SEC-579 -- STREAMLINED PROPERTY DISPOSITION REQUIREMENTS FOR UNSUBSIDIZED 

 
MULTIFAMILY HOUSING PROJECTS.
(a) Goals.-Section 203(a)(1)(B) of the Housing and Community Development
Amendments of 1978 is amended by striking "or vacant".
(b) Actions.-Section 203(d) of the Housing and Community Development
Amendments of 1978 is amended-
 
 (1) in paragraph (1)(B), by striking "or are vacant (which units shall
be made available for such families as soon as possible)";
 
 (2) by redesignating paragraph (2) as paragraph (3); and
 
 (3) by inserting after paragraph (1) the following new paragraph:
"(2) In the case of multifamily housing projects (other than subsidized
or formerly subsidized projects) that are acquired by a purchaser other
than the Secretary at foreclosure or after sale by the Secretary, enter
into annual contribution contracts with public housing agencies to
provide vouchers or certificates under section 8 of the United States
Housing Act of 1937 to all low-income families who are eligible for such
assistance on the date that the project is acquired by the purchaser.
The Secretary shall take action under this paragraph only after making
a determination that the requirements under subsection (e) have been
complied with and there is available in the area an adequate supply of
habitable affordable housing for low-income families.".