Page:United States Statutes at Large Volume 122.djvu/2876

 12 2 STA T . 2 853PUBLIC LA W 11 0– 28 9—J UL Y 30, 2008 (2)NOTICE.—TheS e cr e ta r ys ha l l p r ovid e w ritte n notice o f its intent to e x ercise the a u thority to specify alternative re q uire m ents under para g raph ( 1 )tothe C ommittee on B an k ing ,H ousing and U r b an A ffairs of the Senate and the Committee on F inancial Services of the House of R epresenta - tives not later than 1 0 business days before such exercise of authority is to occur. ( 3 ) L O WANDM ODE R ATE INCOME RE QU IREMENT.— (A) I N G ENERA L .—Notwithstanding the authority of the Secretary under paragraph (1)— (i) all of the funds appropriated or otherwise made available under this section shall be used with respect to individuals and families whose income does not exceed 120 percent of area median income and (ii) not less than 2 5 percent of the funds appro- priated or otherwise made available under this section shall be used for the purchase and redevelopment of abandoned or foreclosed upon homes or residential properties that will be used to house individuals or families whose incomes do not exceed 50 percent of area median income. (B) RECURRENT REQUIREMENT.—The Secretary shall, by rule or order, ensure, to the maximum extent practicable and for the longest feasible term, that the sale, rental, or redevelopment of abandoned and foreclosed upon homes and residential properties under this section remain afford- able to individuals or families described in subparagraph (A). (g) P ERIODIC AUDIT S .—In consultation with the Secretary of Housing and Urban D evelopment, the Comptroller G eneral of the United States shall conduct periodic audits to ensure that funds appropriated, made available, or otherwise distributed under this section are being used in a manner consistent with the criteria provided in this section. SEC.230 2. NATIO N W I D E DIST R I BU TION O F RESOURCES. Notwithstanding any other provision of this Act or the amend- ments made by this Act, each State shall receive not less than 0.5 percent of funds made available under section 2301 (relating to emergency assistance for the redevelopment of abandoned and foreclosed homes). SEC. 2303. L I M ITATION ON USE OF FUNDS WIT H RES P ECT TO EMINENT DOMAIN. No State or unit of general local government may use any amounts received pursuant to section 2301 to fund any pro j ect that seeks to use the power of eminent domain, unless eminent domain is employed only for a public use
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d , That for pur- poses of this section, public use shall not be construed to include economic development that primarily benefits private entities. SEC. 230 4 . LIMITATION ON DISTRIBUTION OF FUNDS. (a) IN GENERAL.—None of the funds made available under this title or title I V shall be distributed to— (1) an organi z ation which has been indicted for a violation under Federal law relating to an election for Federal office; or (2) an organization which employs applicable individuals. 42USC5301note. 42 USC 5301 note. 42 USC 5301 note. R e gula t i on s . Ord ers. D eadline.

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