Page:United States Statutes at Large Volume 123.djvu/993

 123STA T .97 3 PUBLIC LA W 111 –8—M A R .11, 2 0 09 ofsecti o n8a ssistance on t h e b oa rd of directors or a si m i l ar g o v- erning board shall establish an advisor y board of not less than si x residents of pu blic housing or recipients of section 8 assistance to provide advice and comment to the public housing agency or other administering entity on issues related to public housing and section 8 .S uch advisory board shall meet not less than q uarterly. S EC . 213 . ( a )N ot w ithstanding any other provision of law , sub- j ect to the conditions listed in subsection (b), for fiscal years 2 0 08 and 200 9, the Secretary of H ousing and U rban D evelopment may authori z e the transfer of some or all project-based assistance, debt and statutorily required low-income and very low-income use restrictions, associated with one or more multifamily housing project to another multifamily housing project or projects. (b) T he transfer authorized in subsection (a) is subject to the following conditions (1) The number of low-income and very low-income units and the net dollar amount of F ederal assistance provided by the transferring project shall remain the same in the receiving project or projects. (2) The transferring project shall, as determined by the Secretary, be either physically obsolete or economically non- viable. (3) The receiving project or projects shall meet or exceed applicable physical standards established by the Secretary. ( 4 ) The owner or mortgagor of the transferring project shall notify and consult with the tenants residing in the transferring project and provide a certification of approval by all appropriate local governmental officials. ( 5 ) The tenants of the transferring project who remain eligible for assistance to be provided by the receiving project or projects shall not be required to vacate their units in the transferring project or projects until new units in the receiving project are available for occupancy. ( 6 ) The Secretary determines that this transfer is in the best interest of the tenants. ( 7 ) I f either the transferring project or the receiving project or projects meets the condition specified in subsection (c)(2)( A ), any lien on the receiving project resulting from additional financing obtained by the owner shall be subordinate to any FHA-insured mortgage lien transferred to, or placed on, such project by the Secretary. (8) If the transferring project meets the requirements of subsection (c)(2)( E ), the owner or mortgagor of the receiving project or projects shall execute and record either a continuation of the existing use agreement or a new use agreement for the project where, in either case, any use restrictions in such agreement are of no lesser duration than the existing use restrictions. (9) Any financial ris k to the FHA G eneral and Special R isk Insurance Fund, as determined by the Secretary, would be reduced as a result of a transfer completed under this section. (10) The Secretary determines that Federal liability with regard to this project will not be increased. (c) For purposes of this section — (1) the terms ‘ ‘low-income ’ ’ and ‘‘very low-income’’ shall have the meanings provided by the statute and / or regulations Defin i t i o n s.N otifi ca tion. C e r tification. S tan d ards. T ransfer a u t h orit y .