Page:United States Statutes at Large Volume 108 Part 1.djvu/373

 PUBLIC LAW 103-233—APR. 11, 1994 108 STAT. 347 "(A) prior to foreclosing on any mortgage held by the Secretary on any multifamily housing project, notify both the unit of general local government in which the property is located and the tenants of the property of the proposed foreclosure sale; and "(B) dispose of a multifamily housing project through a foreclosure sale only to a purchaser that the Secretary determines is capable of implementing a sound financial and physical management program that is designed to enable the project to meet anticipated operating and repair expenses to ensure that the project will remain in decent, safe, and sanitary condition and in compliance with any standards under applicable State or local laws, rules, ordi- ^ nances, or regulations relating to the physical condition of the housing and any such standards established by the Secretary. "(d) MANAGEMENT AND MAINTENANCE OF PROPERTIES. — "(1) CONTRACTING FOR MANAGEMENT SERVICES. —In carry- ing out this section, the Secretary may— "(A) contract for management services for a multifamily housing project that is owned by the Secretary (or for which the Secretary is mortgagee in possession) with forprofit and nonprofit entities and public agencies (including Eublic housing authorities) on a negotiated, competitive id, or other basis at a price determined by the Secretary to be reasonable, with a manager the Secretary has determined is capable of— "(i) implementing a sound financial and physical management program that is designed to enable the project to meet anticipated operating and maintenance expenses to ensure that the project will remain in decent, safe, and ssmitary condition and in compliance with any standards under applicable State or local laws, rules, ordinances, or regulations relating to the physical condition of the project and any such standards established by the Secretary; "(ii) responding to the needs of the tenants and working cooperatively with tenant organizations; "(iii) providing adequate organizational, staff, and financial resources to the project; and "(iv) meeting such other requirements as the Secretary may determine; and "(B) require the owner of a multifamily housing project that is subject to a mortgage held by the Secretary to contract for management services for the project in the manner described in subparagraph (A). "(2) MAINTENANCE OF PROJECTS OWNED BY SECRETARY. — In the case of multifamily housing projects that are owned by the Secretary (or for which the Secretary is mortgagee in possession), the Secretary shall— "(A) to the greatest extent possible, maintain all such occupied projects in a decent, safe, and sanitary condition and in compliance with any standards under applicable State or local laws, rules, ordinances, or regulations relating to the physical condition of the housing and any such standards established by the Secretary;

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