Homeownership or lease-to-own low-income requirement and income targeting

The Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. 4101 et seq.) is amended— (1) in section 205 (25 U.S.C. 4135)— (A) in subsection (a)(1)— (i) in subparagraph (C), by striking and at the end; and (ii) by adding at the end the following: (E) notwithstanding any other provision of this paragraph, in the case of rental housing that is made available to a current rental family for conversion to a homebuyer or a lease-purchase unit, that the current rental family can purchase through a contract of sale, lease-purchase agreement, or any other sales agreement, is made available for purchase only by the current rental family, if the rental family was a low-income family at the time of their initial occupancy of such unit; and; and (B) in subsection (c)— (i) by striking The provisions and inserting the following: (1) In general The provisions; and (ii) by adding at the end the following: (2) Applicability to improvements The provisions of subsection (a)(2) regarding binding commitments for the remaining useful life of property shall not apply to improvements of privately owned homes if the cost of the improvements do not exceed 10 percent of the maximum total development cost for the home.; and (2) in section 813(a) (25 U.S.C. 4232(a))— (A) in paragraph (1)— (i) in subparagraph (A), by striking and at the end; and (ii) by adding at the end the following: (C) notwithstanding any other provision of this paragraph, in the case of rental housing that is made available to a current rental family for conversion to a homebuyer or a lease-purchase unit, the current rental family can purchase through a contract of sale, lease-purchase agreement, or any other sales agreement, is made available for purchase only by the current rental family, if the rental family was a low-income family at the time of their initial occupancy of such unit; and; and (B) by adding at the end the following: (3) Applicability to improvements The provisions of subsection (a)(2) regarding binding commitments for the remaining useful life of property or other period as determined by the Secretary shall not apply to improvements of privately owned homes if the cost of the improvements do not exceed 10 percent of the maximum total development cost for the home..