106 STAT. 3834 PUBLIC LAW 102-550—OCT. 28, 1992

$12,178,000 for fiscal year 1993 and $12,689,476 for fiscal year
1994.".

(e) RENTAL HOUSING LOAN AUTHORITY.—Section 515(bX4) of
the Housing Act of 1949 (42 U.S.C. 1485(bX4)) is amended by
striking "September 30, 1992" and inserting "September 30, 1994*.

(f) RURAL HOUSING VOUCHER PROGRAM.—Section 513(e) of the
Housing Act of 1949 (42 U.S.C. 1483(e)> is amended to read as
follows:

"(e) AUTHORIZATION OF APPROPRIATIONS.—There are authorized
to be appropriated for rural housing vouchers under section 542,
$130,000,000 for fiscal year 1993 and $140,000,000 for fiscal year
1994.".

(g) DEFERRED MORTGAGE DEMONSTRATION.—Section 502(gX3)
of the Housing Act of 1949 (42 U.S.C. 1472(gX3)) is amended
by striking "1991 and 1992" and inserting "1993 and 1994".

SEC. 702. ELIGIBILITY OF HOMES ON LEASED LAND OWNED BY
COMMUNITY LAND TRUSTS FOR SECTION 602 LOANS.

(a) ELIGIBILITY.—Section 502(a) of the Housing Act of 1949
(42 U.S.C. 1472(a)) is amended by adding at the end the following
new paragraph:

"(3XA) Notwithstanding any other provision of this title, a
loan may be made under this section for the purchase of a dwelling
located on land owned by a community land trust, if the borrower
and the loan otherwise meet the requirements applicable to loans
under this section.

"(B) For purposes of this paragraph, the term 'community land
trust' means a community housing development organization as
such term is defined in section 104 of the Cranston-Gonzalez
National Affordable Housing Act (except that the requirements
under section 104(6XC) and section 104(6XD) shall not apply for
purposes of this paragraph)—

"(i) that is not sponsored by a for-profit organization;
"(ii) that is established to carry out the activities under
clause (iii);
"(iii) thatr-

"(I) acquires parcels of land, held in perpetuity, pri-
marily for conveyance under long-term ground leases;

"(II) transfers ownership of any structural improve-
ments located on such leased parcels to the lessees; and
"(III) retains a preemptive option to purchase any such
structural improvement at a price determined by formula
that is designed to ensure that the improvement remains
affordable to low- and moderate-income families in perpetu-
ity; and

"(iv) that has its corporate membership open to any adult
resident of a particular geographic area specified in the bylaws
of the Organization.".

(b) RECAPTURE.—Section 521(aXlXD) of the Housing Act of
1949 (42 U.S.C. 1490a(aXlXD)) is amended—

(1) by inserting "(i)" after "(D)w; and

(2) by adding at the end the following new clause:

"(ii) In determining the amount recaptured under this subpara-
graph with respect to any loan made pursuant to section 502(aX3)
For the purchase of a dwelling located on land owned by a commu-
nity land trust, the Secretary shall determine any appreciation
of the dwelling based on any agreement between the borrower