25 U.S.C. § 4232 — Low-income requirement and income targeting

FEDERAL · 25 U.S.C. · Chapter SUBCHAPTER VIII—HOUSING ASSISTANCE FOR NATIVE HAWAIIANS

Low-income requirement and income targeting

25 U.S.C. § 4232

ChapterSUBCHAPTER VIII—HOUSING ASSISTANCE FOR NATIVE HAWAIIANS

This text of 25 U.S.C. § 4232 (Low-income requirement and income targeting) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

25 U.S.C. § 4232.

Text

(a)In general Housing shall qualify for affordable housing for purposes of this subchapter only if—

(1)each dwelling unit in the housing—

(A)in the case of rental housing, is made available for occupancy only by a family that is a low-income family at the time of the initial occupancy of that family of that unit; and

(B)in the case of housing for homeownership, is made available for purchase only by a family that is a low-income family at the time of purchase; and

(2)each dwelling unit in the housing will remain affordable, according to binding commitments satisfactory to the Secretary, for—

(A)the remaining useful life of the property (as determined by the Secretary) without regard to the term of the mortgage or to transfer of ownership; or

(B)such other period as the Secretary det

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(a) In general
Housing shall qualify for affordable housing for purposes of this subchapter only if—
(1) each dwelling unit in the housing—
(A) in the case of rental housing, is made available for occupancy only by a family that is a low-income family at the time of the initial occupancy of that family of that unit; and
(B) in the case of housing for homeownership, is made available for purchase only by a family that is a low-income family at the time of purchase; and
(2) each dwelling unit in the housing will remain affordable, according to binding commitments satisfactory to the Secretary, for—
(A) the remaining useful life of the property (as determined by the Secretary) without regard to the term of the mortgage or to transfer of ownership; or
(B) such other period as the Secretary determines is the longest feasible period of time consistent with sound economics and the purposes of this subchapter, except upon a foreclosure by a lender (or upon other transfer in lieu of foreclosure) if that action—
(i) recognizes any contractual or legal rights of any public agency, nonprofit sponsor, or other person or entity to take an action that would—
(I) avoid termination of low-income affordability, in the case of foreclosure; or
(II) transfer ownership in lieu of foreclosure; and
(ii) is not for the purpose of avoiding low-income affordability restrictions, as determined by the Secretary.
(b) Exception
Notwithstanding subsection (a), housing assistance pursuant to section 4228(a)(2)(B) of this title shall be considered affordable housing for purposes of this subchapter.

Source Credit

History

(Pub. L. 104–330, title VIII, §813, as added Pub. L. 106–568, title II, §203, Dec. 27, 2000, 114 Stat. 2888, and Pub. L. 106–569, title V, §513, Dec. 27, 2000, 114 Stat. 2982.)

Editorial Notes

Editorial Notes

Codification
Pub. L. 106–568, §203, and Pub. L. 106–569, §513, enacted identical sections 813 of Pub. L. 104–330. This section is based on the text of section 813 of Pub. L. 104–330, as added by Pub. L. 106–569, §513.

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Bluebook (online)

25 U.S.C. § 4232, Counsel Stack Legal Research, https://law.counselstack.com/usc/25/4232.

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Source Credit

History

Editorial Notes

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