Sec. 801. Transfer of multifamily rural housing projects
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/bill/118/s/2790/is/section-801A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 515 of the Housing Act of 1949 ( 42 U.S.C. 1485 ) is amended— in subsection (h), by adding at the end the following: A nonprofit or public body purchaser, including a limited partnership with a general partner that is a nonprofit or is controlled by a nonprofit, may purchase a property for which a loan is made or insured under this section that has received a market value appraisal, without addressing rehabilitation needs at the time of purchase, if the purchaser— makes a commitment to address rehabilitation needs during ownership and long-term use restrictions on the property; and at the time of purchase, accepts long-term use restrictions on the property. ; and in subsection (w)(1), in the first sentence in the matter preceding subparagraph (A), by striking 9 percent and inserting 50 percent .
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Sec. 801
Transfer of multifamily rural housing projects
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