Page:United States Statutes at Large Volume 112 Part 3.djvu/846

 112 STAT. 2676 PUBLIC LAW 105-276—OCT. 21, 1998 "(i) the unit of general local government having jurisdiction with respect to the area in which are located the eligible assets to be sold; or "(ii) a nonprofit organization; "(B) in making a purchase under the program under this subsection— "(i) establishes an asset control area, which shall be an area that consists of part or all of a revitalization area; and "(ii) purchases all interests of the Secretary in all assets of the Secretary that, at any time during the period which shall be set forth in the sale agreement required under paragraph (7)— "(I) are or become eligible assets; and "(II) are located in the asset control area of the purchaser; and "(C) has the capacity to carry out the purchase of eligible assets under the program under this subsection and under the provisions of this paragraph. "(5) AGREEMENTS REQUIRED FOR PURCHASE.— "(A) PREFERRED PURCHASERS.— Under the program under this subsection, the Secretary may sell an eligible asset as provided in paragraph (4) to a preferred purchaser only pursuant to a binding agreement by the preferred purchaser that the eligible asset will be used in conjunction with a home ownership plan that provides as follows: "(i) The plan has as its primary purpose the expansion of home ownership in, and the revitalization of, the asset control area, established pursuant to paragraph (4)(B)(i) by the purchaser, in which the eligible asset is located. "(ii) Under the plan, the preferred purchaser has established, and agreed to meet, specific performance goals for increasing the rate of home ownership for eligible assets in the asset control area that are under the purchaser's control. The plan shall provide that the Secretary may waive or modify such goals or deadlines only upon a determination by the Secretary that a good faith effort has been made in complying with the goals through the homeownership plan and that exceptional neighborhood conditions prevented attainment of the goal. "(iii) Under the plan, the preferred purchaser has established rehabilitation standards that meet or exceed the standards for housing quality established under subparagraph (B)(iii) by the Secretary, and has agreed that each asset property for an eligible asset purchased will be rehabilitated in accordance with such standards. "(B) NON-PREFERRED PURCHASERS.— Under the program under this subsection, the Secretary may sell an eligible asset to a purchaser who is not a preferred purchaser only pursuant to a binding agreement by the purchaser that complies with the following requirements: "(i) The purchaser has agreed to meet specific performance goals established by the Secretary for home ownership of the asset properties for the eligible

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