Page:United States Statutes at Large Volume 106 Part 5.djvu/127

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3765 (b) RENT ADJUSTMENTS.— Section 222(a)(2)(G)(i) of the Housing and Community Development Act of 1987 (12 U.S.C. 4112(a)(2)(G)(i)) is amended by striking '1py making changes in the annual authorized return under section 214" and inserting the following: ", where the owner is a priority purchaser, to the portion of rent attributable to project oversight costs". SEC. 309. RESIDENT HOMEOWNERSHIP PROGRAM. Section 226(b) of the Housing and Community Development Act of 1987 (12 U.S.C. 4116(b)) is amended— (1) in paragraph (2)— (A) by inserting "AND LIMITATION ON CONDITIONS OF APPROVAL before the period at the end of the paragraph heading; and (B) by inserting after the period at the end the following new sentence: "The Secretary may not require the prepayment of the mortgage on eligible low-income housing for the approval of a plan of action involving a homeownership program for the housing."; (2) in paragraph (3)— (A) in subparagraph (C), by striking "and" at the end; (B) in subparagraph (D), by striMng the period at the end and inserting "; and"; and (C) by adding at the end the following new subparagraph: "(E) the low-income affordability restrictions shall continue to apply to any rental units in the housing for any period during which such units remain rental units."; (3) in paragraph (8), by striking "Resident" and inserting "Except in the case of limited equity cooperatives, resident, and (4) in paragraph (10)— (A) by striking ", as determined by the Secretary,"; (B) by striking "section 222(d)" and inserting "section 222(c)"; and (C) by striking the last sentence. SEC. 310. DEFINITION OF ELIGIBLE LOW-INCOME HOUSING. Section 229(l)(A)(i) of the Housing and Community Development Act of 1987 (12 U.S.C. 4119(l)(A)(i)) is amended by striking "assisted under section 101 of the Housing and Urban Development Act of 1965 or section 8 of the United States Housing Act of 1937" and inserting "receiving loan management assistance under section 8 of the United States Housing Act of 1937 due to a conversion from section 101 of the Housing and Urban Development Act of 1965". SEC. 311. PREEMPTION OF STATE AND LOCAL LAWS. The first sentence of section 232(b) of the Housing and Community Development Act of 1987 (12 U.S.C. 4122(b)) is amended by stnking "and" the first place it appears and inserting ", such as any law or regulation". SEC. 312. TECHNICAL ASSISTANCE AND CAPACITY BUILDING. Title n of the Housing and Community Development Act of 1987 (42 U.S.C. 4101 et seq.) is amended by adding at the end the following new subtitle:

