Page:United States Statutes at Large Volume 106 Part 5.djvu/196

 106 STAT. 3834 PUBLIC LAW 102-550—OCT. 28, 1992 $12,178,000 for fiscal year 1993 and $12,689,476 for fiscal year 1994. ". (e) RENTAL HOUSING LOAN AUTHORITY. —Section 515(b)(4) of the Housing Act of 1949 (42 U.S.C. 1485(b)(4)) is amended by striking "September 30, 1992" and inserting "September 30, 1994. (f) RURAL HOUSING VOUCHER PROGRAM.—Section 513(e) of the Housing Act of 1949 (42 U.S.C. 1483(e)) is amended to read as follows: "(e) AUTHORIZATION OF APPROPRIATIONS.—There are authorized to be appropriated for rural housing vouchers under section 542, $130,000,000 for fiscal year 1993 and $140,000,000 for fiscal year 1994. ". (g) DEFERRED MORTGAGE DEMONSTRATION.— Section 502(g)(3) of the Housing Act of 1949 (42 U.S.C. 1472(g)(3)) is amended by striking "1991 and 1992" and inserting "1993 and 1994". SEC. 702. ELIOmiLnY OF HOMES ON LEASED LAND OWNED BY COMMUNITY LAND TRUSTS FOR SECTION 602 LOANS. (a) ELIGIBILITY. —Section 502(a) of the Housing Act of 1949 (42 U.S.C. 1472(a)) is amended by adding at the end the following new paragraph: "(3)(A) Notwithstanding any other provision of this title, a loan may be made under this section for the purchase of a dwelling located on land owned by a community land trust, if the borrower and the loan otherwise meet the requirements applicable to loans under this section. "(B) For purposes of this paragraph, the term 'community land trust' means a community housing development organization as such term is defined in section 104 of the Cranston-Gronzalez National Affordable Housing Act (except that the requirements under section 104(6)(C) and section 104(6)(D) shall not apply for purposes of this paragraph)— "(i) that is not sponsored by a for-profit organization; "(ii) that is established to carry out the activities under clause (iii); "(iipthat— "(I) acquires parcels of land, held in perpetuity, primarily for conveyance under long-term ground leases; "(II) transfers ownership of any structural improvements located on such leased parcels to the lessees; and "(III) retains a preemptive option to purchase any such structural improvement at a price determined by formula that is designed to ensure that the improvement remains affordable to low- and moderate-income families in perpetuity; and "(iv) that has ite corporate membership open to any adult resident of a particular geographic area specified in the bylaws of the Organization.". (b) RECAPTURE.— Section 521(a)(l)(D) of the Housing Act of 1949 (42 U.S.C. 1490a(a)(l)(D)) is amended— (1) by inserting "(i)" afl^r "(D)"; and (2) by adding at the end the following new clause: "(ii) In determimng the amount recaptured under this subparagraph with respect to any loan made pursuant to section 502(a)(3) for the purchase of a dwelling located on land owned by a community land trust, the Secretary shall determine any appreciation of the dwelling based on any agreement between the borrower

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