H.R. 1852 — Community Housing Partnership Act

 
HR 1852 IH
101st CONGRESS
1st Session
 H. R. 1852
To authorize the Secretary of Housing and Urban Development to carry out
a cost-effective community-based program for housing rehabilitation and
development to serve low- and moderate-income families.
IN THE HOUSE OF REPRESENTATIVES
April 12, 1989
Mr. KENNEDY (for himself, Mr. GONZALEZ, Mr. STARK, Ms. PELOSI, Mr. GORDON,
Mr. BUSTAMANTE, Mr. KOSTMAYER, Mr. CLAY, Mr. MRAZEK, Mr. TORRES, Mr. DYMALLY,
Mr. KANJORSKI, Ms. OAKAR, Mr. ACKERMAN, Mr. HENRY, Mr. DE LUGO, Mr. ESPY,
Mr. CROCKETT, Mr. SIKORSKI, Mr. FLAKE, Mr. DEFAZIO, Mr. FUSTER, Mr. FOGLIETTA,
Mrs. COLLINS, Mr. OWENS of New York, Mr. RANGEL, Mrs. MORELLA, Mr. OBERSTAR,
Mrs. BOXER, Mr. FLORIO, Mr. JOHNSON of South Dakota, Ms. KAPTUR, Mr. NEAL of
North Carolina, Mr. DELLUMS, Mr. GLICKMAN, Mr. LEWIS of Georgia, Mr. BONIOR,
Mr. BEREUTER, Mr. EVANS, Mr. LEVINE of California, Mr. GARCIA, Mr. MINETA,
Mr. FAZIO, Mr. ROE, Mr. VENTO, Mr. FAUNTROY, Mr. MCDERMOTT, Mr. FRANK,
Mr. LEHMAN of California, Mr. MFUME, Mr. SCHUMER, Mr. KLECZKA, Mr. MCMILLEN of
Maryland, Mr. NEAL of Massachusetts, Mr. MARKEY, Mr. MOAKLEY, and Mr. MORRISON
of Connecticut) introduced the following bill; which was referred jointly
to the Committees on Banking, Finance and Urban Affairs and Ways and Means
A BILL
To authorize the Secretary of Housing and Urban Development to carry out
a cost-effective community-based program for housing rehabilitation and
development to serve low- and moderate-income families.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
  (a) SHORT TITLE- This Act may be cited as the `Community Housing Partnership
  Act'.
  (b) TABLE OF CONTENTS-
Sec. 1. Short title and table of contents.
Sec. 2. Findings and purpose.
TITLE I--HOUSING EDUCATION AND ORGANIZATIONAL SUPPORT GRANTS FOR COMMUNITY
BASED HOUSING PROJECTS
Sec. 101. Program authority.
Sec. 102. Eligible activities.
Sec. 103. Authorization of appropriations.
TITLE II--COMMUNITY HOUSING PARTNERSHIP GRANTS
Sec. 201. Program authority.
Sec. 202. Distribution and allocation of community housing partnership funds.
Sec. 203. Eligible activities.
Sec. 204. Eligible projects.
Sec. 205. Authorization of appropriations.
TITLE III--GENERAL PROVISIONS
Sec. 301. Regulations.
Sec. 302. Definitions.
SEC. 2. FINDINGS AND PURPOSE.
  (a) FINDINGS- The Congress finds that--
  (1) the goals of the Federal housing laws, set out in the Housing Act
  of 1949 and reaffirmed in the Housing and Urban Development Act of 1968,
  are to provide affordable, decent, safe, and sanitary living environments
  for all Americans;
  (2) there is an increasing number of Americans whose living environments
  have deteriorated over the past several years as a result of reductions
  in Federal assistance to low- and moderate-income families;
  (3) many Americans face the possibility of homelessness unless Federal,
  State, and local governments work together with the private sector to develop
  and rehabilitate the housing stock of the Nation to provide affordable,
  safe, decent, and sanitary housing for low- and moderate-income families;
  (4) in order to fulfill the goals of the Federal housing laws, there is
  a need to develop a cost-effective community based housing development
  program under which--
  (A) the rents charged to tenants will be based on the cost of the
  construction and management of the housing and not upon prevailing market
  conditions; and
  (B) the Federal, State, and local investment in low- and moderate-income
  housing will be preserved to ensure continuity of providing housing for low-
  and moderate-income families in perpetuity;
  (5) an increasing number of States and cities have been successful in
  producing cost-effective low- and moderate-income housing by working in
  partnership with local community-based nonprofit sponsors, such as community
  development corporations, neighborhood housing services, trade unions,
  groups sponsored by religious organizations, limited equity cooperatives,
  and other tenant organizations;
  (6) during the 1980s, the nonprofit sector has, despite severe obstacles
  caused by inadequate funding, played an increasingly important role in the
  production and rehabilitation of affordable housing in communities across
  the Nation;
  (7) nonprofit sponsors need technical skills and financial resources to
  develop housing programs and otherwise assist low- and moderate-income
  families; and
  (8) the success of housing development programs depends upon tenants and
  homeowners being fiscally responsible and able managers.
