§ 4135. Low-income requirement and income targeting
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/usc/title-25/section-4135A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general Housing shall qualify as affordable housing for purposes of this chapter only if—
(1)each dwelling unit in the housing—
(A)in the case of rental housing, 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;
(B)in the case of a contract to purchase existing housing, is made available for purchase only by a family that is a low-income family at the time of purchase;
(C)in the case of a lease-purchase agreement for existing housing or for housing to be constructed, is made available for lease-purchase only by a family that is a low-income family at the time the agreement is entered into; and
(D)in the case of a contract to purchase housing to be constructed, is made available for purchase only by a family that is a low-income family at the time the contract is entered into; and
(2)except for housing assisted under section 1437bb of title 42 (as in effect before the date of the effectiveness of this chapter), each dwelling unit in the housing will remain affordable, according to binding commitments satisfactory to the Secretary, for the remaining useful life of the property (as determined by the Secretary) without regard to the term of the mortgage or to transfer of ownership, or for such other period that the Secretary determines is the longest feasible period of time consistent with sound economics and the purposes of this chapter, except upon a foreclosure by a lender (or upon other transfer in lieu of foreclosure) if such action—
(A)recognizes any contractual or legal rights of public agencies, nonprofit sponsors, or others to take actions that would avoid termination of low-income affordability in the case of foreclosure or transfer in lieu of foreclosure; and
(B)is not for the purpose of avoiding low-income affordability restrictions, as determined by the Secretary.
(b)Exception Notwithstanding subsection (a), housing assisted pursuant to section 4131(b)(2) of this title shall be considered affordable housing for purposes of this chapter.
(c)Applicability The provisions of paragraph
(2)of subsection
(a)regarding binding commitments for the remaining useful life of property shall not apply to a family or household member who subsequently takes ownership of a homeownership unit.
(Pub. L. 104–330, title II, § 205, Oct. 26, 1996, 110 Stat. 4033; Pub. L. 105–276, title V, § 595(e)(8), Oct. 21, 1998, 112 Stat. 2657; Pub. L. 110–411, title II, § 204, Oct. 14, 2008, 122 Stat. 4326.)
Connections32 cite this · traces to 2
Cited by 32 sections · top 30
statutes-at-large
- Public Law 104–330To provide Federal assistance for Indian tribes in a manner that recognizes the right of tribal self-governance, and for other purposes
- Public Law 110–411To reauthorize the programs for housing assistance for Native Americans
- Public Law 105–276Making appropriations for the Departments of Veterans Affairs and Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 1999, and for other purposes
bill
- Sec. 201Low-income requirement and income targeting
- Sec. 204Low-income requirement and income targeting
- Sec. 203Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 204Low-income requirement and income targeting
- Sec. 203Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 203Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 201Low-income requirement and income targeting
- Sec. 203Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 203Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 203Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 202Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 202Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 203Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 203Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 203Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 202Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 8Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 202Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 8Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 608
- Sec. 11007Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 11007Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 11007Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 7Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 202Homeownership or lease-to-own low-income requirement and income targeting
- Sec. 7Homeownership or lease-to-own low-income requirement and income targeting
Traces to 2 documents
15 references not yet in our index
- section 1437bb of title 42
- Pub. L. 104–330, title II, § 205
- 110 Stat. 4033
- Pub. L. 105–276, title V, § 595(e)(8)
- 112 Stat. 2657
- Pub. L. 110–411, title II, § 204
- 122 Stat. 4326
- Pub. L. 104–330
- 110 Stat. 4016
- Section 1437bb of title 42
- Pub. L. 104–330, title V, § 501(a)
- 110 Stat. 4041
- section 107 of Pub. L. 104–330
- Pub. L. 110–411
- Pub. L. 105–276
Citation graph
cites case law
§ 4135
Low-income requirement and income targeting
Bills×26
Stat.×3
U.S.C.×3
Citesection 1437bb of title 42
Pub. L.Pub. L. 104–330, title II, § 205
Stat.110 Stat. 4033
Pub. L.Pub. L. 105–276, title V, § 595(e)(8)
Stat.112 Stat. 2657
Cites 17 · showing 7Cited by 32 across 3 sources