Page:United States Statutes at Large Volume 115 Part 3.djvu/149
PUBLIC LAW 107-116-^AN. 10, 2002 115 STAT. 2223 "(3) MORTGAGE RESTRUCTURING AND RENTAL ASSISTANCE SUFFICIENCY PLANS. —Notwithstanding paragraph (1), the owner of the project may request, and the Secretary may consider, mortgage restructuring and rental assistance sufficiency plans to facihtate sales or transfers of properties under this subtitle, subject to an approved plan of action under the Emergency Low Income Housing Preservation Act of 1987 (12 U.S.C. 17151 note) or the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (12 U.S.C. 4101 et seq.), which plans shall result in a sale or transfer of those properties."; and (2) in the last sentence of section 512(2), by inserting ", but does include a project described in section 524(e)(3)" after "section 524(e)". (e) ADDITION OF SIGNIFICANT FEATURES. —Section 517 of the Multifamily Assisted Housing Reform and Affordability Act of 1997 (42 U.S.C. 1437f note) is amended— (1) by striking subsection (c) (except that the striking of such subsection may not be construed to have any effect on the provisions of law amended by such subsection, as such subsection was in effect before the date of the enactment of this Act); (2) in subsection (b)— (A) in paragraph (7), by striking "(7)" and inserting "(1)"; and (B) by adding at the end the following new paragraph: "(2) ADDITION OF SIGNIFICANT FEATURES.— "(A) AUTHORITY.— An approved mortgage restructuring and rental assistance sufficiency plan may require the improvement of the project by the addition of significant features that are not necessary for rehabilitation to the standard provided under paragraph (1), such as air conditioning, an elevator, and additional community space. The Secretary shall establish guidelines regarding the inclusion of requirements regarding such additional significant features under such plans. "(B) FUNDING. —Significant features added pursuant to an approved mortgage restructuring and rental assistance sufficiency plan may be paid from the funding sources specified in the first sentence of paragraph (1)(A). "(C) LIMITATION ON OWNER CONTRIBUTION.—An owner of a project may not be required to contribute from nonproject resources, toward the cost of any additional significant features required pursuant to this paragraph, more than 25 percent of the amount of any assistance received for the inclusion of such features. "(D) APPLICABILITY.— Th is paragraph shall apply to all eligible multifamily housing projects, except projects for which the Secretary and the project owner executed a mortgage restructuring and rental assistance sufficiency plan on or before the date of the enactment of the Msirkto-Market Extension Act of 2001."; and (3) by inserting after paragraph (6) of subsection (b) the following: " (c) REHABILITATION NEEDS AND ADDITION OF SIGNIFICANT FEA- TURES.— ".