Page:United States Statutes at Large Volume 106 Part 5.djvu/129

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.

PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3767 Preservation Act of 1987 (pursuant to section 604 of the Cranston-Gronzalez National Afjfordable Housing Act). " (e) PREDEVELOPMENT GRANTS.— "(1) USE. — Predevelopment grants under this subsection shall be made available to community-based nonprofit housing developers and resident councils to cover the cost of organizing a purchasing entity and pursuing an acquisition, including third party costs for training, development consulting, legal, appraisal, accounting, environmental, architectural and engineering, application fees, and sponsor's staff and overhead costs. "(2) ELIGIBLE HOUSING.— Such grants may only be made available with respect to any eligible low-income housing project for which the owner has filea an initial notice of intent to transfer the housing to a qualified purchaser in accordance with section 220 of this title, or has filed a notice of intent and entered into a binding agreement to sell the housing to a resident organization or nonprofit organization. "(3) PHASE-IN OF GRANT PAYMENTS.— Grant payments under this subsection shall, be made in phases, based on performance benchmarks established by the Secretary in consultation with intermediaries selected under section 255(b). "(f) GRANT APPLICATIONS.— Grant applications for assistance under subsections (d) and (e) shall be received monthly on a rolling basis and approved or rejected on at least a quarterly basis by intermediaries selected under section 255(b). "(g) APPEAL.— If an application for assistance under subsections (d) or (e) is denied, the applicant shall have the right to appeal the denial to the Secretary and receive a binding determination within 30 days of the appeal. •«EC. 254. GRANTS FOR OTHER PURPOSES. 12 USC 4144. 'The Secretary may provide grants under this subtitle— "(1) to resident-controlled or community-based nonprofit organizations with experience in resident education and organizing for the purpose of conducting community, city or county wide outreach and training programs to identify and organize residents of eligible low-income housing; and "(2) to State and local government agencies and nonprofit intermediaries for the purpose of carrying out such activities as the Secretary deems appropriate to further the preservation program established under this title. "SEC. 255. DELIVERY OF ASSISTANCE THROUGH INTERMEDIARIES. 12 USC 4145. "(a) IN GENERAL.— The Secretary shall approve and disburse assistance under section 253 through eligible intermediaries selected by the Secretary under subsection (D). If the Secretary does not receive an acceptable proposal from an intermediary offering to administer assistance under this section in a given State, the Secretary shall administer the program in such State directly. "(b) SELECTION OF ELIGIBLE INTERMEDIARIES.— "(1) IN GENERAL.— The Secretary shall develop criteria to select eligible intermediaries, through a competitive process, to administer assistance under this subtitle. The process shall include provision for a reasonable administrative fee. "(2) PRIORITY. —With respect to all forms of grants available under section 253, such criteria shall give priority to applications from eligible intermediaries with demonstrated expertise 59-194 O—93 5:QL3(Pt. 5)