PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3703 " (A) AuTHORnrY TO PROVIDE.—The Secretary may make funding for capital improvements available annually from amounts under section 14 to managers of eligible housing. In accordance with the contract entered into pursuant to subsection (h), each manager receiving such funding shall establish a capital improvements reserve account and deposit in the account each year an amount not less than the annual amount of comprehensive grant funds it receives. Amounts in the reserve account may be used only for capital improvements and replacements. "(B) AMOUNT OF SUBSIDY. —The Secretary shall establish the amount made available to a manager under paragraph (1) for capital improvements based on the share for the housing under the comprehensive grant formula and, to the extent practicable, the public housing agency's comprehensive grant plan, in accordance with section 14, as determined by the Secretary. "(C) LIMITATION IN THE CASE OF RECENT REHABILITA- TION.— Where eligible housing has received rehabilitation funding under paragraph (1) or has otherwise been comprehensively modernized within 3 years before the effective date of the contract between the Secretary and the manager for management of the eligible housing, only the accrual portion of the comprehensive grant formula amount shall be available for payment to the manager. "(D) EFFECT ON PHA GRANT.—The formula amount of a comprehensive grant for a public housing agency transferring the housing under this section shall be reduced in accordance with the requirements of section 14. "(3) RELATIONSHIP TO SECTION 14.— The provisions of section 14 shall apply with respect to rehabilitetion grants under paragraph (1) or capitel improvement funding under paragraph (2); except that the Secretary may waive the applicability of any of the provisions of such section where such provisions are not appropriate tx) the assistonce under this subsection. " (f) APPLICATION. — "(1) FORM AND PROCEDURES.— " (A) IN GENERAL.—To be eligible for approval for transfer of management from a public housing agency to a manager and for a grant under subsection (e), a resident council shall submit an application to the Secretary in such form and in accordance with such procedures as the Secretary shall estoblish. "(B) PHA COMMENT ON APPLICATION. — A resident council submitting an application shall provide the public housing agency that owns or operates the housing involved a reasonable opportunity to comment on the application, as the Secretary shall prescribe. "(C) PHA PROPOSAL. —The public housing agency may present to the resident council a proposal for the continued management of the housing by the agency, and the resident council shall give reasonable consideration to any such proposal. "(2) MINIMUM REQUIREMENTS.—The Secretary shall require that an application contoin— "(A) a description of the resident council and documentation of its authority; 59-194 O—93 3:QL3(Pt. 5)
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