Page:United States Statutes at Large Volume 108 Part 1.djvu/381

 PUBLIC LAW 103-233—APR. 11, 1994 108 STAT. 355 Secretary (or for which the Secretary is mortgagee in possession), the Secretary shall identify tenants who will be displaced, and shall notify all such tenants of their pending displacement and of any relocation assistance that may be available. In the case of a multifamily housing project that is subject to a mortgage held by the Secretary, the Secretary shall require the owner of the project to carry out the requirements of this paragraph, if the Secretary has authorized the demolition of, repairs to, or conversion in the use of such multifamily housing project. "(2) RIGHTS OF DISPLACED TENANTS.— The Secretary shall ensure for any such tenant (who continues to meet applicable qualification standards) the right— "(A) to return, whenever possible, to a repaired or rebuilt unit; "(B) to occupy a unit in another multifamily housing project owned by the Secretary; "(C) to obtain housing assistance under the United States Housing Act of 1937; or "(D) to receive any other available similar relocation assistance as the Secretary determines to be appropriate, "(k) MORTGAGE AND PROJECT SALES.— "(1) IN GENERAL.—The Secretary may not approve the sale of any loan or mortgage held by the Secretary (including any loan or mortgage owned by the Government National Mortgage Association) on any subsidized project or formerly subsidized project, unless such sale is made as part of a transaction that will ensure that such project will continue to operate at least until the maturity date of such loan or mortgage, in a manner that will provide rental housing on terms at least as advantageous to existing and future tenants as the terms required by the program under which the loan or mortgage was made or insured prior to the assignment of the loan or mortgage on such project to the Secretary. "(2) SALE OF CERTAIN PROJECTS. —The Secretary may not approve the ssde of any subsidized project— "(A) that is subject to a mortgage held by the Secretary, or "(B) if the sale transaction involves the provision of any additional subsidy funds by the Secretary or a recasting of the mortgage, unless such sale is made as part of a transaction that will ensure that the project will continue to operate, at least until the maturity date of the loan or mortgage, in a manner that will provide rental housing on terms at least as advantageous to existing and future tenants as the terms required by the program under which the loan or mortgage was made or insured prior to the proposed sale of the project. "(3) MORTGAGE SALES TO STATE AND LOCAL GOVERN- MENTS.— Notwithstanding any provision of law that requires competitive sales or bidding, the Secretary may carry out negotiated sales of mortgages held by the Secretary, without the competitive selection of purchasers or intermediaries, to units of general local government or State agencies, or groups of investors that include at least one such unit of general local government or State agency, if the negotiations are conducted with such agencies, except that—

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