HOMEOWNERSHIP RESALE RESTRICTIONS.

SEC. 209. HOMEOWNERSHIP RESALE RESTRICTIONS.Section 215(b) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12745(b)) is amended by striking paragraph (4) and inserting the following: “(4) is subject to resale restrictions that are established by the participating jurisdiction and determined by the Secretary to be appropriate to— “(A) allow for subsequent purchase of the property only by persons who meet the qualifications specified under paragraph (2), at a price which will— “(i) provide the owner with a fair return on investment, including any improvements, and “(ii) ensure that the housing will remain affordable to a reasonable range of low-income homebuyers; or “(B) recapture the investment provided under this title in order to assist other persons in accordance with the requirements of this subsection, except where there are no net proceeds or where the net proceeds are insufficient to repay the full amount of the assistance; and”.