[§201H-73]  Issuance of bonds for thepreservation of low‑income housing projects.  The corporation,pursuant to and in accordance with this subpart, may issue bonds to purchaselow-income housing projects financed by the United States Department of Housingand Urban Development to preserve these projects.  Upon the payment of allinterest and principal stemming from the issuance of these bonds, thecorporation may transfer title to these projects to qualified nonprofitorganizations.  Nothing in this section shall be construed to:

(1)  Prohibit qualified nonprofit or for-profitorganizations from operating these projects on behalf of the corporation, orproviding for the repair and maintenance of these projects, before the paymentof all interest and principal stemming from the issuance of these bonds; or

(2)  Prohibit the corporation from transferring titleto these projects to qualified nonprofit or for-profit organizations if thesebonds can be secured to the satisfaction of the bondholders.

As used in this section, "qualifiednonprofit organization" includes community-based nonprofit organizationsand resident councils. [L 2006, c 180, pt of §4]