporation shall provide written notice to clearinghouses. Such notice shall contain basic information about the property. Each clearinghouse shall make such information available, upon request, to purchasers described in subparagraphs (A) through (D) of paragraph (2). The Corporation shall allow such purchasers reasonable access to an eligible condominium property for purposes of inspection. "(2) OFFERS TO SELL. —For the 180-day period following the date on which the Corporation makes an eligible condominium property available for sale, the Corporation may offer to sell the property, at the discretion of the Corporation, to 1 or more of the following purchasers: "(A) Qualifying households. "(B) Nonprofit organizations. "(C) Public agencies. "(D) For-profit entities. " (3) LOW-INCOME OCCUPANCY REQUIREMENTS. — "(A) IN GENERAL.— Except as provided in subparagraph f (B), any nonprofit organization, public agency, or for-profit entity that purchases an eligible condominium property shall (i) make the property available for occupancy by and maintain it as affordable for low-income families for the remaining useful life of the property, or (ii) make the property available for purchase by any such family who, ' except as provided in paragraph (5), agrees to occupy the property as a principal residence for at least 12 months and certifies in writing that the family intends to occupy the property for at least 12 months. The restriction described in clause (i) of the preceding sentence shall be contained in the deed or other recorded instrument. " (B) MULTIPLE-UNIT PURCHASES.— I f any nonprofit > organization, public agency, or for-profit entity purchases f more than 1 eligible condominium property as a part of the 8 same negotiation or purchase, the Corporation may (in the discretion of the Corporation) waive the requirement under subparagraph (A) and provide instead that not less than 35 percent of all eligible condominium properties purchased shall be (i) made available for occupancy by and maintained as affordable for low-income families for the remaining

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