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other indebtedness secured by his property, or if such refinancing is deemed necessary by the Secretary to minimize displace ment of existing tenants of a multifamily property, and (ii) if the Secretary determines that such refinancing is necessary and appropriate;
(B) in the case of residential property in which some or all of the dwelling units do not contain kitchen facilities and to which there is connected a central dining facility where meals can be served to the occupants of such residential property, $25,000 per dwelling unit;
(C) in the case of residential property in which some or all of the dwelling units do not contain bathroom or kitchen facilities, $15,000 per dwelling unit; and
(D) in the case of nonresidential property, whichever of the following is the least: $100,000, or the cost of rehabilitation, or an amount which when added to any outstanding indebtedness related to the property securing the loan creates a total outstanding indebtedness that the Secretary determines could be
reasonably secured by a first mortgage on the property. (5) A loan shall be secured as determined by the Secretary.
(d) There is authorized to be appropriated not to exceed $150,000,000 for each fiscal year ending prior to July 1, 1975, not to exceed $100,000,000 for the fiscal year beginning on October 1, 1976, not to exceed $60,000,000 for the fiscal year beginning on October 1, 1977, not to exceed $245,000,000 for the fiscal year beginning on October 1, 1978, not to exceed $140,000,000 for the fiscal year beginning on October 1, 1979, and not to exceed $144,000,000 for the fiscal year beginning on October 1, 1980, which shall constitute a revolving fund to be used by the Secretary in carrying out this section. All moneys in such revolving fund shall be available for necessary expenses of servicing loans made pursuant to this section, including reimbursement or payment for services and facilities of the Government National Mortgage Association and of any public or private agency for the servicing of such loans. The amount of commitments to make loans pursuant to this section entered into after August 22, 1976, shall not exceed amounts approved in appropriation Acts, and not more than $210,000,000 may be approved in appropriation Acts for such loans with respect to the fiscal year beginning on October 1, 1980. The Secretary may not establish (1) any requirement that a certain proportion of assistance received under this section be utilized for any particular type of dwelling unit; or (2) any priority for the receipt of such assistance that is based on the receipt or use of funds by an applicant or area under any other program of Federal assistance for housing or community development, other than the urban homesteading program established in section 810 of the Housing and Community Development Act of 1974.
(e) In the performance of, and with respect to the functions, powers, and duties vested in him by this section, the Secretary shall have (in addition to any authority otherwise vested in him) the functions, powers, and duties set forth in section 402 of the Housing Act of 1950 (except subsection (c)(2)).
(f) The Secretary is authorized to delegate to or use as his agent any Federal or local public or private agency or organization to the
extent he determines appropriate and desirable to carry out the objectives of this section in the area involved, except that the Secretary may not delegate to any agency or organization outside the Department of Housing and Urban Development the authority to determine whether to permit refinancing of existing indebtedness under subsection (cX4XA).
(g) The Secretary is authorized to issue such rules and regulations and impose such requirements and conditions (in addition to those specified in this section) as he determines to be desirable to carry out the objectives of this section, including limitations on the amount of a loan and restrictions on the use of the property involved.
(h) No loan shall be made under this section after September 30, 1984, except pursuant to a contract, commitment, or other obligation entered into pursuant to this section prior to October 1, 1984.
(i) The Secretary may not, after 270 days following the date of the enactment of this subsection, make any loan under this section with respect to any property unless the Secretary has determined that the improvements to such property, upon completion of the rehabilitation, will meet cost-effective energy conservation standards prescribed by the Secretary.
(j) Rehabilitation loans under this section for multifamily property shall be subject to the following additional limitations and conditions:
(1) The property must meet the requirements of subsection (a) and
(A) be located in a low- or moderate-income neighborhood; or
(B) have a majority of tenants of low and moderate income. (2) The property must have fewer than 100 units, except where the Secretary determines that a loan under this section is essential to meet the community development needs of a neighborhood and alternative sources of financing are not available.
(3) The Secretary shall enter into an agreement with the investor-owner of a multifamily property which is to be rehabilitated with a loan under this section to limit, for a period of at least five years, the increased rent caused by the rehabilitation.
