§1437aaa–5. Definitions — Inbound Citations

42 U.S.C. § 1437aaa–5

Cited by 102 provisions in release 119-102.

Citations to §1437aaa–5(1)

42 U.S.C. § 1437aaa(a)(1)

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(1) planning grants to help applicants to develop homeownership programs in accordance with this subchapter; and
42 U.S.C. § 1437aaa–1(a)

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(a) The Secretary is authorized to make planning grants to applicants for the purpose of developing homeownership programs under this subchapter. The amount of a planning grant under this section may not exceed $200,000, except that the Secretary may for good cause approve a grant in a higher amount.
42 U.S.C. § 1437aaa–1(b)(2)

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(2) training and technical assistance for applicants related to development of a specific homeownership program;
42 U.S.C. § 1437aaa–1(c)(1)

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(1) An application for a planning grant shall be submitted by an applicant in such form and in accordance with such procedures as the Secretary shall establish.
42 U.S.C. § 1437aaa–1(c)(2)(B)

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(B) a description of the applicant and a statement of its qualifications;
42 U.S.C. § 1437aaa–1(c)(2)(E)

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(E) a certification that the applicant will comply with the requirements of the Fair Housing Act [42 U.S.C. 3601 et seq.], title VI of the Civil Rights Act of 1964 [42 U.S.C. 2000d et seq.], section 794 of title 29, and the Age Discrimination Act of 1975 [42 U.S.C. 6101 et seq.], and will affirmatively further fair housing.
42 U.S.C. § 1437aaa–1(d)(1)

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(1) the qualifications or potential capabilities of the applicant;
42 U.S.C. § 1437aaa–1(d)(3)

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(3) the potential of the applicant for developing a successful and affordable homeownership program and the suitability of the project for homeownership;
42 U.S.C. § 1437aaa–1(d)(4)

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(4) national geographic diversity among projects for which applicants are selected to receive assistance; and
42 U.S.C. § 1437aaa–2(a)

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(a) The Secretary is authorized to make implementation grants to applicants for the purpose of carrying out homeownership programs approved under this subchapter.
42 U.S.C. § 1437aaa–2(b)(5)

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(5) Administrative costs of the applicant, which may not exceed 15 percent of the amount of assistance provided under this section.
42 U.S.C. § 1437aaa–2(b)(6)

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(6) Development of resident management corporations and resident management councils, but only if the applicant has not received assistance under section 1437aaa–1 of this title for such activities.
42 U.S.C. § 1437aaa–2(d)(1)

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(1) An application for an implementation grant shall be submitted by an applicant in such form and in accordance with such procedures as the Secretary shall establish.
42 U.S.C. § 1437aaa–2(d)(2)(C)

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(C) a description of the qualifications and experience of the applicant in providing housing for low-income families;
42 U.S.C. § 1437aaa–2(d)(2)(H)

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(H) if the applicant is not a public housing agency, the proposed sales price, if any, the basis for such price determination, and terms to the applicant;
42 U.S.C. § 1437aaa–2(d)(2)(M)

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(M) a certification that the applicant will comply with the requirements of the Fair Housing Act [42 U.S.C. 3601 et seq.], title VI of the Civil Rights Act of 1964 [42 U.S.C. 2000d et seq.], section 794 of title 29, and the Age Discrimination Act of 1975 [42 U.S.C. 6101 et seq.], and will affirmatively further fair housing.
42 U.S.C. § 1437aaa–2(e)(1)

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(1) the ability of the applicant to develop and carry out the proposed homeownership program, taking into account the quality of any related ongoing program of the applicant, and the extent of tenant interest in the development of a homeownership program and community support;
42 U.S.C. § 1437aaa–2(e)(7)

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(7) national geographic diversity among housing for which applicants are selected to receive assistance; and
42 U.S.C. § 1437aaa–2(g)

