PROGRAM REQUIREMENTS.

SEC. 605. PROGRAM REQUIREMENTS. (a) In General.— Assistance provided under this title may be used only in connection with a Nehemiah housing opportunity program of construction or substantial rehabilitation of homes. (b) Family Need.— Each family purchasing a home under this title shall— (1) have a family income on the date of such purchase that is not more than whichever of the following is higher: (A) the median income for a family of 4 persons in the metropolitan statistical area involved, except that if and to the extent that the unit of general local government demonstrates to the Secretary that such action is necessary to achieve or maintain neighborhood stability, not to exceed 15 percent of the families in a project at any time during development or occupancy may have incomes up to 115 percent of such median income; or (B) the national median income for a family of 4 persons; and (2) not have owned a home during the 3-year period preceding such purchase. (c) Downpayment.— 101 STAT. 1953 (1) Each family purchasing a home under this title shall make a downpayment of not less than 10 percent of the sale price of such home unless— (A) the nonprofit organization determines a higher downpayment to be appropriate; or (B) the first mortgage on the home is held by a State or unit of general local government under a home loan program of the State or unit of general local government, and the program provides for a lower downpayment. (2) Any downpayment made under this subsection shall accrue interest from the date on which such downpayment is made through the date of settlement, at a rate not less than the passbook rate. Such interest shall be paid by the nonprofit organization involved to the family purchasing the home for which such downpayment was made. (d) Leasing Prohibition.— No family purchasing a home under this title may lease such home.