(4) The Secretary shall minimize involuntary displacement caused by rehabilitation loans under this section with respect
to multifamily properties. (k) In conjunction with the annual report required under section 113(a) of the Housing and Community Development Act of 1974, the Secretary shall submit to the Congress a report on the rehabilitation loan program under this section. Such report shall include a summary of the use of funds under this section, particularly with regard to the types of neighborhoods and persons aided under this section, and an evaluation of progress made toward community development goals under this section. As soon as feasible, but not later than December 1, 1979, the Secretary shall submit to Congress an interim report evaluating the use of funds under this section for multifamily properties, with legislative recomendations for improving the overall effectiveness of Federal assistance for the rehabilitation of multifamily properties.
EXCERPT FROM HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974
(Public Law 93-383; 88 Stat. 633; 12 U.S.C. 1706e)
Sec. 810. (a) Notwithstanding any other provision of law, the Secretary of Housing and Urban Development (hereinafter referred to as the “Secretary'') is authorized to transfer without payment to a unit of general local government or a State, or a public agency designated by a unit of general local government or a State, any real property
(1) which is improved by a one- to four-family residence;
(3) which is not occupied by a person legally entitled to reside there;
(4) which is requested by such unit, State, or agency for use in an urban homestead program; and
(5) which the Secretary determines is suitable for use in an urban homestead program which meets the requirements of subsection (b). In determining the suitability of such property for use in an urban homestead program, the Secretary shall consider
(A) the difficulties and delays which would be involved in the sale of the property;
(B) the value of any repairs and improvements required by the program;
(C) the benefits to the community and the reduced administrative costs to the Federal Government which would accrue from the expedited occupancy of the unoccupied property; and
(D) the possible financial loss to the Federal Government which may result from the transfer of the property with
out payment. (b) For the purpose of subsections (a) and (c), the Secretary shall approve an urban homestead program carried out by a unit of general local government or a State or a public agency designated by a unit of general local government or a State, which provides for
(1) the conditional conveyance of unoccupied residential property by the responsible administrative entity to an individual or a family without any substantial consideration;
(2) an equitable procedure for selecting the recipients of the unoccupied residential property, giving special consideration to the recipients' need for housing and capacity to make or cause to be made the repairs and improvements required under paragraph (3/C) of this subsection;
(3) an agreement whereby the individual or family to whom such property is conveyed agrees to
(A) occupy such property as a principal residence for a period of not less than 5 years, except under such emergency standards as may be prescribed by the Secretary;
(B) repair all defects in the property that pose a substantial danger to health and safety within 1 year of the date of such initial conveyance;
(C) make such repairs and improvements to the property as may be necessary to meet applicable local standards for decent, safe, and sanitary housing within 3 years after the date of initial conveyance; and
; (D) permit reasonable periodic inspections at reasonable times by employees of the unit of general local government or State or the public agency designated by the unit of general local government or State for the purpose of de
termining compliance with the agreement; (4) the revocation of such conveyance upon any material breach of the agreement referred to in paragraph (3);
(5) the conveyance from the unit of general local government or State or the public agency designated by the unit of general local government or State of fee simple title to such property without consideration upon compliance with the agreement;
(6) a coordinated approach toward neighborhood improve ment through the homestead program and the upgrading of community services and facilities; and
(7) an equitable procedure for selecting the recipients of such properties that
(A) gives a special priority to applicants
(i) whose current housing fails to meet standards of health and safety, including overcrowding;
(ii) who currently pay in excess of 30 percent of their income for shelter; and
(iii) who have little prospect of obtaining improved housing within the foreseeable future through means
other than homesteading; (B) excludes applicants who are currently homeowners; and
(C) takes into account the capacity of the applicant to contribute a substantial amount of labor to the rehabilitation process, or to obtain assistance from private sources,
community organizations, or other sources. The Secretary may approve such other programs as he determines to reasonably fulfill these criteria.
(c) The Secretary is authorized to enter into agreements with units of general local government or State or public agencies designated by units of general local government or State to provide technical assistance for the administration of urban homestead pro grams which meet the requirements of subsection (b) or (h) and to individuals and families who are participants in such programs.
(d) The Secretary is authorized to issue such rules and regulations as may be necessary to carry out his functions under this section.
(e) The Secretary shall conduct a continuing evaluation of programs carried out pursuant to this section and, beginning with the third year commencing after the date of enactment of this section, shall transmit to the Congress an annual report containing a summary of his evaluation of such programs and his recommendations for future conduct of such programs.
(f) In order to facilitate planning for purposes of this section, the Secretary, the Secretary of Agriculture, and the Administrator of Veterans' Affairs shall, upon request of a unit of general local gov