Page:United States Statutes at Large Volume 121.djvu/2455

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[121 STAT. 2434]
[121 STAT. 2434]
PUBLIC LAW 110-000—MMMM. DD, 2007

121 STAT. 2434

PUBLIC LAW 110–161—DEC. 26, 2007

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(2) The transferring project shall, as determined by the Secretary, be either physically obsolete or economically nonviable. (3) The receiving project or projects shall meet or exceed applicable physical standards established by the Secretary. (4) The owner or mortgagor of the transferring project shall notify and consult with the tenants residing in the transferring project and provide a certification of approval by all appropriate local governmental officials. (5) The tenants of the transferring project who remain eligible for assistance to be provided by the receiving project or projects shall not be required to vacate their units in the transferring project or projects until new units in the receiving project are available for occupancy. (6) The Secretary determines that this transfer is in the best interest of the tenants. (7) If either the transferring project or the receiving project or projects meets the condition specified in subsection (c)(2)(A), any lien on the receiving project resulting from additional financing obtained by the owner shall be subordinate to any FHA-insured mortgage lien transferred to, or placed on, such project by the Secretary. (8) If the transferring project meets the requirements of subsection (c)(2)(E), the owner or mortgagor of the receiving project or projects shall execute and record either a continuation of the existing use agreement or a new use agreement for the project where, in either case, any use restrictions in such agreement are of no lesser duration than the existing use restrictions. (9) Any financial risk to the FHA General and Special Risk Insurance Fund, as determined by the Secretary, would be reduced as a result of a transfer completed under this section. (10) The Secretary determines that Federal liability with regard to this project will not be increased. (c) For purposes of this section— (1) the terms ‘‘low-income’’ and ‘‘very low-income’’ shall have the meanings provided by the statute and/or regulations governing the program under which the project is insured or assisted; (2) the term ‘‘multifamily housing project’’ means housing that meets one of the following conditions— (A) housing that is subject to a mortgage insured under the National Housing Act; (B) housing that has project-based assistance attached to the structure including projects undergoing mark to market debt restructuring under the Multifamily Assisted Housing Reform and Affordability Housing Act; (C) housing that is assisted under section 202 of the Housing Act of 1959 as amended by section 801 of the Cranston-Gonzales National Affordable Housing Act; (D) housing that is assisted under section 202 of the Housing Act of 1959, as such section existed before the enactment of the Cranston-Gonzales National Affordable Housing Act; or (E) housing or vacant land that is subject to a use agreement;

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