Sec. 106. National right of first refusal
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Section 302 of the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1717 ) is amended by adding at the end the following: The corporation may not sell or transfer any mortgage that is secured by a single-family or multi-family residential property that is a rental property unless the current tenant or the most recent tenant within the preceding 12-month period was given— not less than 30 days to indicate interest in purchasing the single-family home or dwelling unit in which the tenant resides; and not less than 60 additional days to initiate the application process of securing financing to purchase the home or dwelling unit. .
Section 305 of the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1454 ) is amended by adding at the end the following: The Corporation may not sell or transfer any mortgage that is secured by a single-family or multi-family residential property that is a rental property unless the current tenant or the most recent tenant within the preceding 12-month period was given— not less than 20 days to indicate interest in purchasing the single-family home or dwelling unit in which the tenant resides; and not less than 45 additional days to secure financing to purchase the home or dwelling unit. .
The term manufactured housing community cooperative or corporation means a cooperative or nonprofit corporation established pursuant to the laws of the State in which the property used as a manufactured housing community. The term qualified gain means the gain from the sale or exchange of real property comprised primarily of manufactured housing used solely for residential purposes. A taxpayer who is a party to a manufactured housing community sale or transfer or ownership shall be assessed the tax penalty described in subparagraph
(B)unless— the residents of a manufactured housing community were given 60 days to form a manufactured housing community cooperative or corporation if no such entity currently exists; and the manufactured housing community cooperative or corporation subjected to sale or exchange is given 90 days to initiate the application process of securing financing to purchase the manufactured housing community. The tax penalty described in this subparagraph for any taxable year is an amount equal to 15 percent of the qualified gain received by the taxpayer during the taxable year. The Secretary shall award grants to organizations described in section 501(c)(3) of the Internal Revenue Code and exempt from taxation under section 501(a) of such Code that are actively engaged in supporting affordable housing and resident-owned manufactured housing communities. There is authorized to be appropriated $10,000,000 for each of fiscal years 2021 to 2030 to carry out this subsection.
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