Page:United States Statutes at Large Volume 94 Part 2.djvu/1400

 94 STAT. 2678

PUBLIC LAW 96-499—DEC. 5, 1980 ing on April 24, 1979 (or indebtedness which had previously been refinanced pursuant to this subsection), but only if— (A) on April 24, 1979, there was an agreed on period for the maturity of the mortgages or other financing, and (B) the new obligations have a maturity date which does not exceed by more than 2 years the agreed on period referred to in subparagraph (A). (2) AMOUNTS FOR RESERVES, ISSUE COSTS, ETC.—An issue which otherwise meets the requirements of paragraph (1) shall not be treated as failing to meet such requirements solely because the amount of the new indebtedness exceeds the amount of the old indebtedness by such amount as is reasonably necessary to cover construction period interest, reserves, and the costs of issuing the new indebtedness, (h) SPECIAL RULES FOR PROJECTS UNDER DEVELOPMENT.— (1) RENTAL HOUSING.—The amendment made by section 1103

shall not apply to a project which was in the development stage on April 24, 1979, if— (A) a plan specifying the number and location of rental units was approved on or before such date by a governing body of a State or local government or by a State or local housing agency or similar agency, and (B) substantial expenditures for site improvement for the project had been incurred on or before such date. (2) RENTAL HOUSING PROJECTS APPROVED BY SECRETARY OF

12 USC 1715/, 1715w.

HUD.—The amendment made by section 1103 shall not apply to a project which was in the development stage on April 24, 1979, if— (A) a plan specifying the number and location of rental units was preliminarily approved by the Secretary of Housing and Urban Development pursuant to section 221(d)(4) or section 232 of the National Housing Act on or before such date, and (B) fees for processing the project with the Department of Housing and Urban Development and other expenditures for the project had been incurred on or before such date. (3) OWNER-OCCUPIED HOUSING.—The amendments made by section 1102 shall not apply to a project which was in the development stage on April 24, 1979, if on or before such date— (A) substantial expenditures had been made for detailed plans and specifications, and (B) either tax-exempt construction financing had been issued with respect to the project or there is written evidence that a governmental unit intended to issue tax-exempt obligations to finance the acquisition of the units by home buyers. The amendment made by section 1103 shall not apply to construction or other initial temporary financing issued with respect to a project which meets the requirements of the preceding sentence if substantially all of the dwelling units in such project are to be owner-occupied residences. (4)

CERTAIN

REDEVELOPMENT

MORTGAGE

BOND

FINANCING

PROJECTS.—Subparagraph (B) of paragraph (3) shall be treated as satisfied if, before April 25, 1979— (A) the developer of a project acquired the land for such prmect, (B) there was approval by the mayor's advisory committee of a city of a comprehensive proposal (under a State law

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