112 STAT. 2572 PUBLIC LAW 105-276—OCT. 21, 1998 "(B) will provide for the payment of the actual and reasonable relocation expenses of each resident to be displaced; "(C) will ensure that each displaced resident is offered comparable housing in accordance with the notice under subparagraph (A); and "(D) will provide any necessary counseling for residents who are displaced; and "(E) will not commence demolition or complete disposition until all residents residing in the building are relocated; "(5) that the net proceeds of any disposition will be used— "(A) unless waived by the Secretary, for the retirement of outstanding obligations issued to finance the original public housing project or modernization of the project; and "(B) to the extent that any proceeds remain after the application of proceeds in accordance with subparagraph (A), for— "(i) the provision of low-income housing or to benefit the residents of the public housing agency; or "(ii) leveraging amounts for securing commercial enterprises, on-site in public housing projects of the public housing agency, appropriate to serve the needs of the residents; and "(6) that the public housing agency has complied with subsection (c). "(b) DISAPPROVAL OF APPLICATIONS.— The Secretary shall disapprove an application submitted under subsection (a) if the Secretary determines that— "(1) any certification made by the public housing agency under that subsection is clearly inconsistent with information and data available to the Secretary or information or data requested by the Secretary; or "(2) the application was not developed in consultation with— "(A) residents who will be affected by the proposed demolition or disposition; "(B) each resident advisory board and resident council, if any, of the project (or portion thereof) that will be affected by the proposed demolition or disposition; and "(C) appropriate government officials. " (c) RESIDENT OPPORTUNITY TO PURCHASE IN CASE OF PRO- POSED DISPOSITION. — "(1) IN GENERAL. —In the case of a proposed disposition of a public housing project or portion of a project, the public housing agency shall, in appropriate circumstances, as determined by the Secretary, initially offer the property to any eligible resident organization, eligible resident management corporation, or nonprofit organization acting on behalf of the residents, if that entity has expressed an interest, in writing, to the public housing agency in a timely manner, in purchasing the property for continued use as low-income housing. "(2) TIMING. — "(A) EXPRESSION OF INTEREST.— - A resident organization, resident management corporation, or other residentsupported nonprofit entity referred to in paragraph (1) may express interest in purchasing property that is the
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