12 2 STA T . 2 7 1 6PUBLIC LA W 11 0– 2 89—J UL Y3 0 , 2008 ‘ ‘ (C)ares e l e ct e dfo rf un d i n gby t h e S tate or State designated entity in accordance w ith the p rocess and cri - teria for such selection established pursuant to subsection (g)( 2 )( D ) . ‘‘( 7 ) ELIG I B L EACT I V ITIE S . —G rant a m ounts allocated to a State or State designated entity under this subsection shall be eligible for use , or for commitment for use, only for assistance for— ‘‘( A ) the production, preser v ation, and rehabilitation of rental housing, including housing under the programs identified in section 13 3 5 (a)(2)( B ) and for operating costs, e x cept that not less than 75 percent of such grant amounts shall be used for the benefit only of extremely low-income families or families with incomes at or below the poverty line (as such term is defined in section 6 73 of the O mnibus Budget R econciliation Act of 1 98 1( 4 2 U .S.C. 99 0 2), including any revision re q uired by such section) applicable to a family of the si z e involved, and not more than 25 percent for the benefit only of very low-income families
and ‘‘(B) the production, preservation, and rehabilitation of housing for homeownership, including such forms as down payment assistance, closing cost assistance, and assistance for interest rate buy-downs, that— ‘‘(i) is available for purchase only for use as a principal residence by families that qualify both as— ‘‘( I ) extremely low- and very low-income fami- lies at the times described in subparagraphs (A) through (C) of section 215(b)(2) of the Cranston- Gonzalez N ational Affordable H ousing Act (42 U.S.C. 12745(b)(2)); and ‘‘(II) first-time homebuyers, as such term is defined in section 104 of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12704), except that any reference in such section to assist- ance under title II of such Act shall for purposes of this subsection be considered to refer to assist- ance from affordable housing fund grant amounts; ‘‘(ii) has an initial purchase price that meets the requirements of section 215(b)(1) of the Cranston- Gonzalez National Affordable Housing Act; ‘‘(iii) is sub j ect to the same resale restrictions established under section 215(b)(3) of the Cranston- Gonzalez National Affordable Housing Act and applicable to the participating jurisdiction that is the State in which such housing is located; and ‘‘(iv) is made available for purchase only by, or in the case of assistance under this subsection, is made available only to homebuyers who have, before pur- chase completed a program of independent financial education and counseling from an eligible organization that meets the requirements of section 132 of the F ed- eral Housing Finance Regulatory Reform Act of 2008. ‘‘(8) T E N ANT PRO TECTIONS AN D P U BLIC PARTICIPATION.—All amounts from the Trust Fund shall be allocated in accordance with, and any eligible activities carried out in whole or in part with grant amounts under this subtitle (including housing Disadv a nt a ge d p e r s o ns .
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