Mandatory program requirements
Preservation programs assisted under this section shall—
(1)
(1)#
be used to provide loans or grants to owners of single family housing in order to cover the cost of repairs and improvements;
(2)∀ 1#
be used to provide loans or grants, not to exceed $15,000 per unit, to owners of single family housing to replace existing housing if repair or rehabilitation of the housing is determined by the Secretary not to be practicable and the owner of the housing is unable to afford a loan under section 1472 of this title for replacement housing;
(3)#
be used to provide interest reduction payment;
(4)∀ 1#
be used to provide loans or grants to owners of rental housing, except that rental rehabilitation or replacement assistance provided under this subsection for any structure shall not exceed 75 per centum of the total costs associated with the rehabilitation or replacement of that structure;
(5)∀ 1#
be used to provide other comparable assistance that the Secretary deems appropriate to carry out the purpose of this section, designed to reduce the costs of such repair, rehabilitation, and replacement in order to make such housing affordable by persons of low income and, to the extent feasible, by persons and families whose incomes do not exceed 50 per centum of the area median income;
(6)#
benefit low- and very low-income persons and families in rural areas, without causing the displacement of current residents; and
(7)#
raise health and safety conditions to meet those specified in section 1479(a) of this title .