§ 12894. Homeownership program requirements
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/usc/title-42/section-12894A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general A homeownership program under this part shall provide for acquisition by eligible families of ownership interests in, or shares representing, units in an eligible property under any arrangement determined by the Secretary to be appropriate, such as cooperative ownership (including limited equity cooperative ownership) and fee simple ownership (including condominium ownership), for occupancy by the eligible families.
(b)Affordability A homeownership program under this part shall provide for the establishment of sales prices (including principal, insurance, taxes, and interest and closing costs) for initial acquisition of the property, and for sales to eligible families, such that the eligible family shall not be required to expend more than 30 percent of the adjusted income of the family per month to complete a sale under the homeownership program.
(c)Eligible property A property may not participate in a homeownership program under this part unless all tenants or occupants of the property (at the time of 1 the application for the implementation grant covering the property is filed with the Secretary) participate in the homeownership program.
(d)Plan A homeownership program under this part shall provide, and include a plan, for—
(1)identifying and selecting eligible families to participate in the homeownership program;
(2)providing relocation assistance to families who elect to move; and
(3)ensuring continued affordability of the property to homebuyers and homeowners.
(e)Housing quality standards The application shall include a plan ensuring that the unit—
(1)will be free from any defects that pose a danger to health or safety before transfer of an ownership interest in, or shares representing, a unit to an eligible family; and
(2)will, not later than 2 years after the transfer to an eligible family, meet minimum housing standards established by the Secretary for the purpose of this title.2
(f)Preference for acquisition of vacant units Each homeownership program under this part shall provide that, in making vacant units in eligible properties available for acquisition by eligible families, preference shall be given to eligible families who reside in public or Indian housing.
(Pub. L. 101–625, title IV, § 444, Nov. 28, 1990, 104 Stat. 4176; Pub. L. 102–550, title I, § 181(f), Oct. 28, 1992, 106 Stat. 3736.)
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U.S. Code
statutes-at-large
- Public Law 102–550To amend and extend certain laws relating to housing and community development, and for other purposes
- Public Law 101–625To authorize a new HOME Investment Partnerships program, a National Homeownership Trust program, and HOPE programs, to amend and extend certain laws relating to housing, community and neighborhood preservation, and related programs, and for other purposes
statute-compilations
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- Pub. L. 101–625, title IV, § 444
- 104 Stat. 4176
- Pub. L. 102–550, title I, § 181(f)
- 106 Stat. 3736
- Pub. L. 101–625
- 104 Stat. 4148
- Pub. L. 102–550
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§ 12894
Homeownership program requirements
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U.S.C.×2
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Pub. L.Pub. L. 101–625, title IV, § 444
Stat.104 Stat. 4176
Pub. L.Pub. L. 102–550, title I, § 181(f)
Cites 11 · showing 7Cited by 5 across 3 sources