project must meet the requirements in subparagraphs (B)(ii) and (C) of section 8(o)(23) of the United States Housing Act of 1937. (ii) If an owner fails to meet the requirements referred to in clause (i) with respect to any qualified low-income housing project, the credits allowed under this section with respect to such project shall be disallowed or recaptured in an amount that is proportionate to the violation, as determined by the Secretary, but in no case less than 5 percent of the credits claimed during the taxable year during which the violation occurred. (iii) In the case of any failure referred to in clause (ii) that occurs after the expiration of the project’s compliance period (as determined under subsection (i)(1)), the Secretary shall levy fines in accordance with a schedule determined by the Secretary that shall establish fines of not less than $500 per day for each day after the end of the correction period established by the Secretary. The Secretary shall establish such schedule not later than 120 days after the date of the enactment of this Act. The Secretary may delegate its duty to levy fines to the State housing credit agencies. (C) Responsibilities of State Housing Agencies (i) Each State housing credit agency must meet the requirements which are the same as the requirements of subparagraphs (B)(i) and (C) of section 8(o)(23) of the United States Housing Act of 1937. (ii) If a State housing credit agency fails to meet the requirements referred to in clause (i), there shall be a reduction in the State housing credit agency’s State housing credit ceiling (as calculated under subsection (h)(3)(C)) during the calendar year following a violation in an amount determined by the Secretary. (D) Establishment of private right to action Individuals who meet the income limitation applicable to the building under this subsection (whether prospective, present, or former occupants of the building) may file an action at law or in equity, in Federal or State court, including for injunctive relief, to enforce