Page:United States Statutes at Large Volume 114 Part 5.djvu/968

 114 STAT. 2982 PUBLIC LAW 106-569—DEC. 27, 2000 "(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 policies governing the eligibility, admission, and occupancy of families 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— "(A) the remaining useful life of the property (as determined by the Secretary) without regard to the term of the mortgage or to transfer of ownership; or "(B) such other period as the Secretary determines is the longest feasible period of time consistent with sound economics and the purposes of this title, except upon a foreclosure by a lender (or upon other transfer in lieu of foreclosure) if that action—

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