Sec. 604. TRANSITION PROVISIONS
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## SEC. 604 TRANSITION PROVISIONS **[**[12 U.S.C. 4101 note](/us/usc/t12/s4101)**]** ###
(a)Housing Eligible for Election Any owner of housing that becomes eligible low-income housing before January 1, 1991 and who, before such date, filed a notice of intent under section 222 of the Emergency Low Income Housing Preservation Act of 1987 (as such section existed before the date of the enactment of this Act)56 or under section 212 of such Act (as amended by section 601(a)) may elect to be subject to
(1)the provisions of such Act as in effect before the date of the enactment of this Act, or
(2)the provisions of the Low-Income Housing Preservation and Resident Homeownership Act of 1990, after the date of the enactment of this Act.56 The Secretary shall establish procedures for owners to make the election under the preceding sentence. An owner that elects to be subject to the provisions of the Emergency Low Income Housing Preservation Act of 1987 shall comply with section 212(b), section 217(a)(2), and section 217(c) of the Low-Income Housing Preservation and Resident Homeownership Act of 1990. 56The date of enactment was November 28, 1990. ###
(b)Right of Conversion to New System Any owner who has filed a plan of action on or before October 11, 1990, shall have the right to convert to the system of incentives and restrictions under this subtitle, with such adjustments as the Secretary determines to be appropriate to compensate for the value of any incentives the owner received under the Emergency Low Income Housing Preservation Act of 1987. Owners filing plans after such date shall not have any right under this subsection. ###
(c)Effectiveness of Repealed Provisions Notwithstanding the amendment made by section 601(a), the provisions of the Emergency Low Income Housing Preservation Act of 1987 (as in effect immediately before the date of the enactment of this Act)56 shall apply with respect to any housing for which the election under subsection (a)(1) is made. With respect to housing for which such an election is made— ####
(1)in making incentives under section 224 of such Act available to such housing, the Secretary— #####
(A)shall, for approvable plans of action, provide assistance sufficient to enable a nonprofit organization that has purchased or will purchase an eligible low income housing project to meet project oversight costs; and #####
(B)may not refuse to offer incentives referred to in such section to any owner who filed a notice of intent under section 222 of such Act before October 15, 1991, based solely on the date of filing of the plan of action for the housing; and ####
(2)provisions of section 233(1)(A)(i) of such Act shall not apply, and the term “**eligible low income housing**” shall, for purposes of such Act, shall include housing financed by a loan or mortgage that is insured or held by the Secretary or a State or State agency under section 221(d)(3) of the National Housing Act and receiving loan management assistance under section 8 of the United States Housing Act of 1937 due to a conversion from section 101 of the Housing and Urban Development Act of 1965. ###
(d)Regulations Not later than the expiration of the 90-day period beginning on the date of the enactment of this Act,56 the Secretary of Housing and Urban Development shall, subject to the provisions of section 553 of title 5, United States Code, publish proposed rules to implement this subtitle and the amendments made by this subtitle. Not later than 45 days after the expiration of the period under the preceding sentence the Secretary shall issue interim or final rules to implement such provisions.
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Sec. 604
TRANSITION PROVISIONS
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