Page:United States Statutes at Large Volume 112 Part 3.djvu/765

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PUBLIC LAW 105-276—OCT. 21, 1998 112 STAT. 2595 resources, which may include low-income housing tax credits, in addition to amounts provided under this Act. "(2) TYPES OF PROJECTS.— The term includes a project that is developed— "(A) by a public housing agency or by an entity affiliated with a public housing agency; "(B) by a partnership, a limited liability company, or other entity in which the public housing agency (or an entity affiliated with a public housing agency) is a general partner, managing member, or otherwise participates in the activities of that entity; "(C) by any entity that grants to the public housing agency the right of first refusal and first option to purchase, after the close of the compliance period, of the qualified low-income building in which the public housing units exist in accordance with section 42(i)(7) of the Internal Revenue Code of 1986; or "(D) in accordance with such other terms and conditions as the Secretary may prescribe by regulation. "(e) STRUCTURE OF PROJECTS. —Each mixed-finance project shall be developed— "(1) in a manner that ensures that public housing units are mdde available in the project, by regulatory and operating agreement, master contract, individual lease, condominium or cooperative agreement, or equity interest; "(2) in a manner that ensures that the number of public housing units bears approximately the same proportion to the total number of units in the mixed-finance project as the value of the total financial commitment provided by the public housing agency bears to the value of the total financial commitment in the project, or shall not be less than the number of units that could have been developed under the conventional public housing program with the assistance, or as may otherwise be approved by the Secretary; and "(3) in accordance with such other requirements as the Secretary may prescribe by regulation. "(f) TAXATION. — "(1) IN GENERAL.— A public housing agency may elect to exempt all public housing units in a mixed-finance project— "(A) from the provisions of section 6(d), and instead subject such units to local real estate taxes; and "(B) from the finding of need and cooperative agreement provisions under section 5(e)(l)(ii) and 5(e)(2), but only if the development of the units is not inconsistent with the jurisdiction's comprehensive housing affordability strategy. "(2) LOW-INCOME HOUSING TAX CREDIT.— With respect to any unit in a mixed-finance project that is assisted pursuant to the low-income housing tax credit under section 42 of the Internal Revenue Code of 1986, the rents charged to the residents may be set at levels not to exceed the amounts allowable under that section, provided that such levels for public housing residents do not exceed the amounts allowable under section 3. "(g) USE OF SAVINGS.— Notwithstanding any other provision of this Act, to the extent deemed appropriate by the Secretary,