Sec. 203. Homeownership or lease-to-own low-income requirement and income targeting
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Section 205 ( 25 U.S.C. 4135 ) is amended— in subsection (a)(1)— in subparagraph (C), by striking and at the end; and by adding at the end the following new subparagraph: notwithstanding any other provision of this paragraph, in the case of rental housing that is made available to a current rental family for conversion to a homebuyer or a lease-purchase unit, that the current rental family can purchase through a contract of sale, lease-purchase agreement, or any other sales agreement, is made available for purchase only by the current rental family, if the rental family was a low-income family at the time of their initial occupancy of such unit; and ; and in subsection (c), by adding after the period at the end the following:
The provisions of such paragraph regarding binding commitments for the remaining useful life of the property shall not apply to improvements of privately owned homes if the cost of such improvements do not exceed 10 percent of the maximum total development cost for such home. .
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Sec. 203
Homeownership or lease-to-own low-income requirement and income targeting
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