Page:United States Statutes at Large Volume 114 Part 5.djvu/874

 114 STAT. 2888 PUBLIC LAW 106-568—DEC. 27, 2000 "(b) MAINTENANCE AND EFFICIENT OPERATION.— "(1) IN GENERAL.— The Director shall, using amounts of any grants received under this title, reserve and use for operating under section 810 such amounts as may be necessary to provide for the continued maintenance and efficient operation of such housing. "(2) DISPOSAL OF CERTAIN HOUSING. —This subsection may not be construed to prevent the Director, or any entity funded by the Department, from demolishing or disposing of housing, pursuant to regulations established by the Secretary. "(c) INSURANCE COVERAGE. —As a condition to receiving grant amounts under this title, the Director shall require adequate insurance coverage for housing units that are owned or operated or assisted with grant amounts provided under this title. "(d) ELIGIBILITY FOR ADMISSION.— AS a condition to receiving grant amounts under this title, the Director shall develop written {)olicies governing the eligibility, admission, and occupancy of famiies for housing assisted with grant amounts provided under this title. "(e) MANAGEMENT AND MAINTENANCE.— As a condition to receiving grant amounts under this title, the Director shall develop policies governing the management and maintenance of housing assisted with grant amounts under this title. 25 USC 4231. "SEC. 812. TYPES OF INVESTMENTS. "(a) IN GENERAL.— Subject to section 811 and an applicable housing plan approved under section 803, the Director shall have— "(1) the discretion to use grant amounts for affordable housing activities through the use of— "(A) equity investments; "(B) interest-bearing loans or advances; "(C) noninterest-bearing loans or advances; "(D) interest subsidies; "(E) the leveraging of private investments; or "(F) any other form of assistance that the Secretary determines to be consistent with the purposes of this title; and "(2) the right to establish the terms of assistance provided with funds referred to in paragraph (1). "(b) INVESTMENTS. — The Director may invest grant amounts for the purposes of carrying out affordable housing activities in investment securities and other obligations, as approved by the Secretary. 25 USC 4232. "SEC. 813. LOW-INCOME REQUIREMENT AND INCOME TARGETING. "(a) IN GENERAL. —Housing shall qualify for affordable housing for purposes of this title only if— "(1) each dwelling unit in the housing— "(A) in the case of rental housing, is made available for occupancy only by a family that is a low-income family at the time of the initial occupancy of that family of that unit; and "(B) in the case of housing for homeownership, is made available for purchase only by a family that is a lowincome family at the time of purchase; and "(2) each dwelling unit in the housing will remain affordable, according to binding commitments satisfactory to the Secretary, for—

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