Page:United States Statutes at Large Volume 111 Part 2.djvu/308

 Ill STAT. 1388 PUBLIC LAW 105-65—OCT. 27, 1997 42 USC 1437f SEC. 512. DEFINITIONS. note. In this subtitle: (1) COMPARABLE PROPERTIES. —The term "comparable properties" means properties in the same market areas, where practicable, that— (A) are similar to the eligible multifamily housing project as to neighborhood (including risk of crime), type of location, access, street appeal, age, property size, apartment mix, physical configuration, property and unit amenities, utilities, and other relevant characteristics; and (B) are not receiving project-based assistance. (2) ELIGIBLE MULTIFAMILY HOUSING PROJECT. —The term "eligible multifamily housing project" means a property consisting of more than 4 dwelling units— (A) with rents that, on an average per unit or per room basis, exceed the rent of comparable properties in the same market area, determined in accordance with guidelines established by the Secretary; (B) that is covered in whole or in part by a contract for project-based assistsince under— (i) the new construction or substantial rehabilitation program under section 8(b)(2) of the United States Housing Act of 1937 (as in effect before October 1, 1983); (ii) the property disposition program under section 8(b) of the United States Housing Act of 1937; (iii) the moderate rehabilitation program under section 8(e)(2) of the United States Housing Act of 1937; (iv) the loan management assistance program under section 8 of the United States Housing Act of 1937; (v) section 23 of the United States Housing Act of 1937 (as in effect before January 1, 1975); (vi) 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 (C) financed by a mortgage insured or held by the Secretary under the National Housing Act. (3) EXPIRING CONTRACT.—The term "expiring contract" means a project-based assistance contract attached to an eligible multifamily housing project which, under the terms of the contract, will expire. (4) EXPIRATION DATE. —The term "expiration date" means the date on which an expiring contract expires. (5) FAIR MARKET RENT. —The term "fair market rent" means the fair market rental established under section 8(c) of the United States Housing Act of 1937. (6) LOW-INCOME FAMILIES.— The term "low-income families" has the same meaning as provided under section 3(b)(2) of the United States Housing Act of 1937. (7) MORTGAGE RESTRUCTURING AND RENTAL ASSISTANCE SUFFICIENCY PLAN.— The term "mortgage restructuring and

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