Page:United States Statutes at Large Volume 101 Part 3.djvu/654

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PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1952

PUBLIC LAW 100-242—FEB. 5, 1988

  • Islands, the Trust Territory of the Pacific Islands, and any other

territory or possession of the United States. (8) The term "substantial rehabilitation" means— (A) rehabilitation involving costs in excess of 60 percent of the maximum sale price of a home assisted under this title in the market area in which it is located; or (B) the rehabilitation of a vacant, uninhabitable structure. (9) The term "unit of general local government" means any borough, city, county, parish, town, township, village, or other general purpose political subdivision of a State.

12 USC 1715/

SEC. 603. ASSISTANCE TO NONPROFIT ORGANIZATIONS.

(a) IN GENERAL.—The Secretary may provide assistance to nonprofit organizations to carry out Nehemiah housing opportunity programs in accordance with the provisions of this title. Such assistance shall be made in the form of grants. (b) APPLICATIONS.—Applications for assistance under this title shall be made in such form, and in accordance with such procedures, as the Secretary may prescribe. Loans. 12 USC 1715/

SEC. 604. USE OF ASSISTANCE.

note.

(a) IN GENERAL.—Any nonprofit organization receiving assistance under this title shall use such assistance to provide loans to families purchasing homes constructed or substantially rehabilitated in accordance with a Nehemiah housing opportunity program approved under this title. (h) SPECIFIC REQUIREMENTS.—Each loan made to a family under this section shall— (1) be secured by a second mortgage held by the Secretary on the property involved; (2) be in an amount not exceeding $15,000; (3) bear no interest; and (4) be repayable to the Secretary upon the sale, lease, or other transfer of such property.

12 USC 1715/

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SEC. 605. PROGRAM REQUIREMENTS.

(a) IN GENERAL.—Assistance provided under this title may be used only in connection with a Nehemiah housing opportunity program of construction or substantial rehabilitation of homes. (b) FAMILY NEED.—Each family purchasing a home under this title shall— (1) have a family income on the date of such purchase that is not more than whichever of the following is higher: (A) the median income for a family of 4 persons in the metropolitan statistical area involved, except that if and to "^^l the extent that the unit of general local government dem•^S onstrates to the Secretary that such action is necessary to achieve or maintain neighborhood stability, not to exceed 15 percent of the families in a project at any time during development or occupancy may have incomes up to 115 percent of such median income; or bn< (B) the national median income for a family of 4 persons; and (2) not have owned a home during the 3-year period preceding such purchase. (c) DOWNPAYMENT.—