Page:United States Statutes at Large Volume 105 Part 2.djvu/835

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PUBLIC LAW 102-233—DEC. 12, 1991 105 STAT. 1787 tion shall recapture 75 percent of the amount of any proceeds from the resale that exceed the sum of (I) the original ' sale price for the acquisition of the property by the qualify- ing household or lower-income family, (II) the costs of any improvements to the property made after the date of the acquisition, and (III) any closing costs in connection with the acquisition. "(E) EXCEPTION TO RECAPTURE REQUIREMENT.— The Corporation (or its successor) may in its discretion waive the applicability to any qualifying household or lower-income family of the requirement under subparagraph (D) and the requirements relating to residency of a qualifying household or lower-income family (under paragraph (9)(L) and subparagraph (C) of this paragraph, respectively). The Corporation may grant any such a waiver only for good cause shown, including any necessary relocation of the qualifying household or lower-income family. "(F) LIMITATIONS ON MULTIPLE UNIT PURCHASES. —The Corporation may not sell or offer to sell as part of the same negotiation or purchase any eligible condominium properties that are not located in the same condominium project (as such term is defined in section 604 of the Housing and Community Development Act of 1980). The preceding sentence may not be construed to require all eligible condominium properties offered or sold as part of the same negotiation or purchase to be located in the same structure. "(G) RENT LIMITATIONS. —Rents charged to tenants of eligible condominium properties made available for occupancy by very low-income families shall not exceed 30 percent of the adjusted income of a family whose income equals 50 percent of the median income for the area, as determined by the Secretary, with adjustment for family size. Rents charged to tenants of eligible condominium properties made available for occupancy by lower-income families other than very low-income families shall not exceed 30 percent of the adjusted income of a family whose income equals 65 percent of the median income for the area, as determined by the Secretary, with adjustment for family size.", (b) CONFORMING AMENDMENT.— Section 21A(c)(ll)(B) of the Federal Home Loan Bank Act (12 U.S.C 1441a(c)(ll)(B)) is amended by striking "specified under paragraphs (2) and (3)" and inserting "applicable under paragraphs (2), (3), (12)(C), (13)(B), and (14)(C)". SEC. 616. REPORTS TO CONGRESS REGARDING AFFORDABLE HOUSING PROGRAM. Section 21A(c) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(c)) is amended by adding after paragraph (14) (as added by section 515 of this Act) the following new paragraph: " (15) REPORTS TO CONGRESS.— "(A) IN GENERAL.—The Corporation shall submit to the Congress semiannual reports under this paragraph regarding the disposition of eligible residential properties under this subsection during the most recently concluded reporting period. The first report under this paragraph shall be submitted not later than the expiration of the 4-month period beginning upon the conclusion of the first reporting period under subparagraph (B). Subsequent reports shall be