101 STAT. 1868
PUBLIC LAW 100-242—FEB. 5, 1988
Subtitle C—Multifamily Housing Management and Preservation SEC. 181. MANAGEMENT AND PRESERVATION OF HUD-OWNED MULTIFAMILY HOUSING PROJECTS.
(a) GOALS.—Section 203(a) of the Housing and Community Devel12 USC 1701Z-11. opment Amendments of 1978 is amended by striking "(a)" and all that follows through the semicolon at the end of paragraph (1) and inserting the following: „,-^. j, "(a) The Secretary of Housing and Urban Development (in this section referred to as the 'Secretary') shall manage or dispose of multifamily housing projects that are owned by the Secretary, or that are subject to a mortgage held by the Secretary that is either delinquent, under a workout agreement, or being foreclosed upon by the Secretary, in a manner that is consistent with the National Housing Act and this section and that will, in the least costly fashion among the reasonable alternatives available, further the goals of— "(1) preserving so that they are available to and affordable by low- and moderate-income persons— "(A) all units in multifamily housing projects that are subsidized projects or formerly subsidized projects; ., ^,,. "(B) in other multifamily housing projects owned by the M. i' » • Secretary, at least the units that are occupied by low- and ,,„ moderate-income persons or vacant; and >tTj. ,(^Q^ ^^ ^2j other multifamily housing projects, at least the units that are, on the date of assignment, occupied by lowand moderate-income persons;". (b) MANAGEMENT SERVICES.—Section 203(b)(2) of the Housing and
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Community Development Amendments of 1978 is amended— (1) by inserting "(A)" after the paragraph designation; (2) by redesignating clauses (A) through (D) as clauses (i) through (iv), respectively; (3) by striking ", owned by the Secretary" and inserting the following: "subject to subsection (a) that is owned by the Secfij. ^ retary (or for which the Secretary is mortgagee in possession)"; (4) by striking the period at the end and inserting "; and"; and (5) by adding at the end the following new subparagraph: ' « • "(B) to require the owner of a multifamily housing project subject to subsection (a) that is not owned by the Secretary (and for which the Secretary is not mortgagee in possession), to contract for management services for the project in the manner ' described in subparagraph (A).". (c) MAINTAINING OF PROJECTS.—Section 203(c) of the Housing and
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Community Development Amendments of 1978 is amended to read as follows: "(c)(1) In the case of multifamily housing projects subject to subsection (a) that are owned by the Secretary (or for which the Secretary is mortgagee in possession), the Secretary shall— "(A) to the greatest extent possible, maintain all such occupied projects in a decent, safe, and sanitary condition; "(B) to the greatest extent possible, maintain full occupancy in all such projects; and "(C) maintain all such projects for purposes of providing rental or cooperative housing for the longest feasible period.
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