Sec. 201. Low-income requirement and income targeting
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Section 205 ( 25 U.S.C. 4135 ) is amended by striking subsection
(c)and inserting the following: The provisions of subsection (a)(2) regarding binding commitments for the remaining useful life of property shall not apply to— a family or household member who subsequently takes ownership of a homeownership unit; or any improvement to a privately owned homeownership unit if the aggregate value of the improvement for the 5-year period following completion of the improvement is less than $10,000. In the case of rental housing that is made available to a current rental tenant for conversion to a homebuyer or lease-purchase unit, the current rental tenant may purchase through a contract to purchase, lease-purchase agreement, or any other sales agreement if the unit is made available for occupancy by a family that is a low-income family at the time of initial occupancy. .
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Sec. 201
Low-income requirement and income targeting
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