Page:United States Statutes at Large Volume 110 Part 2.djvu/810

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110 STAT. 1602 PUBLIC LAW 104-180—AUG. 6, 1996 (1) AUTHORITY TO MAKE LOANS. —Section 515(b)(4) of the Housing Act of 1949 (42 U.S.C. 1485(b)(4)) is amended by striking "September 30, 1996" and inserting "September 30, 1997". (2) SET-ASIDE FOR NONPROFIT ENTITIES. —The first sentence of section 515(w)(l) of the Housing Act of 1949 (42 U.S.C. 1485(w)(l)) is amended by striking "fiscal year 1996" and inserting "fiscal year 1997". (b) EXTENSION OF HOUSING IN UNDERSERVED AREAS PRO- GRAM.—The first sentence of section 509(f)(4)(A) of the Housing Act of 1949 (42 U.S.C. 1479(f)(4)(A)) is amended by striking "fiscal year 1996" and inserting "fiscal year 1997". (c) REFORMS FOR MULTIFAMILY RURAL HOUSING LOAN PRO- GRAM. — (1) LIMITATION ON PROJECT TRANSFERS.— Section 515 of the Housing Act of 1949 (42 U.S.C. 1485) is amended by inserting after subsection (g) the following new subsection: "(h) PROJECT TRANSFERS.— After the date of the enactment of the Act entitled 'An Act making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year ending September 30, 1997, and for other purposes', the ownership or control of a project for which a loan is made or insured under this section may be transferred only if the Secretary determines that such transfer would further the provision of housing and related facilities for low-income families or persons and would be in the best interests of residents and the Federal Government.". (2) EQUITY LOANS. —Section 515(t) of the Housing Act of 1949 (42 U.S.C. 1485(t)) is amended— (A) by striking paragraphs (4) and (5); and (B) by redesignating paragraphs (6) through (8) as paragraphs (4) through (6), respectively. (3) EQUITY TAKEOUT LOANS TO EXTEND LOW-INCOME USE. — (A) AUTHORITY AND LIMITATION.— Section 502(c)(4)(B)(iv) of the Housing Act of 1949 (42 U.S.C. 1472(c)(4)(B)(iv)) is amended by inserting before the period at the end the following: "or under paragraphs (1) and (2) of section 514(j), except that an equity loan referred to in this clause may not be made available after the date of the enactment of the Act entitled 'An Act making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year ending September 30, 1997, and for other purposes', unless the Secretary determines that the other incentives available under this subparagraph are not adequate to provide a fair return on the investment of the borrower, to prevent prepayment of the loan insured under section 514 or 515, or to prevent the displacement of tenants of the housing for which the loan was made". (B) APPROVAL OF ASSISTANCE.— Section 502(c)(4)(C) of the Housing Act of 1949 (42 U.S.C. 1472(c)(4)(C)) is amended by striking "(C)" and all that follows through "provided—" and inserting the following: "(C) APPROVAL OF ASSISTANCE. —The Secretary may approve assisteince under subparagraph (B) for assisted housing only if the restrictive period has expired for any loan for the housing made or insured under section 514 or 515 pursuant to a contract