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(g) The Secretary shall notify each applicant, not later than 6 months after the date of the submission of the application, whether the application is approved or not approved. The Secretary may approve the application for an implementation grant with a statement that the application for the section 8 [42 U.S.C. 1437f] assistance for replacement housing and for residents of the project not purchasing units is conditionally approved, subject to the availability of appropriations in subsequent fiscal years.
42 U.S.C. § 1437aaa–3(b)

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(b) A homeownership program under this subchapter shall provide for the establishment of sales prices (including principal, insurance, taxes, and interest and closing costs) for initial acquisition of the property from the public housing agency if the applicant is not a public housing agency, and for sales to eligible families, such that an eligible family shall not be required to expend more than 30 percent of the adjusted income of the family per month to complete a sale under the homeownership program.
42 U.S.C. § 1437aaa–4(a)

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(a) Where the Secretary approves an application providing for the transfer of the eligible project from the public housing agency to another applicant, the public housing agency shall transfer the project to such other applicant, in accordance with the approved homeownership program.
42 U.S.C. § 1437aaa–4(j)

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(j) Recipients shall transfer ownership of the property to tenants within a specified period of time that the Secretary determines to be reasonable. During the interim period when the property continues to be operated and managed as rental housing, the recipient shall utilize written tenant selection policies and criteria that are consistent with the public housing program and that are approved by the Secretary as consistent with the purpose of improving housing opportunities for low-income families. The recipient shall promptly notify in writing any rejected applicant of the grounds for any rejection.
42 U.S.C. § 1437aaa–7

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In establishing criteria for selecting applicants to receive assistance under this subchapter, the Secretary may not establish any selection criterion or criteria that grant or deny such assistance to an applicant (or have the effect of granting or denying assistance) based on the implementation, continuation, or discontinuation of any public policy, regulation, or law of any jurisdiction in which the applicant or project is located.

Citations to §1437aaa–5(2)

42 U.S.C. § 1437aaa–2(b)(2)

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(2) Implementation of the homeownership program, including acquisition of the public housing project from a public housing agency for the purpose of transferring ownership to eligible families in accordance with a homeownership program that meets the requirements under this subchapter.
42 U.S.C. § 1437aaa–2(d)(2)(G)

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(G) identification and description of the financing proposed for any (i) rehabilitation and (ii) acquisition (I) of the property, where applicable, by a resident council or other entity for transfer to eligible families, and (II) by eligible families of ownership interests in, or shares representing, units in the project;
42 U.S.C. § 1437aaa–2(d)(2)(I)

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(I) the estimated sales prices, if any, and terms to eligible families;
42 U.S.C. § 1437aaa–2(e)(3)

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(3) the extent to which current tenants and other eligible families will be able to afford the purchase;
42 U.S.C. § 1437aaa–3(a)

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(a) A homeownership program under this subchapter shall provide for acquisition by eligible families of ownership interests in, or shares representing, at least one-half of the units in a public housing project under any arrangement determined by the Secretary to be appropriate, such as cooperative ownership (including limited equity cooperative ownership) and fee simple ownership (including condominium ownership), for occupancy by the eligible families.
42 U.S.C. § 1437aaa–3(b)

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(b) A homeownership program under this subchapter shall provide for the establishment of sales prices (including principal, insurance, taxes, and interest and closing costs) for initial acquisition of the property from the public housing agency if the applicant is not a public housing agency, and for sales to eligible families, such that an eligible family shall not be required to expend more than 30 percent of the adjusted income of the family per month to complete a sale under the homeownership program.
42 U.S.C. § 1437aaa–3(c)(1)

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(1) identifying and selecting eligible families to participate in the homeownership program;
42 U.S.C. § 1437aaa–3(e)(1)

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(1) The application shall identify and describe the proposed financing for (A) any rehabilitation, and (B) acquisition (i) of the project, where applicable, by an entity other than the public housing agency for transfer to eligible families, and (ii) by eligible families of ownership interests in, or shares representing, units in the project. Financing may include use of the implementation grant, sale for cash, or other sources of financing (subject to applicable requirements), including conventional mortgage loans and mortgage loans insured under title II of the National Housing Act [12 U.S.C. 1707 et seq.].
42 U.S.C. § 1437aaa–3(f)(1)