  (b) PURPOSE- It is the purpose of this Act--
  (1) to develop affordable, safe, decent, and sanitary housing for low-
  and moderate-income families in a cost-effective manner--
  (A) by providing funding to cities and States to be used to maintain the
  low- and moderate-income housing stock and to make new construction and
  substantial rehabilitation projects feasible;
  (B) by encouraging the development and management of housing projects by
  nonprofit community based organizations such as community development
  corporations, neighborhood housing services, trade unions, groups
  sponsored by religious organizations, limited equity cooperatives, and
  tenant organizations; and
  (C) by encouraging matching funds from private entities and State and local
  governments to assist in the development of low- and moderate-income housing;
  (2) to ensure that Federal investment in low- and moderate-income housing--
  (A) produces housing stock that is available to low- and moderate-income
  tenants at a cost based on the cost of the construction and management of
  the housing rather than the higher market rates; and
  (B) remains available to serve low- and moderate-income families in
  perpetuity;
  (3) as one part of a more comprehensive housing program (including the
  for-profit private sector and public housing agencies and organizations)
  needed to meet the housing goals of the Nation, help to steadily expand
  the development capacity of the nonprofit sector so that it can play an
  increasing role in the construction, rehabilitation, and preservation of
  affordable housing;
  (4) encourage potential nonprofit sponsors to develop the necessary
  capabilities and resources to undertake the housing development programs
  contemplated in title II; and
  (5) assist low- and moderate-income families to obtain the skills and
  knowledge necessary to become responsible homeowners and tenants.
TITLE I--HOUSING EDUCATION AND ORGANIZATIONAL SUPPORT GRANTS FOR COMMUNITY
BASED HOUSING PROJECTS
SEC. 101. PROGRAM AUTHORITY.
  In order to facilitate the education of low- and moderate-income homeowners
  and tenants and to promote the ability of nonprofit sponsors to maintain,
  rehabilitate and construct housing for low- and moderate-income families,
  the Secretary of Housing and Urban Development may provide housing education
  and organizational support grants--
  (1) to eligible cities and states to assist nonprofit sponsors and nonprofit
  organizations; and
  (2) directly to nonprofit sponsors and nonprofit organizations.
SEC. 102. ELIGIBLE ACTIVITIES.
  Grants and loans made under this title may be used only for the following
  eligible activities:
  (1) ORGANIZATIONAL SUPPORT GRANT OR LOAN- Organizational support grants or
  loans shall be made by grant administrators to nonprofit sponsors to cover
  operational expenses and to cover expenses for training and technical,
  legal, engineering and other assistance to the board of directors, staff,
  and members of the nonprofit sponsor. Organizational support grants
  or loans may not be provided under this title for any project specific
  activity provided for in section 202(a).
  (2) HOUSING EDUCATION GRANT OR LOAN- Housing education grants or loans
  shall be made by grant administrators to nonprofit organizations to cover
  expenses for providing or administering programs for educating, counseling,
  or organizing homeowners and tenants who are eligible to receive assistance
  under grants made pursuant to title II.
SEC. 103. AUTHORIZATION OF APPROPRIATIONS.
  There are authorized to be appropriated to carry out this title, $25,000,000
  for the fiscal year 1989 and such sums as may be necessary for each
  succeeding fiscal year. Any amount appropriated as authorized by this
  section shall remain available until expended.
TITLE II--COMMUNITY HOUSING PARTNERSHIP GRANTS
SEC. 201. PROGRAM AUTHORITY.
  The Secretary of Housing and Urban Development may provide the following
  assistance under this title to facilitate the maintenance, rehabilitation
  and construction of housing for low- and moderate-income families:
  (1) Community housing partnership grants to eligible cities and States to
  assist nonprofit sponsors.
