§ 4143. — Grants for building resident capacity and funding predevelopment costs.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4143]
TITLE 12--BANKS AND BANKING
CHAPTER 42--LOW-INCOME HOUSING PRESERVATION AND RESIDENT HOMEOWNERSHIP
SUBCHAPTER II--TECHNICAL ASSISTANCE AND CAPACITY BUILDING
Sec. 4143. Grants for building resident capacity and funding
predevelopment costs
(a) In general
Assistance made available under this section shall be used for
direct assistance grants to resident organizations and community-based
nonprofit housing developers and resident councils to assist the
acquisition of specific projects (including the payment of reasonable
administrative expenses to participating intermediaries).
(b) Allocation
30 percent of the assistance made available under this section shall
be used for resident capacity grants in accordance with subsection (d)
of this section. The remainder shall be used for predevelopment grants
in connection with specific projects in accordance with subsection (e)
of this section.
(c) Limitation on grant amounts
A resident capacity grant under subsection (d) of this section may
not exceed $30,000 per project and a grant under subsection (e) of this
section for predevelopment costs may not exceed $200,000 per project,
exclusive of any fees paid to a participating intermediary by the
Secretary for administering the program.
(d) Resident capacity grants
(1) Use
Resident capacity grants under this subsection shall be
available to eligible applicants to cover expenses for resident
outreach, incorporation of a resident organization or council,
conducting democratic elections, training, leadership development,
legal and other technical assistance to the board of directors,
staff and members of the resident organization or council.
(2) Eligible housing
Grants under this subsection may be provided with respect to
eligible low-income housing for which the owner has filed a notice
of intent under subchapter I of this chapter or title II of the
Emergency Low Income Housing Preservation Act of 1987 (pursuant to
section 604 of the Cranston-Gonzalez National Affordable Housing
Act).
(e) Predevelopment grants
(1) Use
Predevelopment grants under this subsection shall be made
available to community-based nonprofit housing developers and
resident councils to cover the cost of organizing a purchasing
entity and pursuing an acquisition, including third party costs for
training, development consulting, legal, appraisal, accounting,
environmental, architectural and engineering, application fees, and
sponsor's staff and overhead costs.
(2) Eligible housing
Such grants may only be made available with respect to any
eligible low-income housing project for which the owner has filed an
initial notice of intent to transfer the housing to a qualified
purchaser in accordance with section 4110 of this title, or has
filed a notice of intent and entered into a binding agreement to
sell the housing to a resident organization or nonprofit
organization.
(3) Phase-in of grant payments
Grant payments under this subsection shall be made in phases,
based on performance benchmarks established by the Secretary in
consultation with intermediaries selected under section 4145(b) of
this title.
(f) Grant applications
Grant applications for assistance under subsections (d) and (e) of
this section shall be received monthly on a rolling basis and approved
or rejected on at least a quarterly basis by intermediaries selected
under section 4145(b) of this title.
(g) Appeal
If an application for assistance under subsections \1\ (d) or (e) of
this section is denied, the applicant shall have the right to appeal the
denial to the Secretary and receive a binding determination within 30
days of the appeal.
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\1\ So in original. Probably should be ``subsection''.
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(Pub. L. 100-242, title II, Sec. 253, as added Pub. L. 102-550, title
III, Sec. 312, Oct. 28, 1992, 106 Stat. 3766.)
References in Text
Title II of the Emergency Low Income Housing Preservation Act of
1987, referred to in subsec. (d)(2), probably means title II of Pub. L.
100-242, Feb. 5, 1988, 102 Stat. 1877, prior to being amended generally
by Pub. L. 101-625, Sec. 601(a), which was known as the Emergency Low
Income Housing Preservation Act of 1987 and which was classified
principally as a note under section 1715l of this title. Title II of
Pub. L. 100-242 was amended generally by Pub. L. 101-625, title VI,
Sec. 601(a), Nov. 28, 1990, 104 Stat. 4249, and is now known as the Low-
Income Housing Preservation and Resident Homeownership Act of 1990,
which is classified principally to this chapter. For complete
classification of this Act to the Code, see Short Title note set out
under section 4101 of this title and Tables.
Section 604 of the Cranston-Gonzalez National Affordable Housing
Act, referred to in subsec. (d)(2), is section 604 of Pub. L. 101-625,
which is set out as a note under section 4101 of this title.
Section Referred to in Other Sections
This section is referred to in sections 4145, 4147 of this title.