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(1) will be free from any defects that pose a danger to health or safety before transfer of an ownership interest in, or shares representing, a unit to an eligible family; and
42 U.S.C. § 1437aaa–3(f)(2)

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(2) will, not later than 2 years after the transfer to an eligible family, meet minimum housing standards established by the Secretary for the purposes of this subchapter.
42 U.S.C. § 1437aaa–4(b)

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(b) In selecting eligible families for homeownership, the recipient shall give a first preference to otherwise qualified current tenants and a second preference to otherwise qualified eligible families who have completed participation in an economic self-sufficiency program specified by the Secretary.
42 U.S.C. § 1437aaa–4(d)

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(d) Notwithstanding the purchase of a public housing project under this section, or the purchase of a unit in a public housing project by an eligible family, the Secretary shall continue to pay annual contributions with respect to the project. Such contributions may not exceed the maximum contributions authorized in section 1437c(a) of this title.
42 U.S.C. § 1437aaa–4(f)

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(f) The entity that transfers ownership interests in, or shares representing, units to eligible families, or another entity specified in the approved application, shall use the proceeds, if any, from the initial sale for costs of the homeownership program, including operating expenses, improvements to the project, business opportunities for low-income families, supportive services related to the homeownership program, additional homeownership opportunities, and other activities approved by the Secretary.
42 U.S.C. § 1437aaa–4(g)(2)

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(2) In the case of a transfer within 6 years of the acquisition under the program, the homeownership program shall provide for appropriate restrictions to assure that an eligible family may not receive any undue profit. The plan shall provide for limiting the family’s consideration for its interest in the property to the total of—

(A) the contribution to equity paid by the family;

(B) the value, as determined by such means as the Secretary shall determine through regulation, of any improvements installed at the expense of the family during the family’s tenure as owner; and

(C) the appreciated value determined by an inflation allowance at a rate which may be based on a cost-of-living index, an income index, or market index as determined by the Secretary through regulation and agreed to by the purchaser and the entity that transfers ownership interests in, or shares representing, units to eligible families (or another entity specified in the approved application), at the time of initial sale, and applied against the contribution to equity.

Such an entity may, at the time of initial sale, enter into an agreement with the family to set a maximum amount which this appreciation may not exceed.
42 U.S.C. § 1437aaa–4(g)(2)(C)

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(C) the appreciated value determined by an inflation allowance at a rate which may be based on a cost-of-living index, an income index, or market index as determined by the Secretary through regulation and agreed to by the purchaser and the entity that transfers ownership interests in, or shares representing, units to eligible families (or another entity specified in the approved application), at the time of initial sale, and applied against the contribution to equity.
42 U.S.C. § 1437aaa–4(g)(4)

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(4) Fifty percent of any portion of the net sales proceeds that may not be retained by the homeowner under the plan approved pursuant to this subsection shall be paid to the entity that transferred ownership interests in, or shares representing, units to eligible families, or another entity specified in the approved application, for use for improvements to the project, business opportunities for low-income families, supportive services related to the homeownership program, additional homeownership opportunities, and other activities approved by the Secretary. The remaining 50 percent shall be returned to the Secretary for use under this subchapter, subject to limitations contained in appropriations Acts. Such entity shall keep and make available to the Secretary all records necessary to calculate accurately payments due the Secretary under this subsection.

