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



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



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



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