Page:United States Statutes at Large Volume 112 Part 3.djvu/849

 PUBLIC LAW 105-276—OCT. 21, 1998 112 STAT. 2679 assets, which in the case of a preferred purchaser shall provide for a discount in accordance with paragraph (6). "(F) HOUSING QUALITY. —The sale agreement shall provide for compliance of the eligible assets purchased with the rehabilitation standards established under paragraph (5)(A)(iii) or the minimum standards for housing quality established under paragraph (5)(B)(ii), as applicable, and shall specify such standards. "(G) PERFORMANCE GOALS AND SANCTIONS.— The sale agreement shall set forth the specific performance goals applicable to the purchaser, in accordance with paragraph (5), shall set forth any sanctions for failure to meet such goals and deadlines, and shall require the purchaser to certify compliance with such goals. "(H) PERIOD COVERED.— The sale agreement shall establish— "(i) in the case of a preferred purchaser, the time period referred to in paragraph (4)(B)(ii); and "(ii) in the case of a purchaser who is not a preferred purchaser, the time period for purchase of eligible assets that may be covered by the purchase. "(I) OTHER TERMS.— The agreement shall contain such other terms and conditions as may be necessary to require that eligible assets purchased under the agreement are used in accordance with the program under this subsection. "(8) DEFINITIONS. — For purposes of this subsection, the following definitions shall apply: "(A) ASSET CONTROL AREA.— The term 'asset control area' means the area established by a preferred purchaser pursuant to paragraph (4)(B)(i). "(B) ASSET PROPERTY.— The term 'asset property' means— "(i) with respect to an eligible asset that is a property, such property; and "(ii) with respect to an eligible asset that is a mortgage, the property that is subject to the mortgage. "(C) ELIGIBLE ASSET.—The term 'eligible asset' means an asset described in paragraph (2). "(D) NONPROFIT ORGANIZATION.—The term 'nonprofit organization' means a private organization that— "(i) is organized under State or local laws; "(ii) has no part of its net earnings inuring to the benefit of any member, shareholder, founder, contributor, or individual; and "(iii) complies with standards of financial responsibility that the Secretary may require. "(E) PREFERRED PURCHASER. —The term 'preferred purchaser' means a purchaser described in paragraph (4). "(F) UNIT OF GENERAL LOCAL GOVERNMENT. —The term 'unit of general local government' means any city, town, township, county, parish, village, or other general purpose political subdivision of a State.

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