Citations to §1437aaa–5(3)

42 U.S.C. § 1437aaa(a)(1)

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(1) planning grants to help applicants to develop homeownership programs in accordance with this subchapter; and
42 U.S.C. § 1437aaa(a)(2)

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(2) implementation grants to carry out homeownership programs in accordance with this subchapter.
42 U.S.C. § 1437aaa–1(a)

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(a) The Secretary is authorized to make planning grants to applicants for the purpose of developing homeownership programs under this subchapter. The amount of a planning grant under this section may not exceed $200,000, except that the Secretary may for good cause approve a grant in a higher amount.
42 U.S.C. § 1437aaa–1(b)

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(b) Planning grants may be used for activities to develop homeownership programs (which may include programs for cooperative ownership), including—

(1) development of resident management corporations and resident councils;

(2) training and technical assistance for applicants related to development of a specific homeownership program;

(3) studies of the feasibility of a homeownership program;

(4) inspection for lead-based paint hazards, as required by section 4822(a) of this title;

(5) preliminary architectural and engineering work;

(6) tenant and homebuyer counseling and training;

(7) planning for economic development, job training, and self-sufficiency activities that promote economic self-sufficiency of homebuyers and homeowners under the homeownership program;

(8) development of security plans; and

(9) preparation of an application for an implementation grant under this subchapter.
42 U.S.C. § 1437aaa–1(b)(2)

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(2) training and technical assistance for applicants related to development of a specific homeownership program;
42 U.S.C. § 1437aaa–1(b)(3)

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(3) studies of the feasibility of a homeownership program;
42 U.S.C. § 1437aaa–1(b)(7)

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(7) planning for economic development, job training, and self-sufficiency activities that promote economic self-sufficiency of homebuyers and homeowners under the homeownership program;
42 U.S.C. § 1437aaa–1(d)(2)

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(2) the extent of tenant interest in the development of a homeownership program for the project;
42 U.S.C. § 1437aaa–1(d)(3)

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(3) the potential of the applicant for developing a successful and affordable homeownership program and the suitability of the project for homeownership;
42 U.S.C. § 1437aaa–2(a)

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(a) The Secretary is authorized to make implementation grants to applicants for the purpose of carrying out homeownership programs approved under this subchapter.
42 U.S.C. § 1437aaa–2(b)

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(b) Implementation grants may be used for activities to carry out homeownership programs (including programs for cooperative ownership) that meet the requirements under this subchapter, including the following activities:

(1) Architectural and engineering work.

(2) Implementation of the homeownership program, including acquisition of the public housing project from a public housing agency for the purpose of transferring ownership to eligible families in accordance with a homeownership program that meets the requirements under this subchapter.

(3) Rehabilitation of any public housing project covered by the homeownership program, in accordance with standards established by the Secretary.

(4) Abatement of lead-based paint hazards, as required by section 4822(a) of this title.

(5) Administrative costs of the applicant, which may not exceed 15 percent of the amount of assistance provided under this section.

(6) Development of resident management corporations and resident management councils, but only if the applicant has not received assistance under section 1437aaa–1 of this title for such activities.

(7) Counseling and training of homebuyers and homeowners under the homeownership program.

(8) Relocation of tenants who elect to move.

(9) Any necessary temporary relocation of tenants during rehabilitation.

(10) Funding of operating expenses and replacement reserves of the project covered by the homeownership program, except that the amount of assistance for operating expenses shall not exceed the amount the project would have received if it had continued to receive such assistance from the Operating Fund, with adjustments comparable to those that would have been made under section 1437g of this title, and except that implementation grants may not be used under this paragraph to fund operating expenses for scattered site public housing acquired under a homeownership program.

(11) Implementation of a replacement housing plan.

(12) Legal fees.

(13) Defraying costs for the ongoing training needs of the recipient that are related to developing and carrying out the homeownership program.

(14) Economic development activities that promote economic self-sufficiency of homebuyers, residents, and homeowners under the homeownership program.
42 U.S.C. § 1437aaa–2(b)(2)

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(2) Implementation of the homeownership program, including acquisition of the public housing project from a public housing agency for the purpose of transferring ownership to eligible families in accordance with a homeownership program that meets the requirements under this subchapter.
42 U.S.C. § 1437aaa–2(b)(3)

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(3) Rehabilitation of any public housing project covered by the homeownership program, in accordance with standards established by the Secretary.
42 U.S.C. § 1437aaa–2(b)(7)

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(7) Counseling and training of homebuyers and homeowners under the homeownership program.
42 U.S.C. § 1437aaa–2(b)(10)

