Page:United States Statutes at Large Volume 106 Part 5.djvu/404

 106 STAT. 4042 PUBLIC LAW 102-550—OCT. 28, 1992 "(2) RENTAL TO ELIGIBLE FAMIUES. —A public agency or nonprofit organization may rent housing leased to it under paragraph (1) to a family for up to 10 years and may, during that period, assist the tenant in obtaining a loan and credit assistance under title V of the Housing Act of 1949 to purchase the housing from the Secretary. "(d) LEASE PROCEDURES. — "(1) IDENTIFICATION OF PROPERTY.—Upon receipt by the Secretary of written notification from a public agency or nonprofit organization that it proposes to lease a property for the purpose of providing transitional housing or for the purpose of providing transitional housing and turnkey housing opportunities, the Secretary shall— "(A) withdraw the property from the market for not more than 30 days for the piupose of negotiations under subparagraph (B); "(B) negotiate a lease agreement with the organization or agency; and "(C) if a lease is agreed to, commence the repairs necessary to make the property meet standards for decent, safe, ana sanitary housing. "(2) LEASE TERMS.—^A lease of inventory property under this section shall— "(A) be for a period of not more than 10 years; "(B) provide for the payment of $1 for the 10-year ^ lease; and "(C) provide the nonprofit organization or public agency— "(i) the right to use the property for transitional r^ housing; and "(ii) the option to arrange for the sale of the property to an eligible purchaser. "(e) PURCHASE PROCEDURES. — " (1) IDENTIFICATION OF PROPERTY.— Upon receipt by the Secretary of written notification from a puolic agency or nonprofit organization that it proposes to purchase a property for the purpose of providing transitional housing or for the purpose of providing transitional housing and turnkey housing opportunities, the Secretary shall— "(A) withdraw the property from the market for not more than 30 days for the purpose of negotiations under subparagraph (B); "(B) negotiate a purchase agreement with the organization or agency; and V "(C) if a purchase agreement is agreed to, commence the repairs necessary to make the property meet standards for decent, safe, and sanitary housing. "(2) PURCHASE TERMS.—^A purchase of inventory property under this section shall provide for a purchase price equal to not more than the fair market value of the property minus 10 percent. "(f) EMPLOYMENT OF HOMELESS INDIVIDUALS.— A public agency or nonprofit organization may lease or purchase property under this section only if the agency or organization, to the maximum extent practicable, involves homeless individuals and families, through employment, volunteer services, or otherwise, in maintaining, operating, and renovating any properties leased or acquired

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