Sec. 301. Modification of rules related to community housing development organizations
304 words·~1 min read·
/bill/118/s/3793/is/section-301A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 104 of the Cranston-Gonzalez National Affordable Housing Act ( 42 U.S.C. 12704 ) is amended— in paragraph (6)(B)— by striking significant ; and by striking and otherwise and inserting or as otherwise determined acceptable by the Secretary ; and by adding at the end the following: The term community land trust means a nonprofit entity or a State or local government or instrumentality thereof that— is not sponsored by a for-profit organization; has as a primary purpose the provision and maintenance of housing that provides long-term affordability for low- and moderate-income persons; provides housing described in subparagraph
(B)using a ground lease, deed covenant, or other similar legally enforceable measure, as determined by the Secretary, that— keeps the housing affordable to low- and moderate-income persons for not less than 30 years; and enables low- and moderate-income persons to purchase the housing for homeownership; and maintains preemptive purchase options to purchase the property so the housing remains affordable to low-and moderate-income persons. . Section 233 of the Cranston-Gonzalez National Affordable Housing Act ( 42 U.S.C. 12773 ) is amended by striking subsection (f). Section 231 of the Cranston-Gonzalez national Affordable Housing Act ( 42 U.S.C. 12771 ) is amended— in subsection (a), by striking to be developed, sponsored, or owned by community housing development organizations and inserting when a community housing development organization materially participates in the ownership or development of such housing, as determined by the Secretary ; by striking subsection
(b)and inserting the following: If any funds reserved under subsection
(a)remain uninvested for a period of 24 months, then the Secretary shall make such funds available to the participating jurisdiction for any eligible activities under this title without regard to whether a community housing development organization materially participates in the use of the funds. ; and by striking subsection (c).
Connectionstraces to 3
Citation graph
cites case law
Sec. 301
Modification of rules related to community housing development organizations
Cites 3Cited by 0 across 0 sources