SEC-604 -- TRANSITION PROVISIONS. 

 
 (a) Housing Eligible for Election.-Any owner of housing that becomes
eligible low-income housing before January 1, 1991 and who, before such
date, filed a notice of intent under section 222 of the Emergency Low
Income Housing Preservation Act of 1987 (as such section existed before
the date of the enactment of this Act) or under section 212 of such Act
(as amended by section 601(a)) may elect to be subject to (1) the
provisions of such Act as in effect before the date of the enactment of
this Act, or (2) the provisions of the Low-Income Housing Preservation
and Resident Homeownership Act of 1990, after the date of the enactment
of this Act. The Secretary shall establish procedures for owners to make
the election under the preceding sentence.
 
 (b) Right of Conversion to New System.-Any owner who has filed a plan
of action on or before October 11, 1990, shall have the right to convert
to the system of incentives and restrictions under this subtitle, with
such adjustments as the Secretary determines to be appropriate to
compensate for the value of any incentives the owner received under the
Emergency Low Income Housing Preservation Act of 1987. Owners filing
plans after such date shall not have any right under this subsection.
 
 (c) Effectiveness of Repealed Provisions.-Notwithstanding the amendment
made by section 601(a), the provisions of the Emergency Low Income
Housing Preservation Act of 1987 (as in effect immediately before the
date of the enactment of this Act) shall apply with respect to any
housing for which the election under subsection (a)(1) is made.
 
 (d) Regulations.-Not later than the expiration of the 90-day period
beginning on the date of the enactment of this Act, the Secretary of
Housing and Urban Development shall, subject to the provisions of
section 553 of title 5, United States Code, publish proposed rules to
implement this subtitle and the amendments made by this subtitle. Not
later than 45 days after the expiration of the period under the
preceding sentence the Secretary shall issue interim or final rules to
implement such provisions.