Page:United States Statutes at Large Volume 97.djvu/1230

 97 STAT. 1198 PUBLIC LAW 98-181—NOV. 30, 1983 paragraph shall be designed to encourage use of these resources expeditiously, consistent with the sound development and adminis- tration of the grantees' rental rehabilitation programs. "(4) RECAPTURE.— Any rental rehabilitation grant amounts which are not obligated at the end of any fiscal year shall be added to the amount available for allocation for such grants for the succeeding fiscal year. "(c) GRANTS FOR MODERATE REHABIUTATION. —(1) PROGRAM DESCRIPTION.—A rehabilitation grant may be made under this sec- tion on the basis of satisfactory information provided in a program description which shall be submitted by the grantee at such time and in such manner as the Secretary may prescribe and which shall contain— "(A) a description of the grantee's proposed rental rehabil- itation program, which shall consist of the activities each grantee proposes to undertake for the fiscal year, including the grantee's anticipated schedule in carrying out those activities, or, in case of a State distributing resources as provided in subsection (e), its proposed method of distributing the resources, which shall have been made available to the public; "(B) a certification that the grantee's program was developed after consultation with the public; "(C) a statement of the procedures and standards which will govern selection of proposals by the grantee, which procedures and standards shall take into account the extent to which the proposal represents the efficient use of Federal resources and the extent to which the housing units involved will be adequately maintained and operated with rents at the levels proposed; "(D) an estimate of the effect of the proposed program on neighborhood preservation; "(E) evidence demonstrating the financial feasibility of the proposed program, including the availability of non-Federal and private resources and including evidence that the projects to be selected for rehabilitation will be located in neighborhoods where rents are generally affordable to lower income families and that the character of the neighborhood indicates that such rents will not materially change over an extended period; and "(F) such other information as the Secretary shall prescribe. Rental " (2) PROGRAM REQUIREMENTS. —A rental rehabilitation program rehabilitation. assisted under this section shall provide that— "(A) grant assistance shall only be used to rehabilitate real property to be used for primarily residential rental purposes; "(B) grants shall only be used to assist the rehabilitation of real property located in neighborhoods where the median income does not exceed 80 per centum of the median income for the area; "(C) grant assistance for any structure shall not exceed 50 pei centum of the total costs associated with the rehabilitation of that structure, as determined by the Secretary, except that where the Secretary determines that refinancing costs and the special nature of the project require a greater amount of assist- ance, the grant amount shall be limited to not to exceed 50 per centum of the development cost including acquisition; "(D) rehabilitation assisted under this section shall only be that which is necessary to correct substandard conditions, to

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