Page:United States Statutes at Large Volume 92 Part 2.djvu/801

 PUBLIC LAW 95-557—OCT. 31, 1978 (4) by striking out "$50,000" in subsection (c)(4)(B) and inserting in lieu thereof "$100,000"; (5) by striking out "and not to exceed $60,000,000 for the fiscal year beginning on October 1, 1977" in subsection (d) and inserting in lieu thereof "not to exceed $60,000,000 for the fiscal year beginning on October 1, 1977, and not to exceed $245,000,000 for the fiscal year beginning on October 1, 1978"; (6) by adding at the end of subsection (d) the following: "Of the amounts available for loans under this section during the fiscal year beginning October 1, 1978, the Secretary may utilize not more than $60,000,000 for rehabilitation loans for multifamily properties."; and (7) by adding at the end thereof the following new subsection: "(i) The Secretary may not, after 270 days following the date of the enactment of this subsection, make any loan under this section with respect to any property unless the Secretary has determined that the improvements to such property, upon completion of the rehabilitation, will meet cost-effective energy conservation standards prescribed by the Secretary.". (b) Section 312 of such Act is amended by adding at the end thereof the following: "(i) Kehabilitation loans under this section for multifamily properties shall be subject to the following additional limitations and conditions: "(1) The property must meet the requirements of subsection (a) and— "(A) be located in a low- or moderate-income neighborhood; or "(B) have a majority of tenants of low and moderate income. All such loans must be consistent with an overall community development strategy developed pursuant to title I of the Housing and Community Development Act of 1974. "(2) The property must have fewer than 100 units, except where the Secretary determines that a loan under this section is essential to meet the community development needs of a neighborhood and alternative sources of financing are not available. "(3) The Secretary shall enter into an agreement with the investor-owner of a multifamily property which is to be rehabilitated with a loan under this section to limit, for a period of at least five years, the increased rent caused by the rehabilitation. "(4) The Secretary shall minimize involuntary displacement caused by rehabilitation loans under this section with respect to multifamily properties, "(i) In conjunction with the annual report required under section 113(a) of the Housing and Community Development Act of 1974, the Secretary shall submit to the Congress a report on the rehabilitation loan program under this section. Such report shall include a summary of the use of funds under this section, particularly with regard to the types of neighborhoods and persons aided under this section, and an evaluation of progress made toward community development goals under this section. As soon as feasible, but not later than December 1, 1979, the Secretary shall submit to Congress an interim report evaluating the use of funds under this section for multifamily properties, with legislative recommendations for improving the overall effectiveness of Federal assistance for the rehabilitation of multifamily properties.". (c)(1) Section 203(k) of the National Housing Act is amended to read as follows:

39-194 O—80—pt. 2

51: QL3

92 STAT. 2081

42 USC 1452b.

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42 USC 5301.;

Reports to Congress. ^^ USC 5313.

12 USC 1709.

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