106 STAT. 4042 PUBLIC LAW 102-550—OCT. 28, 1992

"(2) RENTAL TO ELIGIBLE FAMILIES.—A public agency or
nonprofit organization may rent housing leased to it under
paragraph (1) to a family for up to 10 years and may, during
that period, assist the tenant in obtaining a loan and credit
assistance under title V of the Housing Act of 1949 to purchase
the housing from the Secretary,
"(d) LEASE PROCEDURES.—

"(1) IDENTIFICATION OF PROPERTY.—Upon receipt by the
Secretary of written notification from a public agency or non-
profit organization that it proposes to lease a property for
the purpose of providing transitional housing or for the purpose
of providing transitional housing and turnkey housing
opportunities, the Secretary shall—

"(A) withdraw the property from the market for not
more than 30 days for the purpose of negotiations under
subparagraph (B);

"(B) negotiate a lease agreement with the organization
or agency; and

"(C) if a lease is agreed to, commence the repairs
necessary to make the property meet standards for decent,
safe, and sanitary housing.

"(2) LEASE TERMS.—A lease of inventory property under
this section shall—

"(A) be for a period of not more than 10 years;
"(B) provide for the payment of $1 for the 10-year
lease; and

"(C) provide the nonprofit organization or public
agency—

"(i) the right to use the property for transitional
housing; and

"(ii) the option to arrange for the sale of the prop-
erty to an eligible purchaser,
"(e) PURCHASE PROCEDURES.—

"(1) IDENTIFICATION OF PROPERTY.—Upon receipt by the
Secretary of written notification from a public agency or non-
profit organization that it proposes to purchase a property
for the purpose of providing transitional housing or for the
purpose of providing transitional housing and turnkey housing
opportunities, the Secretary shall—

"(A) withdraw the property from the market for not
more than 30 days for the purpose of negotiations under
subparagraph (B);

"(B) negotiate a purchase agreement with the organiza-
tion or agency; and

"(C) if a purchase agreement is agreed to, commence
the repairs necessary to make the property meet standards
for decent, safe, and sanitary housing.
"(2) PURCHASE TERMS.—A purchase of inventory property
under this section shall provide for a purchase price equal
to not more than the fair market value of the property minus
10 percent.

"(f) EMPLOYMENT OF HOMELESS INDIVIDUALS.—A public agency
or nonprofit organization may lease or purchase property under
this section only if the agency or organization, to the maximum
extent practicable, involves homeless individuals and families,
through employment, volunteer services, or otherwise, in maintain-
ing, operating, and renovating any properties leased or acquired