TRANSITION PROVISIONS.

SEC. 313. TRANSITION PROVISIONS. (a) Effect of Election.—Section 604(a) of the Cranston-Gon-zalez National Affordable Housing Act (12 U.S.C. 4101 note) is amended by adding at the end the following sentence: “An owner that elects to be subject to the provisions of the Emergency Low 106 STAT. 3770Income Housing Preservation Act of 1987 shall comply with section 212(b), section 217(a)(2), and section 217(c) of the Low-Income Housing Preservation and Resident Homeownership Act of 1990.”. (b) Changes to Provisions of 1987 Act.—Section 604(c) of the Cranston-Gonzalez National Affordable Housing Act (12 U.S.C. 4101 note) is amended by adding at the end the following new sentence; “With respect to housing for which such an election is made— “(1) in making incentives under section 224 of such Act available to such housing, the Secretary— “(A) shall, for approvable plans of action, provide assistance sufficient to enable a nonprofit organization that has purchased or will purchase an eligible low income housing project to meet project oversight costs; and “(B) may not refuse to offer incentives referred to in such section to any owner who filed a notice of intent under section 222 of such Act before October 15, 1991, based solely on the date of filing of the plan of action for the housing; and “(2) the provisions of section 233(1)(A)(i) of such Act shall not apply, and the term ‘eligible low income housing’ shall, for purposes of such Act, shall include housing financed by a loan or mortgage that is insured or held by the Secretary or a State or State agency under section 221(d)(3) of the National Housing Act and receiving loan management assistance under section 8 of the United States Housing Act of 1937 due to a conversion from section 101 of the Housing and Urban Development Act of 1965.”.