Page:United States Statutes at Large Volume 108 Part 1.djvu/386

 108 STAT. 360 PUBLIC LAW 103-233—APR. 11, 1994 Affordable Housing Act. The Secretary may make such assistance available on a noncompetitive basis. "(2) GENERAL RULES FOR ALLOCATION. —Except as provided in paragraph (3), with respect to assistance under this section not set aside for projects under paragraph (1), the Secretary— "(A) may award assistance on a noncompetitive basis; and "(B) shall award assistance to eligible projects on the basis of— "(i) the extent to which the project is physically or financially troubled, as evidenced by the comprehensive needs assessment submitted in accordance with title IV of the Housing and Community Development Act of 1992; and "(3) EXCEPTIONS.— The Secretary may make exceptions to selection criteria set forth in paragraph (2)(B) to permit the provision of assistance to eligible projects based upon— "(A) the extent to which such assistance is necessary to prevent the imminent foreclosure or default of a project whose owner has not submitted a comprehensive needs assessment pursuant to title IV of the Housing and Community Development Act of 1992; "(B) the extent to which the project presents an imminent threat to the life, health, and safety of project residents; or "(C) such other criteria as the Secretary may specify by regulation or by notice printed in the Federal Register. "(4) CONSIDERATIONS.— In providing assistance under this section, the Secretary shall take into consideration— "(A) the extent to which there is evidence that there will be significant opportunities for residents (including a resident council or resident management corporation, as appropriate) to be involved in the management of the project (except that this paragraph shall have no application to projects that are owned as cooperatives); and "(B) the extent to which there is evidence that the project owner has provided competent management and complied with all regulatory and administrative requirements.". (4) REPEAL.—Section 201 of the Housing and Community Development Amendments of 1978 (12 U.S.C. 1715z-la) is amended— (A) by striking subsection (o); and (B) by redesignating subsection (p) as subsection (o). 12 USC 1715z-la (c) IMPLEMENTATION AND EFFECTIVE DATES FOR SUBSECTIONS "°te. (a)AND(b). — (1) IN GENERAL.— Except as provided in paragraph (2), the amendments made by subsections (a) and (b) shall apply with respect to amounts made available for fiscal year 1994 and fiscal years thereafter. (2) EXCEPTION.— Section 201(n)(l) of the Housing and Commiuiity Development Amendments of 1978 (as added by the amenchnent made by subsection (b)(3) of this section) shall take effect on the date of enactment of this Act.
 * (ii) the extent to which such assistance is necessary and reasonable to prevent the default of federally insured mortgages.

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