Page:United States Statutes at Large Volume 106 Part 5.djvu/137

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3775 (3) A description of any personnel needs for the property. SEC. 404. SUBMISSION AND REVIEW. 12 USC 1715z-la (a) FORM. —The Secretary shall establish the form and manner of submission of the comprehensive needs assessments under tiiis title. (b) RESIDENT REVIEW.— The Secretary shall require each owner of a covered multifamily housing property and each owner of a covered multifamily housing property for the elderly to make available to the residents of the property the comprehensive needs assessment that is to be submittea to the Secretai^. The Secretary shall require each owner to provide for such residents to submit comments and opinions regarding the assessment to the owner before the submission of the assessment. (c) STATE HOUSING FINANCE AGENCY REVIEW. —TO the extent that a covered multifamily housing property or a covered multifamily housing property for the elderly is nnanced or assisted by a State housing finance agency (as such term is defined in section 802 of the Housing and Community Development Act of 1974), the Secretary shall require the owner of the property to submit the comprehensive neeofs assessment for the property to the State housing finance agency upon submitting the assessment to the Secretary. (d) REVIEW. —The Secretary shall review each comprehensive needs assessment and shall approve the assessment before the expiration of the 90-day period beginning upon the receipt of the assessment, unless the Secretary determmes that the assessment has not been provided in a substantially complete manner. (e) COST OF PREPARATION OF STRATEGY. — The Secretary shall consider any costs relating to preparing a comprehensive needs assessment under this title for a covered multifamily housing property that do not exceed $5,000 for the property as an eligible project expense for the property. The Secretary shall provide that an owner may not increase the rental charge for any unit in a covered multlfainily housing property to provide for the cost of preparing a comprehensive neeos assessment. (f) NOTICE.— ^llie Secretary shall immediately notify each owner submitting a comprehensive needs assessment (and any State housing finance agency to which the owner has submitted an assessment under subsection (d)) of the approval or disapproval of the assessment upon making such determination. Within 30 days after disapproving any assessment, the Secretary shall inform the owner in writing of the reasons for disapproval. The Secretary shall require any owner whose assessment is disapproved to resubmit an amended assessment not later than 30 days after the owner receives the notice of disapproval. (g) ANNUAL REVIEW AND REPORT OF FUNDING AND TARGETING FOR COVERED MULTIFAMILY PROPERTIES FOR THE ELDERLY.— (1) REVIEW.—The Secretary shall annually conduct a comprehensive review of— (A) the funding levels required to fully address the needs of covered multifamily housing properties for the elderly identified in the comprehensive needs assessments under section 403(b), specifically identifying any expenses necessary to make substantial repairs and add features (such as congregate dining facilities and commercial kitchens) resulting fimm development of a property in compliance

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