SEC-416 -- EXTENSION OF SECTION 21 HOMEOWNERSHIP PROGRAM AND PROVISION


OF TECHNICAL AND OTHER ASSISTANCE.

 Section 21(a) of the United States Housing Act of 1937 (42 U.S.C.
1437s(a)) is amended-

 (1) by striking subparagraph (B) of paragraph (2) and inserting the
following new subparagraph:

 "(B) The Secretary may provide financial assistance to public housing
agencies, resident management corporations, or resident councils that
obtain, by contract or otherwise, training, technical assistance, and
educational assistance as the Secretary determines to be necessary to
promote homeownership opportunities under this section.";

 (2) in paragraph (2)(C), by striking "September 30, 1990." and
inserting the following: "the effective date of the regulations
implementing title III of this Act. The Secretary may not provide
financial assistance under subparagraph (B), after such effective date,
unless the Secretary determines that such assistance is necessary for
the development of a homeownership program that was initiated, as
determined by the Secretary, before the date of the enactment of such
Act."; and

 (3) in paragraph (3)(C), by striking "September 30, 1990." and
inserting the following: "the effective date of the regulations
implementing title III of this Act. The authority for a resident
management corporation to purchase 1 or more multifamily buildings in
a public housing project from a public housing agency shall terminate
after such effective date, unless the Secretary determines that such
purchase is necessary for the development of a homeownership program
that was initiated, as determined by the Secretary, before the date of
the enactment of such title.".