Sec. 405. TROUBLED MULTIFAMILY HOUSING

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## SEC. 405 TROUBLED MULTIFAMILY HOUSING ###

(a)Mandatory Elements Section 201(d) of the Housing and Community Development Amendments of 1978 (12 U.S.C. 1715z–1a(d)) is amended— * * * * * * * ###

(b)Selection Criteria ####

(1)Repeal of section 201(k)(4) Section 201(k)(4) of the Housing and Community Development Amendments of 1978 (12 U.S.C. 1715z–1a(k)(4)) is repealed. ####

(2)New criteria Section 201 of the Housing and Community Development Amendments of 1978 is amended by adding at the end the following new subsection: * * * * * * * ###

(c)Low-Income Affordability Restrictions Section 201(l)(2)(D) of the Housing and Community Development Amendments of 1978 (12 U.S.C. 1715z–1a(l)(2)(D)) is amended by adding at the end the following: “The Secretary may require owners receiving assistance for capital improvements under this section to retain the housing as housing affordable for very low-income families or persons, low-income families or persons and moderate-income families or persons for the remaining useful life of the housing. For purposes of this section, the term ‘**remaining useful life**’ means, with respect to housing assisted under this section, the period during which the physical characteristics of the housing remain in a condition suitable for occupancy, assuming normal maintenance and repairs are made and major systems and capital components are replaced as becomes necessary.”. ###

(d)Exclusivity of Assistance Section 201 of the Housing and Community Development Amendments of 1978, as amended by this section, is further amended by adding at the end the following new subsection: * * * * * * * ###

(e)Owner Contributions Section 201(k)(2) of the Housing and Community Development Amendments of 1978 is amended— * * * * * * * ###

(f)Coordination of Assistance Section 201 of the Housing and Community Development Amendments of 1978, as amended by this section, is further amended by adding at the end the following new subsection: * * * * * * *

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12 USC 1715z–1a(d)
12 USC 1715z–1a(k)(4)
12 USC 1715z–1a(l)(2)(D)

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Sec. 405

TROUBLED MULTIFAMILY HOUSING

Cite12 USC 1715z–1a(d)

Cite12 USC 1715z–1a(k)(4)

Cite12 USC 1715z–1a(l)(2)(D)

Cites 3Cited by 0 across 0 sources