Page:United States Statutes at Large Volume 97.djvu/1282

 97 STAT. 1250 PUBLIC LAW 98-181—NOV. 30, 1983 12 USC 1709. ance of any mortgage meeting the requirements of section 203 of the National Housing Act.". PROCESSING OF APPLICATION SEC. 521. Title V of the Housing Act of 1949 is amended by adding at the end thereof the following new section: ' "PROCESSING OF APPLICATIONS 42 USC 1490Z. "SEC. 532. (a) The Secretary shall, in making assistance available under this title, give a priority to applications submitted by— "(1) persons and families that have the greatest housing assistance needs because of their low income and their residing in inadequate dwellings; "(2) applicants applying for assistance for projects that will serve such persons and families; and "(3) applicants residing in areas which are the most rural in character. 42 USC 1483. "(b) In making available the assistance authorized by section 513 42 USC 1490a. and section 521(a) with respect to projects involving insured and guaranteed loans and interest credits and rental assistance pay- ments, the Secretary shall process and approve requests for such assistance in a manner that provides for a preliminary reservation of assistance at the time of initial approval of the project.". RURAL HOUSING PRESERVATION GRANT PROGRAM SEC. 522. Title V of the Housing Act of 1949 is amended by adding at the end thereof the following: HOUSING PRESERVATION GRANTS 42 USC 1490m. "SEC. 533. (a) The purpose of this section is to authorize the Secretary to make grants to eligible grantees including private nonprofit organizations, Indian tribes, general units of local govern- ment, counties. States, and consortia of other eligible grantees, in order to— "(1) rehabilitate single family housing in rural areas which is owned by low- and very low-income persons and families, and "(2) rehabilitate rental properties or cooperative housing which has a membership resale structure that enables the cooperative to maintain affordability for persons of low income in rural areas serving low- and very low-income occupants. The Secretary may also provide assistance payments as provided by Ante, p. 1181. section 8(o) of the United States Housing Act of 1937 upon the request of grantees in order to minimize the displacement of very low-income tenants residing in units rehabilitated with assistance under this section. "(b) Rehabilitation programs assisted under this section shall— "(1) be used to provide loans or grants to owners of single family housing in order to cover the cost of repairs and improvements; (2) be used to provide interest reduction payment; "(3) be used to provide loans or grants to owners of rental housing, except that rental rehabilitation assistance provided under this subsection for any structure shall not exceed 75 per

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