12 U.S.C. § 4141 — Authority

Page 1615 TITLE 12—BANKS AND BANKING § 4142 1 See References in Text note below. 1 See References in Text note below. for each of fiscal years 1991 and 1992 shall be available for grants under section 4111(d)(2) of this title, subject to approval in appropriations Acts.’’ § 4125. State preservation project assistance (1) In general Upon application by a State or local housing authority (including public housing agencies), the Secretary of Housing and Urban Develop- ment may make available, from sources of as- sistance appropriated to preserve the low and moderate income status of projects with expir- ing Federal use restrictions, assistance to such State or local housing authorities for use in pre- venting the loss of housing affordable for low and moderate income families that is assisted under a State program under the terms of which the owner may prepay a State assisted or sub- sidized mortgage on such housing. The applica- tion of the State or local housing authority shall demonstrate to the Secretary that the total amount of incentives provided to the owner to induce the owner to preserve the low and moderate income status of the project shall not exceed the level of incentives which may be provided to a similarly situated project with ex- piring Federal use restrictions under subtitle B of title II of the Housing and Community Devel- opment Act of 1987 [12 U.S.C. 4101 et seq.]. (2) Section 1437f Any assistance under section 1437f of title 42 made available pursuant to this section may be used (i) to supplement any assistance available on existing section 8 [42 U.S.C. 1437f] contracts, or (ii) to provide additional assistance to struc- tures to ensure that all units occupied by ten- ants who are lower income families (as such term is defined in section 1437a(b) of title 42) pay rents not exceeding 30 percent of their adjusted incomes. Any project receiving assistance here- under shall be subject to standards, inspections and sanctions established by the Secretary under section 222(d) of the Housing and Commu- nity Development Act of 1987 [12 U.S.C. 4112(d)]. Any such section 8 [42 U.S.C. 1437f] assistance shall be provided for a term and at the fair mar- ket rent levels or such higher levels used as ap- plicable for eligible low-income housing that re- ceives incentives under subtitle B of title II of the Housing and Community Development Act of 1987 [12 U.S.C. 4101 et seq.]. (3) Restriction Assistance may be provided under this section only to State and local housing authorities that require any housing receiving such assistance to remain affordable for lower and moderate in- come tenants for the period during which assist- ance under this section is received. (Pub. L. 101–625, title VI, § 613(b), Nov. 28, 1990, 104 Stat. 4280; Pub. L. 102–550, title III, § 317(b), Oct. 28, 1992, 106 Stat. 3772.) Editorial Notes REFERENCES IN TEXT The Housing and Community Development Act of 1987, referred to in pars. (1) and (2), is Pub. L. 100–242, Feb. 5, 1988, 101 Stat. 1815. Subtitle B of title II of the Act is classified generally to this subchapter (§ 4101 et seq.). For complete classification of this Act to the Code, see Short Title of 1988 Amendment note under section 5301 of Title 42, The Public Health and Welfare, and Tables. CODIFICATION Section was enacted as part of the Cranston-Gonzalez National Affordable Housing Act, and not as part of the Low-Income Housing Preservation and Resident Home- ownership Act of 1990 which comprises this chapter. AMENDMENTS 1992—Par. (2). Pub. L. 102–550 substituted ‘‘222(d)’’ for ‘‘224(e)’’. SUBCHAPTER II—TECHNICAL ASSISTANCE AND CAPACITY BUILDING § 4141. Authority The Secretary of Housing and Urban Develop- ment may provide technical assistance and ca- pacity building to further the preservation pro- gram established under this title.1 (Pub. L. 100–242, title II, § 251, as added Pub. L. 102–550, title III, § 312, Oct. 28, 1992, 106 Stat. 3766.) Editorial Notes REFERENCES IN TEXT This title, referred to in text, means title II of Pub. L. 100–242, as amended by Pub. L. 101–625, title VI, § 601(a), Nov. 28, 1990, 104 Stat. 4249, known as the Low- Income Housing Preservation and Resident Home- ownership Act of 1990, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 4101 of this title and Tables. § 4142. Purposes The purposes of this subchapter are— (1) to promote the ability of residents of eli- gible low-income housing to meaningfully par- ticipate in the preservation process estab- lished by this title 1 and affect decisions about the future of their housing; (2) to promote the ability of community- based nonprofit housing developers and resi- dent councils to acquire, rehabilitate, and competently own and manage eligible housing as rental or cooperative housing for low- and moderate-income people; and (3) to assist the Secretary in discharging the obligation under section 4110 of this title to notify potential qualified purchasers of the availability of properties for sale and to other- wise facilitate the coordination and oversight of the preservation program established under this title.1 (Pub. L. 100–242, title II, § 252, as added Pub. L. 102–550, title III, § 312, Oct. 28, 1992, 106 Stat. 3766.) Editorial Notes REFERENCES IN TEXT This title, referred to in pars. (1) and (3), means title II of Pub. L. 100–242, as amended by Pub. L. 101–625, title VI, § 601(a), Nov. 28, 1990, 104 Stat. 4249, known as