104 STAT. 4158 PUBLIC LAW 101-625—NOV. 28, 1990 "(j) TIMELY HOMEOWNERSHIP.— Recipients shall transfer ownership of the property to tenants within a specified period of time that the Secretary determines to be reasonable. During the interim period when the property continues to be operated and managed as rental housing, the recipient shall utilize written tenant selection policies and criteria that are consistent with the public housing program and that are approved by the Secretary as consistent with the purpose of improving housing opportunities for low-income families. The recipient shall promptly notify in writing any rejected applicant of the grounds for any rejection. (k) CAPABILITY OF RESIDENT MANAGEMENT CORPORATIONS AND RESIDENT COUNCILS. — To be eligible to receive a grant- under section 303, a resident mcmagement corporation or resident council shall demonstrate to the Secretary its ability to manage public housing by having done so effectively and efficiently for a period of not less than 3 years or by arranging for management by a qualified management entity. " (1) RECORDS AND AUDIT OF RECIPIENTS OF ASSISTANCE. — "(1) IN GENERAL.—Each recipient shall keep such records as may be regisonably necessary to fully disclose the amount and the disposition by such recipient of the proceeds of assistance received under this title (and any proceeds from financing obtained in accordance with subsection (b) or sales under subsections (f) and OgX4)), the total cost of the homeownership program in connection with which such gissistance is given or used, and the amount and nature of that portion of the program supplied by other sources, and such other sources as will facilitate an effective audit. "(2) ACCESS BY THE SECRETARY. — The Secretary shall have access for the purpose of audit and examination to any books, documents, papers, and records of the recipient that are pertinent to assistance received under this title. "(3) ACCESS BY THE COMPTROLLER GENERAL.—The Comptroller General of the United States, or any of the duly authorized representatives of the Comptroller General, shall also have access for the purpose of audit and examination to any books, documents, papers, and records of the recipient that are pertinent to assistance received under this title. 42 USC " SEC. 306. DEFINITIONS. 1437aaa-5. ,,-r^ n.- i' .•.-, For purposes of this title: "(1) The term 'applicant' means the following entities that may represent the tenants of the project: (A) A public housing agency (including an Indian housing authority). (B) A resident management corporation, established in accordance with requirements of the Secretary under section 20. "(C) A resident council. "(D) A cooperative association. "(E) A public or private nonprofit organization. "(F) A public body, including an agency or instrumentality thereof. "(2) The term 'eligible family' means— "(A) a family or individual who is a tenant in the public or Indian housing project on the date the Secretary approves an implementation grant;
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