Page:United States Statutes at Large Volume 112 Part 3.djvu/758

 112 STAT. 2588 PUBLIC LAW 105-276—OCT. 21, 1998 "(2) DIRECT FAMILY CONTRIBUTION.— In purchasing housing pursuant to this section, each family shall contribute an amount of the downpayment, from resources of the family other than grants, gifts, contributions, or other similar amounts referred to in paragraph (1), that is not less than 1 percent of the purchase price. "(h) OWNERSHIP INTERESTS. —^A homeownership program under this section may provide for sale to the purchasing family of any ownership interest that the public housing agency considers appropriate under the program, including ownership in fee simple, a condominium interest, an interest in a limited dividend cooperative, a shared appreciation interest with a public housing agency providing financing. " (i) RESALE. — "(1) AUTHORITY AND LIMITATION. —^A homeownership program under this section shall permit the resale of a dwelling unit purchased under the program by an eligible family, but shall provide such limitations on resale as the agency considers appropriate (whether the family purchases directly from the agency or from another entity) for the agency to recapture— "(A) some or all of the economic gain derived from any such resale occurring during the 5-year period beginning upon purchase of the dwelling unit by the eligible family; and "(B) after the expiration of such 5-year period, only such amounts as are equivalent to the assistance provided under this section by the agency to the purchaser. "(2) CoNSlDERATlONS.The limitations referred to in paragraph (1)(A) may provide for consideration of the aggregate amount of assistance provided under the program to the family, the contribution to equity provided by the purchasing eligible family, the period of time elapsed between purchase under the homeownership program and resale, the reason for resale, any improvements to the property made by the eligible family, any appreciation in the value of the property, and any other factors that the agency considers appropriate. "(j) NET PROCEEDS. —The net proceeds of any sales under a homeownership program under this section remaining sifter pay- ment of all costs of the sale shall be used for purposes relating to low-income housing and in accordance with the public housing agency plan of the agency carrying out the program. "(k) HOMEOWNERSHIP ASSISTANCE. —From amounts distributed to a public housing agency under the Capital Fund under section 9(d), or from other income earned by the public housing agency, the public housing agency may provide assistance to public housing residents to facilitate the ability of those residents to purchase a principal residence, including a residence other than a residence located in a public housing project. "(1) INAPPLICABILITY OF DISPOSITION REQUIREMENTS.— The provisions of section 18 shall not apply to disposition of public housing dwelling units under a homeownership program under this section.". SEC. 537. REQUIRED CONVERSION OF DISTRESSED PUBLIC HOUSING TO TENANT-BASED ASSISTANCE. (a) IN GENERAL. —Title I of the United States Housing Act of 1937 (42 U.S.C. 1437 et seq.), as amended by the preceding

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