Sec. 202. 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: 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 striking The provisions and inserting the following:
The provisions ; and by adding at the end the following: The provisions of subsection (a)(2) regarding binding commitments for the remaining useful life of property shall not apply to improvements of privately owned homes if the cost of the improvements do not exceed 10 percent of the maximum total development cost for the home. .
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Sec. 202
Homeownership or lease-to-own low-income requirement and income targeting
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