  (2) Community housing partnership grants and loans directly to nonprofit
  sponsors.
SEC. 202. DISTRIBUTION AND ALLOCATION OF COMMUNITY HOUSING PARTNERSHIP FUNDS.
  (a) URBAN COMMUNITY HOUSING PARTNERSHIP GRANTS-
  (1) SHARE OF APPROPRIATED FUNDS- The Secretary shall allocate 60 percent of
  any amount appropriated for purposes of carrying out this title for community
  housing partnership grants to metropolitan cities and urban counties.
  (2) APPORTIONMENT OF FUNDS- (A) Except as provided in subparagraph (B),
  amounts allocated under paragraph (1) for community housing partnership
  grants shall be apportioned to metropolitan cities and urban counties
  in the same manner as funds are apportioned under section 106(b) of the
  Housing and Community Development Act of 1974.
  (B) If the amount allotted in any year to any metropolitan city or urban
  county under paragraph (2) is less than $250,000, such city or county shall
  not receive a community housing partnership grant under this subsection. Such
  amount shall be distributed pro rata to the cities and counties otherwise
  receiving funding under subparagraph (A).
  (b) STATE COMMUNITY HOUSING PARTNERSHIP GRANTS-
  (1) SHARE OF APPROPRIATED FUNDS- The Secretary shall allocate 30 percent
  of any amount appropriated for purposes of carrying out this title for
  community housing partnership grants to States for use in areas that do
  not receive a grant under subsection (a).
  (2) APPORTIONMENT OF FUNDS- (A) Amounts allocated under paragraph (1) shall
  be apportioned among the States in the same manner as funds are apportioned
  under section 106(d) of the Housing and Community Development Act of 1974.
  (c) DIRECT COMMUNITY HOUSING PARTNERSHIP GRANTS-
  (1) SHARE OF APPROPRIATED FUNDS- The Secretary shall allocate for community
  housing partnership grants to nonprofit sponsors 10 percent of any amount
  appropriated pursuant to the authorization contained in section 205.
  (2) DISTRIBUTION- The Secretary shall make grants to nonprofit sponsors
  from amounts allocated under paragraph (1), with priority given to any
  nonprofit sponsor--
  (A) that will provide services in an area where the local government or
  State concerned--
  (i) is unwilling or unable to participate in obtaining a grant under
  subsection (a) or (b); or
  (ii) is unable to provide matching funds; or
  (B) that proposes an innovative housing development.
  (d) UNUSED FUNDS-
  (1) RESERVATION OR DISTRIBUTION TO PUBLIC AGENCY SPONSORS- A grant
  administrator other than the Secretary that has grant funds remaining at
  the end of the 12-month period beginning on the date the funds are received
  from the Secretary may reserve such unused funds for an additional 12-month
  period or make the funds available to any public agency that--
  (A) is willing to act as a nonprofit sponsor; and
  (B) otherwise fulfills the eligibility requirements.
  (2) REALLOCATION- A grant administrator other than the Secretary that has
  grant funds remaining at the end of the 24-month period beginning on the
  date the funds are received from the Secretary shall return such unused
  funds to the Secretary for reallocation under subsection (c).
SEC. 203. ELIGIBLE ACTIVITIES.
  (a) PROJECT SPECIFIC TECHNICAL ASSISTANCE AND SITE CONTROL LOANS-
  (1) IN GENERAL- A grant administrator may use funds from a grant received
  under section 202 to provide technical assistance and site control loans
  to nonprofit sponsors in the early stages of site development for an
  eligible project.
  (2) ALLOWABLE EXPENSES- A loan may be provided under paragraph (1)
  to cover project expenses necessary to determine project feasibility,
  including costs of an initial feasibility study, consulting fees, costs
  of preliminary financial applications, legal fees, architectural fees,
  engineering fees, and deposits to obtain options for site control.
  (3) REPAYMENT- A nonprofit sponsor that receives a loan under paragraph
  (1) shall repay the loan to the grant administrator from construction
  loan proceeds or other project income. The Secretary may waive repayment
  of the loan if there are impediments to project development.
  (b) PROJECT-SPECIFIC SEED MONEY LOANS-
  (1) IN GENERAL- Grant administrators may provide loans to nonprofit
  sponsors to cover preconstruction project expenses such as obtaining firm
  construction loan commitments, architectural plans and specifications,
  zoning approvals, engineering studies and legal fees.
