Page:United States Statutes at Large Volume 114 Part 5.djvu/654

 114 STAT. 2763A-614 PUBLIC LAW 106-554—APPENDIX G (1) housing credit dollar amounts allocated after December 31, 2000; and (2) buildings placed in service after such date to the extent paragraph (1) of section 42(h) of the Internal Revenue Code of 1986 does not apply to any building by reason of paragraph (4) thereof, but only with respect to bonds issued after such date. Subtitle E—Other Community Renewal and New Markets Assistance PART I—PROVISIONS RELATING TO HOUSING AND SUBSTANCE ABUSE PREVENTION AND TREATMENT SEC. 141. TRANSFER OF UNOCCUPIED AND SUBSTANDARD HUD-HELD HOUSING TO LOCAL GOVERNMENTS AND COMMUNITY DEVELOPMENT CORPORATIONS. Section 204 of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 (12 U.S.C. 1715z-lla) is amended— (1) by striking "FLEXIBLE AUTHORITY.—" and inserting " D ISPOSITION OF HUD-OWNED PROPERTIES, (a) FLEXIBLE AUTHORITY FOR MULTIFAMILY PROJECTS. — "; and (2) by adding at the end the following new subsection: "(b) TRANSFER OF UNOCCUPIED AND SUBSTANDARD HOUSING TO LOCAL GOVERNMENTS AND COMMUNITY DEVELOPMENT CORPORA- TIONS. — "(1) TRANSFER AUTHORITY. —Notwithstanding the authority under subsection (a) and the last sentence of section 204(g) of the National Housing Act (12 U.S.C. 1710(g)), the Secretary of Housing and Urban Development shall transfer ownership of any qualified HUD property, subject to the requirements of this section, to a unit of general local government having jurisdiction for the area in which the property is located or to a community development corporation which operates within such a unit of general local government in accordance with this subsection, but only to the extent that units of general local government and community development corporations consent to transfer and the Secretary determines that such transfer is practicable. "(2) QUALIFIED HUD PROPERTIES.— For purposes of this subsection, the term 'qualified HUD property' means any property for which, as of the date that notification of the property is first made under paragraph (3)(B), not less than 6 months have elapsed since the later of the date that the property was acquired by the Secretary or the date that the property was determined to be unoccupied or substandard, that is owned by the Secretary and is— "(A) an unoccupied multifamily housing project; "(B) a substandard multifamily housing project; or "(C) an unoccupied single family property that— "(i) has been determined by the Secretary not to be an eligible asset under section 204(h) of the National Housing Act (12 U.S.C. 1710(h)); or

