Sec. 1407. FHA SINGLE FAMILY PROPERTY DISPOSITION

397 words·~2 min read·/statute-compilations/comps-10705/sec-1407

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## SEC. 1407 FHA SINGLE FAMILY PROPERTY DISPOSITION ###

(a)30-Day Marketing Period Except as provided in subsection (b), in carrying out the program for disposition of single family properties acquired by the Department of Housing and Urban Development for use by the homeless under subpart E of part 291 of title 24, Code of Federal Regulations, the Secretary of Housing and Urban Development may not make any eligible property available for lease under such program that has not been listed and made generally available for sale by the Secretary for a period of at least 30 days. ###

(b)Exception With respect to any area for which the Secretary determines that there will not be a sufficient quantity of decent, safe, and sanitary affordable housing available for use under the program referred to in subsection

(a)if eligible properties located in the area are made generally available for the 30-day period under subsection (a), the Secretary shall reserve for disposition under such program not more than 10 percent of the total number of eligible properties located in the area and shall not market such properties as provided under subsection (a). The Secretary shall consult with the unit of general local government for an area in determining which properties should be reserved for disposition under this subsection. ###

(c)State and Local Taxes ####

(1)Requirement to provide information upon request In carrying out the program referred to in subsection (a), the Secretary of Housing and Urban Development shall provide the information described in paragraph

(2)to any lessee or applicant under the program who requests such information. ####

(2)Content The information referred in paragraph

(1)shall identify and describe any exemptions or reductions relating to payment of property taxes under State and local laws (for the jurisdictions for which the lessee or applicant requests such information) that may be applicable to lessees or applicants, or to properties leased, under such program. ####

(3)Exemption from escrow requirement To the extent any lessee of a property under the program referred to in subsection

(a)is provided an exemption from any requirement to pay State or local taxes, or a reduction in the amount of any such taxes, the Secretary may not require the lessee to pay or deposit in any escrow account amounts for the payment of such taxes. # TITLE XV ANNUNZIO-WYLIE ANTI-MONEY LAUNDERING ACT