Page:United States Statutes at Large Volume 106 Part 5.djvu/201

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PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3839 (2) REGULATIONS.— The Secretary of Agriculture shall issue 42 USC 1485 any regulations necessary to carry out the amendment made by paragraph (1) not later than me expiration of the 45-day period l^ginning on the date of the enactment of this Act. Not later than the expiration of the 30-day period beginning on the date of the enactment of this Act, the Secreta^ shall submit a copy of any regulations to be issued under this subsection to the Congress. The requirements of section 534(d) of the Housing Act of 1949 and subsections (b) and (c) of section 553 of title 5, United States Code, shall apply to any such regulations. (g) INDEPENDENT COST CERTIFICATIONS. —Section 517(j)(3) of the Housine Act of 1949 (42 U.S.C. 1487(j)(3)) is amended by inserting after 'industry," the following: 'independent audits of project expenses,". SEC. 708. NONPROFIT SET-ASIDE. (a) IN GENERAL.—Section 515(w) of the Housing Act of 1949 (42 U.S.C. 1485(w)) is amended— (1) in paragraph (1), by striking "not less than 7 percent of the amounts available in fiscal year 1991 and not less than 9 percent of the amounts available in fiscal year 1992" and inserting "not less than 9 percent of the amounts available in fiscal years 1993 and 1994*; (2) in p£u:agraph (1), in the second sentence b^ striking "or under whole or partial control with a for-profit entity^ (3) in paragraph (1), by adding at the end the following new sentence: '^A. partnership, that has as its general partner a nonprofit entity or the nonprofit entity's for-profit subsidiary, is eligible to receive funds set aside under this subsection to sponsor a project which is receiving low-income housing tax credits authorized under section 42 of the Internal Revenue Code of 1986. For the purposes of this subsection, a nonprofit entity is an organization that— "(A) will own an interest in a project to be financed under this section and will materially participate in the development and the operation of the project; "(B) is a private organization that has nonprofit, tax exempt status under section 501(c)(3) or section 501(c)(4) of the Internal Revenue Code of 1986; "(C) has among its purposes the planning, development, or management of low-mcome housing or conmiunity devel(MQment projects; and "(D) is not affiliated with or controlled by a for-profit organization."; (4) in paragraph (2), by adding at the end the following: "The Secretary may provide amounts available for re^dlocation under this subsection in excess of $750,000 in a given State, if such amounts are necessary to finance a project under this section."; and (5) by striking paragraph (3) and inserting the following: "(3) UNUSED AMOUNTS. — "(A) EQUITABLE DISTRIBUTION. —Any amounts set aside under this subsection from the allocation for any State that are not obligated by 9 months after the allocation, shall first be pooled and made available to any other eligible nonprofit entity in any State as defined in this note.