Page:United States Statutes at Large Volume 106 Part 5.djvu/108

 106 STAT. 3746 PUBLIC LAW 102-550—OCT. 28, 1992 established by the public housing agency in accordance with requirements established by the l^cretary. "(2) MONTHLY ASSISTANCE PAYMENT. — "(A) IN GENERAL.— Notwithstcmding any other provisions of this section governing determination of the amount of assistance payments under this section on behalf of a family, the monthly assistance payment for any family assisted under this subsection shall be the amount by which the fair market rental for the area established under subsection (c)(1) exceeds 30 percent of the family's monthly adjusted income; except that the monthly assistance pay- ment shall not exceed the amount by which the monthlv homeownership expenses, as determined in accordance with requirements established by the Secretary, exceeds 10 percent of the famil/s monthly income. "(B) EXCLUSION OF EQUITY FROM INCOME. — For purposes of determining the monthly assistance payment for a family, the Secretary shall not include in family income an amount imputed from the equity of the family in a dwelling occupied by the family with assistance under this subsection. "(3) RECAPTURE OF CERTAIN AMOUNTS. —Upon sale of the dwelling by the family, the Secretary shall recapture from any net proceeds the amount of additional assistance (as determined in accordance with requirements established by the Secretary) paid to or on behalf of the eligible family as a result of paragraph (2)(B). "(4) DOWNPAYMENT REQUIREMENT. —Each public housing agency providing assistance under this subsection shall ensure that each family assisted shall provide from its own resources not less than 80 percent of any downpayment in connection with a loan made for the purchase of a dwelling. Such resoiurces may include amounts from any escrow account for the family established under section 23(d). Not more than 20 percent of the downpayment may be provided from other sources, such as from nonprofit entities and programs of States and units of general local government. "(5) INELIGIBILITY UNDER OTHER PROGRAMS.— A family may not receive assistance under this subsection during any period when assistance is being provided for the family under other Federal homeownership assistance programs, as determined by the Secretary, inclumng assistance under the HOME Investment Partnerships Act, the Homeownership and Opportunity Through HOPE Act, title II of the Housii^ and Community Development Act of 1987, and section 502 of the Housing Act of 1949. " (6) INAPPUCABILITY OF CERTAIN PROVISIONS.— Assistance under this subsection shall not be subject to the requirements of the following provisions: "(A) Subsection (c)(3)(B) of this section. " (B) Subsection (d)(l)(B)(i) of this section. "(C) Any other provisions of this section governing maximum amounts payable to owners and amounts payable by assisted families. "(D) Any other provisions of this section concerning contracts between public housing agencies and owners.
 * (£) meets any other initial or continuing requirements

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