PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3775

(3) A description of any personnel needs for the property.
SEC. 404. SUBMISSION AND REVIEW. 12 USC 1715z-la

(a) FORM.—The Secretary shall establish the form and manner
of submission of the comprehensive needs assessments under this
title.

(b) RESIDENT REVIEW.—The Secretary shall require each owner
of a covered multifamily housing property and each owner of a
covered multifamily housing property for the elderly to make avail-
able to the residents of the proper

property the comprehensive needs
assessment that is to be submitted to the Secretary. The Secretary
shall require each owner to provide for such residents to submit
comments and opinions regarding the assessment to the owner
before the submission of the assessment.

(c) STATE HOUSING FINANCE AGENCY REVIEW.—To the extent
that a covered multifamily housing property or a covered multifam-
ily housing property for the elderly is financed or assisted by
a State housing finance agency (as such term is defined in section
802 of the Housing and Community Development Act of 1974),
the Secretary shall require the owner of the property to submit
the comprehensive needs assessment for the property to the State
housing finance agency upon submitting the assessment to the
Secretary.

(d) REVIEW.—'The Secretary shall review each comprehensive
needs assessment and shall approve the assessment before the
expiration of the 90-day period beginning upon the receipt of the
assessment, unless the Secretary determines that the assessment
has not been provided in a substantially complete manner.

(e) COST OF PREPARATION OF STRATEGY.—The Secretary shall
consider any costs relating to preparing a comprehensive needs
assessment under this title for a covered multifamily housing prop-
erty that do not exceed $5,000 for the property as an eligible
project expense for the property. The Secretary snail provide that
an owner may not increase the rental charge for any unit in
a covered multifamily housing property to provide for the cost
of preparing a comprehensive needs assessment.

W NOTICE.—The Secretary shall immediately notify each owner
submitting a comprehensive needs assessment (and any State hous-
ing finance agency to which the owner has submitted an assessment
under subsection (d)) of the approval or disapproval of the assess-
ment upon making such determination. Within 30 days after dis-
approving any assessment, the Secretary shall inform the owner
in writing of the reasons for disapproval. The Secretary shall require
any owner whose assessment is disapproved to resubmit an
amended assessment not later than 30 days after the owner receives
the notice of disapproval.

(g) ANNUAL REVIEW AND REPORT OF FUNDING AND TARGETING
FOR COVERED MULTIFAMILY PROPERTIES FOR THE ELDERLY.—

(1) REVIEW.—The Secretary shall annually conduct a com-
prehensive review of—

(A) the funding levels required to fully address the
needs of covered multifamily housing properties for the
elderly identified in the comprehensive needs assessments
under section 403(b), specifically identifying any expenses
necessary to make substantial repairs and add features
(such as congregate dining facilities and commercial kitch-
ens) resulting from development of a property in compliance