Page:United States Statutes at Large Volume 108 Part 1.djvu/376

 108 STAT. 350 PUBLIC LAW 103-233—APR. 11, 1994 "(V) section 23 of such Act (as in effect before January 1, 1975); "(Vl) the rent supplement program under section 101 of the Housing and Urban Development Act of 1965; or "(VII) section 8 of the United States Housing Act of 1937, following conversion from assistance under section 101 of the Housing and Urban Development Act of 1965; and "(ii) tenant-based assistance under section 8 of the United States Housing Act of 1937 for families that are preexisting tenants of the project in units that, immediately before foreclosure or acquisition of the project by the Secretary, were covered by an assistance contract under the loan management set-aside program under section 8(b) of the United States Housing Act of 1937. " (2) ANNUAL CONTRIBUTION CONTRACTS FOR TENANT-BASED ASSISTANCE. — In the case of multifamily housing projects that are acquired by a purchaser other than the Secretary at foreclosure or after sale by the Secretary, the Secretary may enter into annual contribution contracts with public housing agencies to provide tenant-based assistance under section 8 of the United States Housing Act of 1937 on behalf of all low-income families who are otherwise eligible for assistance in accordance with subparagraph (A), (B), or (D) of paragraph (1) on the date that the project is acquired by the purchaser, subject to the following requirements: "(A) REQUIREMENT OF SUFFICIENT AFFORDABLE HOUS- ING IN AREA.— The Secretary may not take action under this paragraph unless the Secretary determines that there is available in the area an adequate supply of habitable, affordable housing for very low-income families and other low-income families using tenant-based assistance. " (B) LIMITATION FOR SUBSIDIZED AND FORMERLY SUB- SIDIZED PROJECTS.— The Secretary may not take actions under this paragraph in connection with units in subsidized or formerly subsidized projects for more than 10 percent of the aggregate number of units in such projects disposed of by the Secretary in any fiscal year. " (3) OTHER ASSISTANCE.— "(A) IN GENERAL.—In accordance with the authority provided under the National Housing Act, the Secretary may provide other assistance pursuant to subsection (f) to the owners of multifamily housing projects that are acquired by a purchaser other than the Secretary at foreclosure, or after sale by the Secretary, on terms that ensure that^ "(i) at least the units in the project otherwise required to receive project-based assistance pursuant to subparagraphs (A), (B), or (D) of paragraph (1) are available to and affordable by low-income persons; and "(ii) for the remaining useful life of the project, as defined by the Secretary, there shall be in force such use or rent restrictions as the Secretary m^ay prescribe.

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