disposition of property for low and moderate income housing

disposition of property for low and moderate income housing Sec. 505. Section 107(a) of the Housing Act of 1949 is amended— (1) by inserting after “public body or agency,” the following: “or other approved purchaser or lessee,”; (2) by inserting “, section 221(h)(1), section 235(j)(l), or section 286” after “or (d)(4)”; (3) by inserting “or lessee” after “a purchaser” and after “such purchaser”, and “or lease” after “purchase”; (4) by striking out “rental or cooperative”; (5) by striking out “moderate” and inserting in lieu thereof “low or moderate”; and (6) by inserting before the period at the end thereof the following: “: Provided, That when property is made available under clause (1) to an approved purchaser or lessee other than a limited dividend corporation, nonprofit corporation or association, cooperative, or public body or agency, the Secretary shall assure that the benefits of this subsection will go to the occupant of the property rather than to such purchaser or lessee”.