§ 12804. Rehabilitation loans
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/usc/title-42/section-12804A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general The Secretary shall make available a model program to provide direct loans to finance the rehabilitation of low and moderate income single family and multifamily residential properties.
(b)Condition of loans The Secretary shall establish terms and conditions to ensure that such loans are acceptable risks, taking into consideration the need for rehabilitation, the security for the loan and the ability of the borrower to repay the loan. The Secretary may establish the interest rate for loans under the model program, which shall include special interest rates for loans to borrowers with incomes below 80 percent of the area median income.
(c)Additional restrictions Guidelines for the model program may require that the property—
(1)be located in an area that contains a substantial number of dwellings in need of rehabilitation;
(2)the property 1 is residential and owner-occupied; and
(3)the property 1 is in need of rehabilitation or concentrated code enforcement within a reasonable time, and the rehabilitation of such property is consistent with a local plan for rehabilitation or code enforcement.
Additional guidelines for the model program shall generally comport with the additional protections and restrictions specified under section 1452b 2 of this title.
(Pub. L. 101–625, title II, § 254, Nov. 28, 1990, 104 Stat. 4121.)
Connections2 cite this · traces to 2
Cited by 2 sections
statute-compilations
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- 2
- Pub. L. 101–625, title II, § 254
- 104 Stat. 4121
- Pub. L. 101–625, title II, § 289(b)(1)
- 104 Stat. 4128
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§ 12804
Rehabilitation loans
Stat. Comp.×1
Stat.×1
Cite1
Cite2
Pub. L.Pub. L. 101–625, title II, § 254
Stat.104 Stat. 4121
Pub. L.Pub. L. 101–625, title II, § 289(b)(1)
Cites 8 · showing 7Cited by 2 across 2 sources