Eligible assets

For purposes of this subsection, the term “eligible asset” means any of the following categories of assets of the Secretary, unless the Secretary determines at any time that the asset property is economically or otherwise infeasible to rehabilitate or that the best use of the asset property is as open space (including park land):

(A) Properties Any property that— (i) is designed as a dwelling for occupancy by 1 to 4 families; (ii) is located in a revitalization area; (iii) was previously subject to a mortgage insured under the provisions of this chapter; and (iv) is owned by the Secretary pursuant to the payment of insurance benefits under this chapter.

(B) Mortgages Any mortgage that— (i) is an interest in a property that meets the requirements of clauses (i) and (ii) of subparagraph (A); (ii) was previously insured under the provisions of this chapter except for mortgages insured under or made pursuant to sections 1715z, 1715z–12, or 1715z–20 of this title; and (iii) is held by the Secretary pursuant to the payment of insurance benefits under this chapter. For purposes of this subsection, an asset under this subparagraph shall be considered to be located in a revitalization area, or in the asset control area of a preferred purchaser, if the property described in clause (i) is located in such area.