Page:United States Statutes at Large Volume 117.djvu/2705

 117 STAT. 2686

PUBLIC LAW 108–186—DEC. 16, 2003

‘‘Subtitle E—Other Assistance 42 USC 12821.

‘‘SEC. 271. DOWNPAYMENT ASSISTANCE INITIATIVE.

‘‘(a) DEFINITIONS.—In this section: ‘‘(1) DOWNPAYMENT ASSISTANCE.—The term ‘‘downpayment assistance’’ means assistance to help a family acquire a principal residence. ‘‘(2) HOME REPAIRS.—The term ‘‘home repairs’’ means capital improvements or repairs that— ‘‘(A) are identified in an appraisal or home inspection completed in conjunction with a home purchase; or ‘‘(B) are completed within 1 year of the purchase of a home, and are necessary to bring the housing into compliance with health and safety housing codes of the unit of general local government in which the housing is located, including the remediation of lead paint or other home health hazards. ‘‘(3) PARTICIPATING JURISDICTION.—The term ‘‘participating jurisdiction’’ means a State or unit of general local government designated under section 216. ‘‘(4) STATE.—The term ‘‘State’’ means any State of the United States and the District of Columbia. ‘‘(b) GRANT AUTHORITY.—The Secretary may award grants to participating jurisdictions to assist low-income families to achieve homeownership, in accordance with this section. ‘‘(c) ELIGIBLE ACTIVITIES.— ‘‘(1) IN GENERAL.— ‘‘(A) DOWNPAYMENT ASSISTANCE.—Subject to subparagraph (B), grants awarded under this section may be used only for downpayment assistance toward the purchase of single family housing (including 1 to 4 unit family dwelling units, condominium units, cooperative units, and manufactured housing units which are located on land which is owned by the manufactured housing unit owner, owned as a cooperative, or is subject to a leasehold interest with a term equal to at least the term of the mortgage financing on the unit, and manufactured housing lots) by low-income families who are first-time home-buyers. ‘‘(B) HOME REPAIRS.—Not more than 20 percent of the grant funds provided under subsection (d) to a participating jurisdiction may be used to provide assistance to lowincome, first-time home-buyers for home repairs. ‘‘(2) LIMITATIONS.— ‘‘(A) AMOUNT OF ASSISTANCE.—The amount of assistance provided to any low-income families under paragraph (1) shall not exceed the greater of— ‘‘(i) 6 percent of the purchase price of a single family housing unit; or ‘‘(ii) $10,000. ‘‘(B) PARTICIPATION.—A participating jurisdiction may not use any amount of a grant awarded under this section to provide funding to an entity or organization that provides downpayment assistance if the activities of that entity or organization are financed in whole or in part, directly or indirectly, by contributions, service fees, or other payments from the sellers of housing.

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