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(10) Funding of operating expenses and replacement reserves of the project covered by the homeownership program, except that the amount of assistance for operating expenses shall not exceed the amount the project would have received if it had continued to receive such assistance from the Operating Fund, with adjustments comparable to those that would have been made under section 1437g of this title, and except that implementation grants may not be used under this paragraph to fund operating expenses for scattered site public housing acquired under a homeownership program.
42 U.S.C. § 1437aaa–2(b)(13)

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(13) Defraying costs for the ongoing training needs of the recipient that are related to developing and carrying out the homeownership program.
42 U.S.C. § 1437aaa–2(b)(14)

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(14) Economic development activities that promote economic self-sufficiency of homebuyers, residents, and homeowners under the homeownership program.
42 U.S.C. § 1437aaa–2(c)(1)

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(1) Each recipient shall assure that contributions equal to not less than 25 percent of the grant amount made available under this section, excluding any amounts provided for post-sale operating expenses and replacement housing, shall be provided from non-Federal sources to carry out the homeownership program.
42 U.S.C. § 1437aaa–2(c)(2)(C)

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(C) the value of taxes, fees, or other charges that are normally and customarily imposed but are waived, foregone, or deferred in a manner that facilitates the implementation of a homeownership program assisted under this subchapter;
42 U.S.C. § 1437aaa–2(c)(2)(E)

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(E) the value of investment in on-site and off-site infrastructure required for a homeownership program assisted under this subchapter; or
42 U.S.C. § 1437aaa–2(c)(3)

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(3) The Secretary shall reduce the matching requirement for homeownership programs carried out under this section in accordance with the formula established under section 220(d) of the Cranston-Gonzalez National Affordable Housing Act [42 U.S.C. 12750(d)].
42 U.S.C. § 1437aaa–2(d)(2)(D)

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(D) a description of the proposed homeownership program, consistent with section 1437aaa–3 of this title and the other requirements of this subchapter, which shall specify the activities proposed to be carried out and their estimated costs, identifying reasonable schedules for carrying it out, and demonstrating that the program will comply with the affordability requirements under section 1437aaa–3(b) of this title;
42 U.S.C. § 1437aaa–2(d)(2)(F)

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(F) a description of and commitment for the resources that are expected to be made available to provide the matching funding required under subsection (c) and of other resources that are expected to be made available in support of the homeownership program;
42 U.S.C. § 1437aaa–2(d)(2)(J)

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(J) any proposed restrictions on the resale of units under a homeownership program;
42 U.S.C. § 1437aaa–2(e)(1)

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(1) the ability of the applicant to develop and carry out the proposed homeownership program, taking into account the quality of any related ongoing program of the applicant, and the extent of tenant interest in the development of a homeownership program and community support;
42 U.S.C. § 1437aaa–2(e)(2)

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(2) the feasibility of the homeownership program;
42 U.S.C. § 1437aaa–2(e)(4)

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(4) the quality and viability of the proposed homeownership program, including the viability of the economic self-sufficiency plan;
42 U.S.C. § 1437aaa–2(e)(5)

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(5) the extent to which funds for activities that do not qualify as eligible activities will be provided in support of the homeownership program;
42 U.S.C. § 1437aaa–2(e)(6)

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(6) whether the approved comprehensive housing affordability strategy for the jurisdiction within which the public housing project is located includes the proposed homeownership program as one of the general priorities identified pursuant to section 105(b)(7) of the Cranston-Gonzalez National Affordable Housing Act [42 U.S.C. 12705(b)(7)];
42 U.S.C. § 1437aaa–2(e)(8)

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(8) the extent to which a sufficient supply of affordable rental housing exists in the locality, so that the implementation of the homeownership program will not reduce the number of such rental units available to residents currently residing in such units or eligible for residency in such units.
42 U.S.C. § 1437aaa–3(a)

