Page:United States Statutes at Large Volume 110 Part 4.djvu/57

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PUBLIC LAW 104-204—SEPT. 26, 1996 110 STAT. 2903 8 project-based assistance. Section 8 tenant-based assistance may only be provided where the Secretary determines and certifies that there is adequate available and affordable housing within the local area and that tenants will be able to use the section 8 tenant-based assistance successfully. (2) OFFER AND ACCEPTANCE.— Notwithstanding any other provision of law, an owner of a project in the demonstration must accept any reasonable offer made by the Secretary or a designee under this subsection. An owner may appeal the reasonableness of any offer to the Secretary and the Secretary shall respond within 30 days of the date of appeal with a final offer. If the final offer is not acceptable, the owner may opt out of the program. (i) COMMUNITY AND TENANT INPUT.— In carrying out this section, the Secretary shall develop procedures to provide appropriate and timely notice, including an opportunity for comment and timely access to all relevant information, to officials of the unit of general local government affected, the community in which the project is situated, and the tenants of the project. (j) TRANSFER OF PROPERTY. — The Secretary shall establish procedures to facilitate the voluntary sale or transfer of multifamily housing projects under the demonstration to tenant organizations and tenant-endorsed community-based nonprofit and public agency {>urchasers meeting such reasonable qualifications as may be estabished by the Secretary. (k) LIMITATION ON DEMONSTRATION AUTHORITY. —The Secretary shall carry out the demonstration program with respect to mortgages not to exceed 50,000 units. (1) FUNDING.— In addition to the $30,000,000 made available under section 210 of the Departments of Veterans Affairs and Housing and Urban Development and Independent Agencies Appropriations Act, 1996 (110 Stat. 1321), for the costs (including any credit subsidy costs associated with providing direct loans or mortgage insurance) of modifying and restructuring loans held or guaranteed by the Federal Housing Administration, as authorized under this section, $10,000,000 is hereby appropriated, to remain available until September 30, 1998. (m) REPORT TO CONGRESS. — (1) IN GENERAL.— (A) QUARTERLY REPORTS.— Not less than every 3 months, the Secretary shall submit to the Congress a report describing and assessing the status of the projects in the demonstration program. (B) FINAL REPORT. —Not later than 6 months after the end of the demonstration program, the Secretary shall submit to the Congress a final report on the demonstration program. (2) CONTENTS.— Each report submitted under paragraph (1)(A) shall include a description of— (A) each restructuring proposal submitted by an owner of a multifamily housing project, including a description of the physical, financial, tenancy, and market characteristics of the project; (B) the Secretary's evaluation and reasons for each multifamily housing project selected or rejected for participation in the demonstration program;