Page:United States Statutes at Large Volume 105 Part 2.djvu/834

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105 STAT. 1786 PUBLIC LAW 102-233—DEC. 12, 1991 to an eligible condominium property for purposes of inspection. "(B) OFFERS TO SELL. —For the 180-day period following the date on which the Corporation makes an eligible condominium property available for sale, the Corporation may offer to sell the property, at the discretion of the Corporation, to 1 or more of the following purchasers: "(i) Qualifying households, "(ii) Nonprofit organizations, "(iii) Public agencies. "(iv) For-profit entities. "(C) LOWER-INCOME OCCUPANCY REQUIREMENTS. — "(i) IN GENERAL. —Except as provided in clause (ii), any nonprofit organization, public agency, or for-profit entity that purchases an eligible condominium property shall (I) make the property available for occupancy by and maintain it as affordable for lower-income families for the remaining useful life of the property, or (II) make the property available for purchase by any such family who, except as provided in subparagraph (E), agrees to occupy the property as a principal residence for at least 12 months and who certifies in writing that the family intends to occupy the property for at least 12 months. The restriction described in subclause (I) of the preceding sentence shall be contained in the deed or other recorded instrument. "(ii) MULTIPLE-UNIT PURCHASES,— If any nonprofit organization, public agency, or for-profit entity purchases more than 1 eligible condominium property as a part of the same negotiation or purchase, the Corporation may (in the discretion of the Corporation) waive the requirement under clause (i) and provide instead that not less than 35 percent of all eligible condominium properties purchased shall be (I) made available for occupancy by and maintained as affordable for lower-income families for the remaining useful life of the property, or (II) made available for purchase by any such family who, except as provided in subparagraph (E), agrees to occupy the property as a principal residence for at least 12 months and who certifies in writing that the family intends to occupy the property for at least 12 months. The restriction described subclause (I) of the preceding sentence shall be contained in the deed or other recorded instrument. "(iii) SALE TO OTHER PURCHASERS.— If, upon the expiration of the 180-day period referred to in subparagraph (B), no purchaser described in clauses (i) through (iv) of subparagraph (B) has made a bona fide offer to purchase the property, the Corporation may offer to sell the property to any other purchaser. "(D) RECAPTURE OF PROFITS FROM RESALE. — Except as provided in subparagraph (E), if any eligible condominium property sold (i) to a qualifying household, or (ii) to a lowerincome family pursuant to subparagraph (C)(i)(II) or (C)(ii)(II), is resold by the qualifying household or lowerincome family during the 1-year period beginning upon initial acquisition by the household or family, the Corpora-