  (2) ELIGIBLE NONPROFIT SPONSORS- A grant administrator may provide a loan
  under paragraph (1) only to a nonprofit sponsor who has, with respect to
  the project concerned, site control, a preliminary financial commitment,
  and a capable development team.
  (3) REPAYMENT- A nonprofit sponsor that receives a loan under paragraph
  (1) shall repay the loan to the grant administrator from construction
  loan proceeds or other project income. The grant administrator may waive
  repayment of the loan if there are impediments to project development.
  (c) PROJECT-SPECIFIC MATCHING GRANT OR LOAN-
  (1) IN GENERAL- A grant administrator may provide grants or loans to
  nonprofit sponsors or nonprofit sponsor partnerships to assist in the
  new construction or substantial rehabilitation of eligible projects. A
  grant or loan provided under the preceding sentence may be used to make
  a project feasible and to reduce rents or sales prices--
  (A) by buying down long-term mortgages;
  (B) by providing interest reduction payments;
  (C) by covering operating deficits;
  (D) by providing capital grants; or
  (E) by providing other assistance to support the rehabilitation,
  construction, and occupancy of the eligible project by low- and
  moderate-income families.
  (2) MATCHING REQUIREMENT- A grant administrator may not provide a grant or
  loan under this subsection unless the applicant, for every 3 dollars to
  be provided under the grant or loan, provides 1 dollar of matching funds
  or commitments, on a present value basis, from--
  (A) the State or unit of general local government concerned (such as grants,
  tax abatements, subsidized loans, tax-exempt financing, or other local
  subsidy programs); or
  (B) a private foundation, financial institution, or other private association
  or organization (such as grants, below market loans, or syndication proceeds,
  or equity contributions).
  (d) PROGRAM-WIDE SUPPORT OF NONPROFIT DEVELOPMENT AND MANAGEMENT- Each
  grant administrator shall use not less than 5 percent of the funds received
  under the grant to provide to eligible nonprofit sponsors--
  (1) technical assistance and training; and
  (2) continuing support for managing and conserving properties developed
  under this title.
  (e) USE OF AMOUNTS RECEIVED AS LOAN REPAYMENTS- Any grant administrator
  that receives amounts in repayment of loans made under this title may use
  such amounts only to carry out the purposes of this Act.
SEC. 204. ELIGIBLE PROJECTS.
  (a) ELIGIBLE RENTAL HOUSING PROJECTS- In order to be eligible for a grant
  under section 202, the owner of a rental housing project shall agree to
  the following requirements:
  (1) TYPES OF PROJECTS- The project shall consist of--
  (A) multifamily rental housing (including limited equity cooperatives)
  structures that contain more than 4 independent dwelling units; or
  (B) single room occupancy structures that have a capacity of not less than
  4 persons (and may include the sharing of common eating and bath facilities).
  (2) OCCUPANCY BY LOWER INCOME FAMILIES- In the project--
  (A) at least 40 percent of the units shall be occupied, or available for
  occupancy by, lower income families with incomes of less than 60 percent
  of the area median income, adjusted for family size; or
  (B) at least 20 percent of the units shall be occupied, or be available for
  occupancy by, lower income families with incomes of less than 50 percent
  of the area median income, adjusted for family size.
  (3) LIMITATION ON RENTAL PAYMENTS BY LOWER INCOME FAMILIES- In each project,
  tenants with incomes below 80 percent of the area median income shall not
  pay more than 30 percent of their monthly adjusted income toward monthly
  rental payments.
  (4) PROHIBITION ON ASSISTANCE TO NON-LOWER INCOME FAMILIES- Assistance
  provided under this title may not be used in any project to reduce rental
  payments for families with incomes above 80 percent of the area median
  income, adjusted for family size.
  (5) LIMITATION ON PROFITS- Aggregate monthly rental for each eligible project
  may not exceed the cost of operating the project (including debt service,
  management, adequate reserves, and other operating costs) plus a 6 percent
  return on the equity investment, if any, of the owner of the project.
  (6) PERIOD OF RESTRICTIONS- A project for which assistance is received
  under this title shall comply with the requirements of paragraphs (2) and
  (3) in perpetuity.
  (7) RESTRICTIONS ON CONVEYANCE- (A) The ownership interest in a project for
  which assistance is received under this title may not be conveyed unless
  the instrument of conveyance requires the new owner to comply with the
  same restrictions imposed on the original owner.