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(a) A homeownership program under this subchapter shall provide for acquisition by eligible families of ownership interests in, or shares representing, at least one-half of the units in a public housing project under any arrangement determined by the Secretary to be appropriate, such as cooperative ownership (including limited equity cooperative ownership) and fee simple ownership (including condominium ownership), for occupancy by the eligible families.
42 U.S.C. § 1437aaa–3(b)

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(b) A homeownership program under this subchapter shall provide for the establishment of sales prices (including principal, insurance, taxes, and interest and closing costs) for initial acquisition of the property from the public housing agency if the applicant is not a public housing agency, and for sales to eligible families, such that an eligible family shall not be required to expend more than 30 percent of the adjusted income of the family per month to complete a sale under the homeownership program.
42 U.S.C. § 1437aaa–3(c)

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(c) A homeownership program under this subchapter shall provide, and include a plan, for—

(1) identifying and selecting eligible families to participate in the homeownership program;

(2) providing relocation assistance to families who elect to move;

(3) ensuring continued affordability by tenants, homebuyers, and homeowners in the project;

(4) providing ongoing training and counseling for homebuyers and homeowners; and

(5) replacing units in eligible projects covered by a homeownership program.
42 U.S.C. § 1437aaa–3(c)(1)

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(1) identifying and selecting eligible families to participate in the homeownership program;
42 U.S.C. § 1437aaa–3(c)(5)

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(5) replacing units in eligible projects covered by a homeownership program.
42 U.S.C. § 1437aaa–3(d)

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(d) Acquisition or rehabilitation of public housing projects under a homeownership program under this subchapter may not consist of acquisition or rehabilitation of less than the whole public housing project in a project consisting of more than 1 building. The provisions of this subsection may be waived upon a finding by the Secretary that the sale of less than all the buildings in a project is feasible and will not result in a hardship to any tenants of the project who are not included in the homeownership program.
42 U.S.C. § 1437aaa–3(e)(3)

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(3) Any lender that provides financing in connection with a homeownership program under this subchapter shall give the public housing agency, resident management corporation, individual owner, or other appropriate entity a reasonable opportunity to cure a financial default before foreclosing on the property, or taking other action as a result of the default.
42 U.S.C. § 1437aaa–3(h)(1)

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(1) No tenant residing in a dwelling unit in a public housing project on the date the Secretary approves an application for an implementation grant may be evicted by reason of a homeownership program approved under this subchapter.
42 U.S.C. § 1437aaa–3(h)(3)

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(3) The recipient shall also inform each such tenant that if the tenant chooses to move, the recipient will pay relocation assistance in accordance with the approved homeownership program.
42 U.S.C. § 1437aaa–4(a)

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(a) Where the Secretary approves an application providing for the transfer of the eligible project from the public housing agency to another applicant, the public housing agency shall transfer the project to such other applicant, in accordance with the approved homeownership program.
42 U.S.C. § 1437aaa–4(f)

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(f) The entity that transfers ownership interests in, or shares representing, units to eligible families, or another entity specified in the approved application, shall use the proceeds, if any, from the initial sale for costs of the homeownership program, including operating expenses, improvements to the project, business opportunities for low-income families, supportive services related to the homeownership program, additional homeownership opportunities, and other activities approved by the Secretary.
42 U.S.C. § 1437aaa–4(g)(1)(A)

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(A) A homeowner under a homeownership program may transfer the homeowner’s ownership interest in, or shares representing, the unit, except that a homeownership program may establish restrictions on the resale of units under the program.
42 U.S.C. § 1437aaa–4(g)(2)

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(2) In the case of a transfer within 6 years of the acquisition under the program, the homeownership program shall provide for appropriate restrictions to assure that an eligible family may not receive any undue profit. The plan shall provide for limiting the family’s consideration for its interest in the property to the total of—

(A) the contribution to equity paid by the family;

(B) the value, as determined by such means as the Secretary shall determine through regulation, of any improvements installed at the expense of the family during the family’s tenure as owner; and

(C) the appreciated value determined by an inflation allowance at a rate which may be based on a cost-of-living index, an income index, or market index as determined by the Secretary through regulation and agreed to by the purchaser and the entity that transfers ownership interests in, or shares representing, units to eligible families (or another entity specified in the approved application), at the time of initial sale, and applied against the contribution to equity.

