Page:United States Statutes at Large Volume 101 Part 3.djvu/592

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PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1890

PUBLIC LAW 100-242—FEB. 5, 1988

for the regulations to take effect not later than 45 days after the date on which the regulations are issued". SEC. 242. EQUITY RECAPTURE LOANS AND LOANS TO ORGANIZATIONS AND PUBLIC AGENCIES.

42 USC 1485.

42 USC 1487.


Section 515 of the Housing Act of 1949 is amended— (1) by redesignating subsections (c) through (p) as subsections (d) through (q), respectively; and (2) by inserting after subsection (b) the following: "(c) With respect to a loan made or insured under subsection (a) or (b), the Secretary is authorized to— "(1) make or insure an equity loan in the form of a supplemental loan for the purpose of equity takeout to the owner of housing financed with a loan made or insured under this section pursuant to a contract entered into before December 21, 1979, for the purpose of extending the affordability of the housing for low income families or persons and very low-income families or persons for not less than 20 years, except that such loan may not exceed 90 percent of the value of the equity in the project as determined by the Secretary; "(2) transfer and reamortize an existing loan in connection with assistance provided under paragraph (1); and "(3) make or insure a loan to enable a nonprofit organization or public agency to make a purchase described in section 502(c)(5).". SEC. 243. USE OF RURAL HOUSING INSURANCE FUND. Section 517(j) of the Housing Act of 1949 is amended— (1) by striking "and" at the end of paragraph (5); (2) by striking the period at the end of paragraph (6) and inserting "; and'; and (3) by adding at the end the following new paragraph: "(7) to provide advances and assistance required to carry out paragraphs (4) and (5) of section 502(c).".

Subtitle D—Other Measures to Preserve Low Income Housing SEC. 261. EARLY PREPAYMENT. I2usei7i5z-15. Section 250(a)(1) of the National Housing Act is amended by striking "or" and all that follows through "needs" the last place it appears SEC. 262. SECTION 8 ASSISTANCE. (a) REQUIRED NOTICE.—Section 8(c) of the United States Housing 42USei437f. Act of 1937 is amended by adding at the end the following new paragraph: Contracts. "(9) Not less than 1 year prior to terminating any contract under which assistance payments are received under this section (but not less than 90 days in the case of housing certificates or vouchers under subsection (b) or (o)), an owner shall provide written notice to the Secretary and the tenants involved of the proposed termination, specifying the reasons for the termination with sufficient detail to enable the Secretary to evaluate whether the termination is lawful and whether there are additional actions that can be taken by the Secretary to avoid the termination. The Secretary shall review the