1. (a) In general The Secretary is authorized to make—

   1. (1) planning grants to enable applicants to develop homeownership programs; and
   2. (2) implementation grants to enable applicants to carry out homeownership programs.
2. (b) Authority to reserve housing assistance In connection with a grant under this part, the Secretary may reserve authority to provide assistance under section 1437f of this title to the extent necessary to provide rental assistance for a nonpurchasing tenant who resides in the project on the date the Secretary approves the application for an implementation grant, for use by the tenant in another project.

(Pub. L. 101–625, title IV, § 421, Nov. 28, 1990, 104 Stat. 4162; Pub. L. 102–550, title I, § 181(a)(2)(B)(i), Oct. 28, 1992, 106 Stat. 3735.)

Editorial Notes

References in Text

This part, referred to in subsec. (b), was in the original “this subtitle”, meaning subtitle B (§§ 421–431) of title IV of Pub. L. 101–625, Nov. 28, 1990, 104 Stat. 4162, which enacted this part and amended section 1709 of Title 12, Banks and Banking.

Amendments

1992—Subsec. (c). Pub. L. 102–550 struck out subsec. (c) which read as follows: “Authorization of Appropriations.—There is authorized to be appropriated for grants under this part $51,000,000 for fiscal year 1991 and $280,000,000 for fiscal year 1992. Any amounts appropriated pursuant to this subsection shall remain available until expended.”