Sec. 217. PLAN OF ACTION
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## SEC. 217 PLAN OF ACTION **[**[12 U.S.C. 4107](/us/usc/t12/s4107)**]** ###
(a)Submission to Secretary ####
(1)Timing Not later than 6 months after receipt of the information from the Secretary under section 216 an owner seeking to terminate the low-income affordability restrictions through prepayment of the mortgage or voluntary termination under section 218, or to extend the low-income affordability restriction on the housing under section 219, shall submit a plan of action to the Secretary in such form and manner as the Secretary shall prescribe. Any owner or purchaser seeking a transfer of the housing under section 220 or 221 shall submit a plan of action under this section to the Secretary upon acceptance of a bona fide offer under section 220
(b)or
(c)or upon making of any bona fide offer under section 221. ####
(2)Copies to tenants Each owner submitting a plan of action under this section to the Secretary shall also submit a copy to the tenants of the housing. The owner shall simultaneously submit the plan of action to the office of the chief executive officer of the appropriate State or local government for the jurisdiction within which the housing is located. Each owner and the Secretary shall also, upon request, make available to the tenants of the housing and to the office of the chief executive officer of the appropriate State or local government for the jurisdiction within which the housing is located all documentation supporting the plan of action, but not including any information that the Secretary determines is proprietary information. An appropriate agency of such State or local government shall review the plan and advise the tenants of the housing of any programs that are available to assist the tenants in carrying out the purposes of this title. ####
(3)Failure to submit If the owner does not submit a plan of action to the Secretary within the 6-month period referred to in paragraph
(1)(or the applicable longer period), the notice of intent shall be ineffective for purposes of this subtitle and the owner may not submit another notice of intent under section 212 until 6 months after the expiration of such period. ###
(b)Contents ####
(1)Termination of affordability restrictions If the plan of action proposes to terminate the low-income affordability restrictions through prepayment or voluntary termination in accordance with section 218, the plan shall include— #####
(A)a description of any proposed changes in the status or terms of the mortgage or regulatory agreement; #####
(B)a description of any proposed changes in the low-income affordability restrictions; #####
(C)a description of any change in ownership that is related to prepayment or voluntary termination; #####
(D)an assessment of the effect of the proposed changes on existing tenants; #####
(E)an analysis of the effect of the proposed changes on the supply of housing affordable to low- and very low-income families or persons in the community within which the housing is located and in the area that the housing could reasonably be expected to serve; and #####
(F)any other information that the Secretary determines is necessary to achieve the purposes of this title. ####
(2)Extension of affordability restrictions If the plan of action proposes to extend the low-income affordability restrictions of the housing in accordance with section 219 or transfer the housing to a qualified purchaser in accordance with section 220, the plan shall include— #####
(A)a description of any proposed changes in the status or terms of the mortgage or regulatory agreement; #####
(B)a description of the Federal incentives requested (including cash flow projections), and analyses of how the owner will address any physical or financial deficiencies and maintain the low-income affordability restrictions of the housing; #####
(C)a description of any assistance from State or local government agencies, including low-income housing tax credits, that have been offered to the owner or purchaser or for which the owner or purchaser has applied or intends to apply; #####
(D)a description of any transfer of the property, including the identity of the transferee and a copy of any documents of sale; and #####
(E)any other information that the Secretary determines is necessary to achieve the purposes of this title. ###
(c)Revisions An owner may from time to time revise and amend the plan of action as may be necessary to obtain approval of the plan under this subtitle. The owner shall submit any revision to the Secretary and to the tenants of the housing and make available to the Secretary and tenants all documentation supporting any revision, but not including any information that the Secretary determines is proprietary information.
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U.S. Code