Page:United States Statutes at Large Volume 106 Part 5.djvu/92

 106 STAT. 3730 PUBLIC LAW 102-550 —OCT. 28, 1992 limitations applicable to comparable housing receiving assistance under title IV of the Stewart B. McKinney Homeless Assistance Act. "(c) LIMITATIONS ON PROFITS FOR RENTAL AND TRANSITIONAL HOUSING.— "(1) MONTHLY RENTAL LIMITATION.—The aggregate monthly rental for each eligible project may not exceed the operating costs of the project (including debt service, management, adequate reserves, and other operating costs) plus a 6 percent return on any equity investment of the project owner. "(2) PROFIT LIMITATIONS ON PARTNERS.^A nonprofit organization that receives assistance under this subtitle for a project shall agree to use any profit received from the operation, sale, or other disposition of the project for the purpose of providing housing for low- and moderate-income families. Profit-motivated partners in a nonprofit partnership may receive— "(A) not more than a 6 percent return on their equity investment from project operations; and "(B) upon disposition of the project, not more than an amount equal to their initial equity investment plus a return on that investment equal to the increase in the Consumer Price Index for the geographic location of the project since the time of the initial investment of such partner in the project. "(d) HOMEOWNERSHIP.—Each homeownership project that receives assistance under this subtitle shall comply with the requirements of subtitle B or subtitle C of this title. "(e) RESTRICTIONS ON CONVEYANCE.— The ownership interest in a project that receives assistance under this subtitle may not be conveyed unless the instrument of conveyance requires a subsequent owner to comply with the same restrictions imposed upon the original owner. " (f) CONVERSION OF TRANSITIONAL HOUSING.— The Secretary may waive the requirements of subsection (b) to permit the conversion of a transitional housing project to a permanent housing project only if such housing would meet the requirements for residential rental housing specified in this section. "(g) PERIOD OF RESTRICTIONS. —^A project that receives assistance under this subtitle shall comply with the requirements of this section for the remaining useful life of the property. 42 USC 12899e. " SEC. 456. ADDITIONAL PROGRAM REQUIREMENTS. " (a) ELIGIBLE PARTICIPANTS.— "(1) IN GENERAL.— Except as provided in paragraph (2), an individual may participate in a Youthbuild program receiving assistance under this subtitle only if such individual is— "(A) 16 to 24 years of age, inclusive; "(B) a very low-income individual or a member of a very low-income family; and "(C) an individual who has dropped out of high school. "(2) EXCEPTION FOR INDIVIDUALS NOT MEETING INCOME OR EDUCATIONAL NEED REQUIREMENTS.—Not more than 25 percent of the participants in such program may be individuals who do not meet the requirements of either paragraphs (I)(B) or ((J), but who have educational needs despite attainment of a high school diploma or its equivalent.

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