Sec. 204. Low-income requirement and income targeting
216 words·~1 min read·
/bill/113/hr/4277/ih/section-204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 205 ( 25 U.S.C. 4135 ) is amended— in subsection (a)— in paragraph (1)— in subparagraph (C), by striking and at the end; in subparagraph (D), by striking the period at the end and inserting ; and ; and by adding at the end the following new subsection: notwithstanding any other provision of this paragraph, in the case of rental housing that is made available to a current rental tenant for conversion to a homebuyer or a lease-purchase unit, that the current rental tenant can purchase through a contract of sale, lease-purchase agreement, or any other sales agreement, is made available for occupancy only by a family that is a low-income family at the time of their initial occupancy of such unit; and ; and in paragraph (2)— by striking satisfactory to the Secretary and inserting in such form as the Secretary shall, by regulation, require ; and by striking Secretary) and inserting recipient) ; and in subsection (c), by adding after the period at the end the following:
The provisions of such paragraph regarding binding commitments for the remaining useful life of the property shall not apply to improvements of privately owned homes if the cost of such improvements do not exceed 10 percent of the maximum total development cost for such home. .
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 204
Low-income requirement and income targeting
Cites 1Cited by 0 across 0 sources