  (B) A nonprofit sponsor that receives assistance under this title for a
  project shall agree to use any profit received from the operation, sale,
  or other disposition of the project for the purposes of providing low- and
  moderate-income housing. Profit-motivated partners of nonprofit sponsors
  in a nonprofit sponsor partnership may receive--
  (i) not more than a 6 percent return on their equity investment from
  project operations; and
  (ii) upon disposition of the project, not more than an amount equal to
  their initial equity investment plus a return on that investment equal to
  the increase in the Consumer Price Index for the geographic location of
  the project since the time of the initial investment of such partner in
  the project.
  (8) TENANT PARTICIPATION PLAN- A nonprofit sponsor that receives assistance
  for a project under this title shall provide a plan for and follow a
  program of tenant participations in management decisions and shall adhere
  to a fair lease and grievance procedure approved by the grant administrator.
  (b) HOME OWNERSHIP-
  (1) ELIGIBLE UNITS- Eligible home ownership units shall include the sale of
  dwellings (or in the case of a mutual housing corporation or association
  sponsorship, the sale of indicia of home ownership), including 1- to
  4-family homes and dwelling units in a condominium project, and any
  townhouse or manufactured home, provided such dwelling units provide
  facilities necessary for independent living and comply with--
  (A) applicable local building codes; or
  (B) in any case in which there is not an applicable building code, a
  nationally recognized model building code that the Secretary determines
  to be acceptable.
  (2) ELIGIBLE FAMILIES- In order to be eligible to purchase an eligible
  home ownership unit, a family--
  (A) may not have family income in excess of the greater of--
  (i) 115 percent of the area median income, for a family of 4 persons; or
  (ii) 115 percent of the State median income for a family of 4 persons; and
  (B) may not have owned a home during the 3-year period prior to purchase
  of such unit.
  (3) LIMITATION ON PROFITS- Eligible nonprofit sponsors and nonprofit
  sponsor partnerships may not charge a purchase price for any unit built
  or rehabilitated with assistance under this section in excess of the cost
  of acquisition, construction, and rehabilitation (including soft costs
  such as professional fees, costs of interest and insurance, and taxes)
  and sale of the unit and related common costs of the development plus a
  development fee of 10 percent of such costs. Any development fee received
  by a nonprofit sponsor from the sale or other disposition of an assisted
  project shall be used for the purpose of carrying out a program designed to--
  (A) preserve low- and moderate-income housing;
  (B) manage low- and moderate-income housing;
  (C) provide tenant counseling services for tenants in low- and
  moderate-income housing; and
  (D) provide low- and moderate-income housing.
  (4) RESALE- (A) Upon resale of an assisted unit, the homeowner may not
  charge a sales price in excess of the aggregate of--
  (i) the purchase price that the homeowner paid;
  (ii) an amount equal to the increase in the purchase price based upon the
  Consumer Price Index for the geographic location of the unit since the
  time of the purchase of the unit by the eligible homeowner; and
  (iii) a 1 percent annual return on capital improvements made to the property.
  (B) The restrictions described in subparagraph (A) shall be contained in
  the instrument of conveyance with respect to the assisted unit. The grant
  administrator shall use best efforts to have the assisted unit resold
  to a family that would have qualified for an initial purchase of the
  assisted unit.
  (5) HOUSING COOPERATIVES- Housing cooperatives shall be structured to
  limit the equity appreciation similar to the formula set forth in paragraph
  (4) to ensure continued affordability of cooperative units for households
  meeting the criteria established in subsections (a)(2) and (a)(3).
  (c) COORDINATION WITH OTHER SOURCES OF FUNDING-
  (1) IN GENERAL- Amounts may be provided to a project under this title in
  addition to other amounts provided to such project under local, State,
  or other Federal housing or community assistance programs.
  (2) LIMITATION- Other amounts (as described in paragraph (1)) provided to a
  project assisted under this title shall be reduced to the extent necessary
  to ensure that the monthly rental paid to the project owner for each unit
  assisted under this title does not exceed the maximum rent permitted to
  be paid for such unit as determined under subsection (a)(3).
  (3) SECTION 8 ASSISTANCE- The Secretary or any local housing authority may
  allocate assistance under section 8 of the United States Housing Act of
  1937, including rent certificates and vouchers, to a rental project assisted
  under this title for a term determined by the Secretary or such authority
  to be necessary to assist such project to obtain adequate financing or to
  maintain financial viability.
