Page:United States Statutes at Large Volume 106 Part 5.djvu/100

 106 STAT. 3738 PUBLIC LAW 102-550—OCT. 28, 1992 "(3) ASSISTANCE IN CONNECTION WITH MORTGAGE REVENUE BONDS FINANCING.—Interest rate buydowns and downpayment assistance in the manner provided in subsection (e).". (d) EuGiBiliTY OF MANUFACTURED HOME OWNERS.— Section 303(b)(l) of the Cranston-Gronzalez National Affordable Housing Act (42 U.S.C. 12852(b)(l)) is amended— (1) in subparagraph (B), by striking "or" at the end; (2) in subparagraph (C), by striking the period at the end and inserting "; or"; and (3) by adding at the end the following new subparagraph: "(D) meets the requirements of subparagraph (A), (B), or (C), except for owning, as a principal residence, a dwelling unit whose structure is— "(i) not permanently siffixed to a permanent foundation in accordance with local or other applicable regulations; or "(ii) not in compliance with State, local, or model building codes, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure.". (e) SECOND MORTGAGE ASSISTANCE.—Section 303(a) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12852(a)) is amended by adding after paragraph (3) (as added by subsection (c)(3) of tins section) the following new paragraphs: "(4) SECOND MORTGAGE ASSISTANCE. —Assistance payments to provide loans (secured by second mortgages) with deferred payment of interest and principal; and "(5) CAPITALIZATION OF REVOLVING LOAN FUNDS.—Grants to public organizations or agencies to establish revolving loan funds to provide homeownership assistance to eligible firsttime homebuyers consistent with the requirements of this subtitle. Such grants shall be matched by an equal amount of local investment in such revolving loan funds. Any proceeds or repayments from loans made under this paragraph shall be returned to the revolving loan fund established under this paragraph to be used for purposes related to this section.". SEC. 183. NEHEMIAH HOUSING OPPORTUNITY GRANTS. (a) HOMEOWNER INCENTIVE. —Section 604 of the Housing and 12 USC 1715/ Community Development Act of 1987 (12 U.S.C. 17151 note) is "ote. amended— (1) in subsection (b)(4), by inserting before the period the following: ", subject to the provisions of subsection (c)"; and (2) by adding at the end the following new subsection: "(c) HOMEOWNER INCENTIVE.—The nonprofit organization may provide that, upon the sale or transfer of a property purchased with a loan made under this section, any proceeds remaining after repaying the first mortgage shall be distributed in the following order: "(1) DOWNPAYMENT.—The amount of the downpayment made by the seller or transferor upon the purchase of the property shall be paid to the seller or transferor. "(2) LOAN AND PROFIT.—Any amounts remaining after distribution under paragraph (1) shall be shared equally between the Secretary and the seller or transferor, but only to the extent that the Secretary recovers an amount equal to the amount of the loan made under this section. If such remaining

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