PURCHASE OF HOUSING UNITS.

SEC. 1201. PURCHASE OF HOUSING UNITS. Section 40110 is amended— (1) by redesignating subsection (b) as subsection (c); and (2) by inserting after subsection (a) the following: “(b) Purchase of Housing Units.— “(1) Authority.— In carrying out this part, the Administrator may purchase a housing unit, (including a condominium 110 STAT. 3280or a housing unit in a building owned by a cooperative) that is located outside the contiguous United States if the cost of the unit is $300,000 or less. “(2) Adjustments for inflation.— For fiscal years beginning after September 30, 1997, the Administrator may adjust the dollar amount specified in paragraph (1) to take into account increases in local housing costs. “(3) Continuing obligations.— Notwithstanding section 1341 of title 31, the Administrator may purchase a housing unit under paragraph (1) even if there is an obligation thereafter to pay necessary and reasonable fees duly assessed upon such unit, including fees related to operation, maintenance, taxes, and insurance. “(4) Certification to congress.— The Administrator may purchase a housing unit under paragraph (1) only if, at least 30 days before completing the purchase, the Administrator transmits to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report containing— “(A) a description of the housing unit and its price; “(B) a certification that the price does not exceed the median price of housing units in the area; and “(C) a certification that purchasing the housing unit is the most cost-beneficial means of providing necessary accommodations in carrying out this part. “(5) Payment of fees.— The Administrator may pay, when due, fees resulting from the purchase of a housing unit under this subsection from any amounts made available to the Administrator.”.