Pub. L. 108-447, div. I, tit. II, sec. 221

Sec. 221. Section 204(h) of the National Housing Act (12 U.S.C. 1710(h)) is amended—(1) in paragraph (2)—(A) by striking “following assets of the Secretary” and inserting “following categories of assets of the Secretary, unless the Secretary determines at any time that the asset property is economically or otherwise infeasible to rehabilitate or that the best use of the asset property is as open space (including park land)”;(B) in subparagraph (B)(ii), by inserting after “Act” the following: “except for mortgages insured under or made pursuant to sections 235, 247, or 255”; and(C) by striking subparagraph (C);(2) in the second sentence of paragraph (3), by inserting after “government” the following: “, States, and Indian tribes”;(3) in paragraph (4)—(A) in subparagraph (A)(i), by inserting after “government” the following: “, State, or Indian tribe”;(B) by revising subparagraph (B)(ii) to read as follows:“(ii) purchases all assets of the Secretary in the category or categories of eligible assets set forth in the sale agreement required under paragraph (7) that, at any time during the period which shall be set forth in the sale agreement—“(I) are or become eligible for purchase under this subsection; and“(II) are located in the asset control area of the purchaser; and”; and(C) in subparagraph (C), by striking “purchase of eligible assets under” and inserting “purchase of the category or categories of eligible assets set forth in the sale agreement under”;(4) in paragraph (6)—(A) by revising subparagraph (C) to read as follows:“(C) Discounts.—The Secretary, in the sole discretion of the Secretary, shall establish the discount under this 118 STAT. 3321 paragraph for an eligible asset. In determining the discount, the Secretary may consider the condition of the asset property, the extent of resources available to the preferred purchaser, the comprehensive revitalization plan undertaken by such purchaser, the financial safety and soundness of the Mutual Mortgage Insurance Fund, and any other circumstances the Secretary considers appropriate”; and(B) by striking subparagraph (D);(5) in paragraph (7)(A), by striking “eligible assets to be purchased and the interests sold” and inserting “category or categories of eligible assets to be purchased and, based on the purchaser’s capacity to manage and dispose of assets, the maximum number of assets owned by the Secretary at the time the sale agreement is executed that shall be sold to the purchaser”; and(6) in paragraph (8)—(A) in subparagraph (F), by inserting after “State” the following: “, and any agency or instrumentality thereof that is established pursuant to legislation and designated by the chief executive officer to act on behalf of the jurisdiction with regard to the provisions of this subsection”; and(B) by adding the following new subparagraphs at the end:“(G) State.—The term ‘State’ means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, American Samoa, the Virgin Islands, the Northern Mariana Islands, or any agency or instrumentality thereof that is established pursuant to legislation and designated by the chief executive officer to act on behalf of the State with regard to provisions of this subjection.“(H) Indian tribe.—The term ‘Indian tribe’ has the same meaning as in section 248(i)(I) of this Act.”.