(a) In general
In addition to any responsibilities delegated under section 4103(c) of this title, the Secretary shall delegate some or all responsibility for implementing this subchapter to a State housing agency if such agency submits a preservation plan acceptable to the Secretary.
State preservation plans shall be submitted in such form and in accordance with such procedures as the Secretary shall establish. The Secretary may approve plans that contain—
(1) an inventory of low-income housing located within the State that is or will be eligible low-income housing under this subchapter within 5 years;
(2) a description of the agency’s experience in the area of multifamily financing and restructuring;
(3) a description of the administrative resources that the agency will commit to the processing of plans of action in accordance with this subchapter;
(4) a description of the administrative resources that the agency will commit to the monitoring of approved plans of action in accordance with this subchapter;
(5) an independent analysis of the performance of the multifamily housing inventory financed or otherwise monitored by the agency;
(6) a certification by the public official responsible for submitting the comprehensive housing affordability strategy under section 12705 of title 42 that the proposed activities are consistent with the approved housing strategy of the State within which the eligible low-income housing is located; and
(7) such other certifications or information that the Secretary determines to be necessary or appropriate to achieve the purposes of this subchapter.
(c) Implementation agreements
The Secretary may enter into any agreements necessary to implement an approved State preservation plan, which may include incentives that are authorized under other provisions of this subchapter.
REGULATIONS Pub. L. 102–550, title III, §315, Oct. 28, 1992, 106 Stat. 3770, provided that: "The Secretary of Housing and Urban Development shall issue interim regulations implementing section 227 of the Housing and Community Development Act of 1987 (as amended by section 601(a) of the Cranston-Gonzalez National Affordable Housing Act) [12 U.S.C. 4117] not later than the expiration of the 30-day period beginning on the date of the enactment of this Act [Oct. 28, 1992], which shall take effect upon issuance. The Secretary shall issue final regulations implementing such section 227 after notice and opportunity for public comment regarding the interim regulations, pursuant to the provisions of section 553 of title 5, United States Code (notwithstanding subsections (a)(2), (b)(B), and (d)(3) of such section). The duration of the period for public comment shall not be less than 60 days, and the final regulations shall be issued not later than the expiration of the 60-day period beginning upon the conclusion of the comment period and shall take effect upon issuance."
12 U.S.C. § 4117 (2018)