PUBLIC LAW 106-554—APPENDIX G 114 STAT. 2763A-615 "(ii) is an eligible asset under such section 204(h), but— "(I) is not subject to a specific sale agreement under such section; and "(II) has been determined by the Secretary to be inappropriate for continued inclusion in the program under such section 204(h) pursuant to paragraph (10) of such section. "(3) TIMING.— The Secretary shall establish procedures that provide for— "(A) time deadlines for transfers under this subsection; "(B) notification to units of general local government and community development corporations of qualified HUD properties in their jurisdictions; "(C) such units and corporations to express interest in the transfer under this subsection of such properties; "(D) a right of first refusal for transfer of qualified HUD properties to units of general local government and community development corporations, under which— "(i) the Secretary shall establish a period during which the Secretary may not transfer such properties except to such units and corporations; "(ii) the Secretary shall offer qualified HUD properties that are single family properties for purchase by units of general local government at a cost of $1 for each property, but only to the extent that the costs to the Federal Government of disposal at such price do not exceed the costs to the Federal Government of disposing of property subject to the procedures for single family property established by the Secretary pursuant to the authority under the last sentence of section 204(g) of the National Housing Act (12 U.S.C. 1710(g)); "(iii) the Secretary may accept an offer to purchase a property made by a community development corporation only if the offer provides for purchase on a cost recovery basis; and "(iv) the Secretary shall accept an offer to purchase such a property that is made during such period by such a unit or corporation and that complies with the requirements of this paragraph; and "(E) a written explanation, to any unit of general local government or community development corporation making an offer to purchase a qualified HUD property under this subsection that is not accepted, of the reason that such offer was not acceptable. "(4) OTHER DISPOSITION. — With respect to any qualified HUD property, if the Secretary does not receive an acceptable offer to purchase the property pursuant to the procedure established under paragraph (3), the Secretary shall dispose of the property to the unit of general local government in which property is located or to community development corporations located in such unit of general local government on a negotiated, competitive bid, or other basis, on such terms as the Secretary deems appropriate. "(5) SATISFACTION OF INDEBTEDNESS.— Before transferring ownership of any qualified HUD property pursuant to this
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