Page:United States Statutes at Large Volume 112 Part 3.djvu/848

 112 STAT. 2678 PUBLIC LAW 105-276—OCT. 21, 1998 pursuant to paragraph (5)(B)(ii), an amount that is less than the amount of a standard discount under clause (i) of this subparagraph and is sufficient to provide assistance to the preferred purchaser in meeting costs associated with compliance with the program requirements under this subsection. "(D) DETERMINATION OF DISCOUNT CLASS.— The Secretary shall, in the sole discretion of the Secretary, establish a method for determining which discount under clause (i) or (ii) subparagraph (C) shall be provided for an eligible asset that is described in such clause (i) and sold to a preferred purchaser. The method may result in the assignment of discounts on any basis consistent with subparagraph (C) that the Secretary considers appropriate to carry out the purposes of this subsection. "(7) SALE AGREEMENT. — The Secretary may sell an eligible asset under this subsection only pursuant to a sale agreement entered into under this paragraph with the purchaser, which shall include the following provisions: "(A) ASSETS. — The sale agreement shall identify the eligible assets to be purchased and the interests sold. "(B) REVITALIZATION AREA AND ASSET CONTROL AREA. — The sale agreement shall identify— "(i) the boundaries of the specific revitalization areas (or portions thereof) in which are located the eligible assets that are covered by the agreement; and "(ii) in the case of a preferred purchaser, the asset control area established pursuant to paragraph (4)(B)(i) that is covered by the agreement. "(C) FINANCING. — The sale agreement shall identify the sources of financing for the purchase of the eligible assets. "(D) BINDING AGREEMENTS. — The sale agreement shall contain binding agreements by the purchaser sufficient to comply with— "(i) in the case of a preferred purchaser, the requirements under paragraph (5)(A), which agreements shall provide that the eligible assets purchased will be used in conjunction with a home ownership plan meeting the requirements of such paragraph, and shall set forth the terms of the homeownership plan, including— "(I) the goals of the plan for the eligible assets purchased and for the asset control area subject to the plan; "(II) the revitalization areas (or portions thereof) in which the homeownership plan is operating or will operate; "(III) the specific use or disposition of the eligible assets under the plan; and "(IV) any activities to be conducted and services to be provided under the plan; or "(ii) in the case of a purchaser who is not a preferred purchaser, the requirements under paragraph (5)(B). "(E) PURCHASE PRICE AND DISCOUNT.— The sale agreement shall establish the purchase price of the eligible

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