Such an entity may, at the time of initial sale, enter into an agreement with the family to set a maximum amount which this appreciation may not exceed.
42 U.S.C. § 1437aaa–4(g)(3)

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(3) In the case of a transfer during the period beginning 6 years after the acquisition and ending 20 years after the acquisition, the homeownership program shall provide for the recapture by the Secretary or the program of an amount equal to the amount of the declining balance on the note described in paragraph (1)(C).
42 U.S.C. § 1437aaa–4(g)(4)

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(4) Fifty percent of any portion of the net sales proceeds that may not be retained by the homeowner under the plan approved pursuant to this subsection shall be paid to the entity that transferred ownership interests in, or shares representing, units to eligible families, or another entity specified in the approved application, for use for improvements to the project, business opportunities for low-income families, supportive services related to the homeownership program, additional homeownership opportunities, and other activities approved by the Secretary. The remaining 50 percent shall be returned to the Secretary for use under this subchapter, subject to limitations contained in appropriations Acts. Such entity shall keep and make available to the Secretary all records necessary to calculate accurately payments due the Secretary under this subsection.
42 U.S.C. § 1437aaa–4(l)(1)

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(1) Each recipient shall keep such records as may be reasonably necessary to fully disclose the amount and the disposition by such recipient of the proceeds of assistance received under this subchapter (and any proceeds from financing obtained in accordance with subsection (b) or sales under subsections (f) and (g)(4)), the total cost of the homeownership program in connection with which such assistance is given or used, and the amount and nature of that portion of the program supplied by other sources, and such other sources as will facilitate an effective audit.
42 U.S.C. § 1437aaa–8(2)

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(2) the income, race, gender, children, and other characteristics of families participating (or not participating) in homeownership programs funded under this subchapter;

Citations to §1437aaa–5(4)

42 U.S.C. § 1437aaa–2(b)(13)

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(13) Defraying costs for the ongoing training needs of the recipient that are related to developing and carrying out the homeownership program.
42 U.S.C. § 1437aaa–2(c)(1)

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(1) Each recipient shall assure that contributions equal to not less than 25 percent of the grant amount made available under this section, excluding any amounts provided for post-sale operating expenses and replacement housing, shall be provided from non-Federal sources to carry out the homeownership program.
42 U.S.C. § 1437aaa–3(h)(2)

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(2) If the tenant decides not to purchase a unit, or is not qualified to do so, the recipient shall, during the term of any operating assistance under the implementation grant, permit each otherwise qualified tenant to continue to reside in the project at rents that do not exceed levels consistent with section 1437a(a) of this title or, if an otherwise qualified tenant chooses to move (at any time during the term of such operating assistance contract), the public housing agency shall, to the extent approved in appropriations Acts, offer such tenant (A) a unit in another public housing project, or (B) section 8 [42 U.S.C. 1437f] assistance for use in other housing.
42 U.S.C. § 1437aaa–3(h)(3)

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(3) The recipient shall also inform each such tenant that if the tenant chooses to move, the recipient will pay relocation assistance in accordance with the approved homeownership program.
42 U.S.C. § 1437aaa–4(b)

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(b) In selecting eligible families for homeownership, the recipient shall give a first preference to otherwise qualified current tenants and a second preference to otherwise qualified eligible families who have completed participation in an economic self-sufficiency program specified by the Secretary.
42 U.S.C. § 1437aaa–4(g)(1)(B)

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(B) Where a resident management corporation, resident council, or cooperative has jurisdiction over the unit, the corporation, council, or cooperative shall have the right to purchase the ownership interest in, or shares representing, the unit from the homeowner for the amount specified in a firm contract between the homeowner and a prospective buyer. If such an entity does not have jurisdiction over the unit or elects not to purchase and if the prospective buyer is not a low-income family, the public housing agency or the implementation grant recipient shall have the right to purchase the ownership interest in, or shares representing, the unit for the same amount.
42 U.S.C. § 1437aaa–4(h)

