Page:United States Statutes at Large Volume 106 Part 5.djvu/112

 106 STAT. 3750 PUBLIC LAW 102-550 —OCT. 28, 1992 Appropriation authorization. (2) PROGRAM SCHEDULE, — Each applicant for assistance under this section shall submit to the Secretary an estimated schedule for completion of its proposed enterprise zone homeownership opportunity program, which schedule shall have been agreed to by each unit of general local government in which such program is to be located. (3) LOCATION.— All homes constructed or rehabilitated under such program will be located in federally approved or equivalent State-approved enterprise zones. (4) SALES CONTRACTS.— Sales contracts entered into xmder such program will contain provisions requiring repayment of any loan made under this section upon the sale or otner transfer of the home involved, unless the Secretary approves a transfer of such home without repayment (in which case the second mortgage held by the Secretary on such home shall remain in force until such loan is fully repaid). (g) PROGRAM SELECTION CRITERIA.— (1) IN GENERAL.— In selecting enterprise zone homeownership opportunity programs for assistance under this section from among eligible programs, the Secretary shall make such selection on the basis of the extent to which— (A) non-Federal public or private entities will contribute land necessary to make each program feasible; (B) non-Federal public and private financial or other contributions (including tax abatements, waivers of fees related to development, waivers of construction, development, or zoning requirements, and direct financial contributions) will reduce the cost of home constructed or rehabilitated under each program; (C) each program will produce the greatest number of units for the least amount of assistance provided under this section, taking into consideration the cost differences among different market areas; and (D) each program provides for the involvement of local residents in the planning, and construction or rehabilitation, of homes. (2) EXCEPTION.—To the extent that non-Federal public entities are prohibited by the law of any State from making any form of contribution described in subparagraph (A) or (B) of paragraph (1), the Secretary shall not consider such form of contribution in evaluating such program. (h) REGULATIONS.—Not later than 180 days after the date of enactment of this section, the Secretary shall issue final regulations to carry out the provisions of this title. Any such regulations shall be issued in accordance with section 553 of title 5, United States Code, notwithstanding the provisions of subsection (a)(2) of such section. (i) FUNDING. — There are authorized to be appropriated to carry out this section $30,000,000 in each of fiscal years 1993 and 1994. Subtitle F—Implementation Regulations. 42 USC 1437a note. SEC. 191. IMPLEMENTATION. The Secretary of Housing and Urban Development shall issue any final regulations necessary to implement the provisions of this title and the amendments made by this title not later than the

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