  (d) TAX TREATMENT OF ELIGIBLE PROJECTS-
  (1) RENTAL OF ELIGIBLE UNITS NOT TREATED AS PASSIVE ACTIVITY-
  (A) Section 469(c) of the Internal Revenue Code of 1986 is amended by adding
  at the end of paragraph (2) the following new sentence: `Notwithstanding
  the foregoing, the term `passive activity' does not include any rental
  activity involving units in an eligible project (as such term is defined
  in section 42(i)(6)).'.
  (2) ELIGIBLE PROJECTS ALLOWED MAXIMUM LOW- AND MODERATE-INCOME HOUSING
  TAX CREDIT- Section 42(b)(1)(A) of the Internal Revenue Code of 1986 is
  amended to read as follows:
  `(A) 9 percent for--
  `(i) new buildings that are not federally subsidized for the taxable
  year, and
  `(ii) eligible projects as defined in section 42(i)(6), or'.
  (3) DEFINITION OF ELIGIBLE PROJECT- Section 42(i) of the Internal Revenue
  Code of 1986 is amended by adding at the end the following:
  `(6) ELIGIBLE PROJECT- The term `eligible project' means any building
  that is eligible for and has received, or has a commitment to receive,
  a community housing partnership grant pursuant to section 201 of the
  Community Housing Partnership Act.'.
  (e) AFFIRMATIVE ACTION REQUIREMENTS- Each nonprofit sponsor that receives
  assistance for a project under this title shall develop and follow an
  affirmative action program approved by the grant administrator to maximize
  the participation of minorities in construction, management, and maintenance
  employment opportunities arising from this program, particularly minority
  residents of the communities in which the project is located.
  (f) NONDISCRIMINATION- No person shall on the grounds of race, color,
  national origin, or sex be excluded from participation in, be denied the
  benefit of, or be subjected to discrimination under any program or activity
  assisted under this title.
SEC. 205. AUTHORIZATION OF APPROPRIATIONS.
  There are authorized to be appropriated to carry out this title $500,000,000
  for fiscal year 1989 and such sums as may be necessary for each succeeding
  fiscal year. Any amount appropriated under this section shall remain
  available until expended.
TITLE III--GENERAL PROVISIONS
SEC. 301. REGULATIONS.
  The Secretary shall issue any regulation necessary to carry out this Act.
SEC. 302. DEFINITIONS.
  For purposes of this Act:
  (1) The terms `area median income' and `State median income' mean the area
  median income and the State median income, respectively, as determined by
  the Secretary.
  (2) The term `grant administrator' means any city or State receiving funds
  under this Act, including any entity, authority, or agency designated
  by such city or State to act as grant administrator. To the extent the
  Secretary directly administers the funding under this program under section
  102(c)(3), the term includes the Secretary.
  (3) The term `low- and moderate-income families' includes families and
  individuals who are at or below the income levels for eligibility for the
  assistance set forth in this title.
  (4) The term `nonprofit organization' means any not-for-profit corporation
  that--
  (A) is organized under State or local laws;
  (B) is qualified under section 501(c)(3) of the Internal Revenue Code; and
  (C) has as one of its purposes the counseling, education, or organizing
  of low- or medium-income homeowners or tenants.
  (5) The term `nonprofit sponsor' means--
  (A) any not-for-profit corporation that is--
  (i) organized under State or local laws;
  (ii) qualified under section 501(c)(3) of the Internal Revenue Code of
  1986; and
  (iii) has as one of its purposes the preservation and production of
  affordable housing; or
  (B) any nonprofit cooperative corporation that is--
  (i) organized under local law; and
  (ii) approved by the Secretary.
  (6) The term `nonprofit sponsor partnership' means a limited partnership
  in which a nonprofit sponsor is a controlling general partner.
  (7) The term `Secretary' means the Secretary of the Department of Housing
  and Urban Development.
  (8) The term `State' means each of the several States or any instrumentality
  of a State approved by the Governor of such State, the District of Columbia,
  the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa,
  the Northern Mariana Islands, the Trust Territory of the Pacific Islands,
  any other territory or possession of the United States, and any Indian tribe.
  (9) The term `substantial rehabilitation' means rehabilitation of a
  project with a cost, including soft costs (such as professional fees,
  costs of interest and insurance, and taxes), equal to at least 30 percent
  of the fair market value of the building. Substantial rehabilitation shall
  require that the structure be rehabilitated (other than a cosmetic repair)
  so that it is in compliance with the building standards as prescribed by
  the Secretary.
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