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(h) The requirements under this subchapter regarding quality standards, resale, or transfer of the ownership interest of a homeowner shall be judicially enforceable against the grant recipient with respect to actions involving rehabilitation, and against purchasers of property under this subsection or their successors in interest with respect to other actions by affected low-income families, resident management corporations, resident councils, public housing agencies, and any agency, corporation, or authority of the United States Government. The parties specified in the preceding sentence shall be entitled to reasonable attorney fees upon prevailing in any such judicial action.
42 U.S.C. § 1437aaa–4(j)

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(j) Recipients shall transfer ownership of the property to tenants within a specified period of time that the Secretary determines to be reasonable. During the interim period when the property continues to be operated and managed as rental housing, the recipient shall utilize written tenant selection policies and criteria that are consistent with the public housing program and that are approved by the Secretary as consistent with the purpose of improving housing opportunities for low-income families. The recipient shall promptly notify in writing any rejected applicant of the grounds for any rejection.
42 U.S.C. § 1437aaa–4(l)(1)

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(1) Each recipient shall keep such records as may be reasonably necessary to fully disclose the amount and the disposition by such recipient of the proceeds of assistance received under this subchapter (and any proceeds from financing obtained in accordance with subsection (b) or sales under subsections (f) and (g)(4)), the total cost of the homeownership program in connection with which such assistance is given or used, and the amount and nature of that portion of the program supplied by other sources, and such other sources as will facilitate an effective audit.
42 U.S.C. § 1437aaa–4(l)(2)

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(2) The Secretary shall have access for the purpose of audit and examination to any books, documents, papers, and records of the recipient that are pertinent to assistance received under this subchapter.
42 U.S.C. § 1437aaa–4(l)(3)

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(3) The Comptroller General of the United States, or any of the duly authorized representatives of the Comptroller General, shall also have access for the purpose of audit and examination to any books, documents, papers, and records of the recipient that are pertinent to assistance received under this subchapter.

Citations to §1437aaa–5(5)

42 U.S.C. § 1437aaa–1(b)(1)

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(1) development of resident management corporations and resident councils;
42 U.S.C. § 1437aaa–2(d)(2)(G)

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(G) identification and description of the financing proposed for any (i) rehabilitation and (ii) acquisition (I) of the property, where applicable, by a resident council or other entity for transfer to eligible families, and (II) by eligible families of ownership interests in, or shares representing, units in the project;
42 U.S.C. § 1437aaa–4(g)(1)(B)

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(B) Where a resident management corporation, resident council, or cooperative has jurisdiction over the unit, the corporation, council, or cooperative shall have the right to purchase the ownership interest in, or shares representing, the unit from the homeowner for the amount specified in a firm contract between the homeowner and a prospective buyer. If such an entity does not have jurisdiction over the unit or elects not to purchase and if the prospective buyer is not a low-income family, the public housing agency or the implementation grant recipient shall have the right to purchase the ownership interest in, or shares representing, the unit for the same amount.
42 U.S.C. § 1437aaa–4(h)

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(h) The requirements under this subchapter regarding quality standards, resale, or transfer of the ownership interest of a homeowner shall be judicially enforceable against the grant recipient with respect to actions involving rehabilitation, and against purchasers of property under this subsection or their successors in interest with respect to other actions by affected low-income families, resident management corporations, resident councils, public housing agencies, and any agency, corporation, or authority of the United States Government. The parties specified in the preceding sentence shall be entitled to reasonable attorney fees upon prevailing in any such judicial action.
42 U.S.C. § 1437aaa–4(k)

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(k) To be eligible to receive a grant under section 1437aaa–2 of this title, a resident management corporation or resident council shall demonstrate to the Secretary its ability to manage public housing by having done so effectively and efficiently for a period of not less than 3 years or by arranging for management by a qualified management entity.