§ 512. DEFINITIONS.
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/usc/title-42/section-512A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
“In this subtitle: Comparable properties .— The term ‘comparable properties’ means properties in the same market areas, where practicable, that— are similar to the eligible multifamily housing project as to neighborhood (including risk of crime), type of location, access, street appeal, age, property size, apartment mix, physical configuration, property and unit amenities, utilities, and other relevant characteristics; and are not receiving project-based assistance. Eligible multifamily housing project .— The term ‘eligible multifamily housing project’ means a property consisting of more than 4 dwelling units— with rents that, on an average per unit or per room basis, exceed the rent of comparable properties in the same market area, determined in accordance with guidelines established by the Secretary; that is covered in whole or in part by a contract for project-based assistance under— the new construction or substantial rehabilitation program under section 8(b)(2) of the United States Housing Act of 1937 [ 42 U.S.C. 1437f(b)(2) ] (as in effect before October 1, 1983 ); the property disposition program under section 8(b) of the United States Housing Act of 1937; the moderate rehabilitation program under section 8(e)(2) of the United States Housing Act of 1937; the loan management assistance program under section 8 of the United States Housing Act of 1937; section 23 of the United States Housing Act of 1937 [ 42 U.S.C. 1437u ] (as in effect before January 1, 1975 ); the rent supplement program under section 101 of the Housing and Urban Development Act of 1965 [ 12 U.S.C. 1701s ]; or section 8 of the United States Housing Act of 1937, following conversion from assistance under section 101 of the Housing and Urban Development Act of 1965; and financed by a mortgage insured or held by the Secretary under the National Housing Act [ 12 U.S.C. 1701 et seq.].
Such term does not include any project with an expiring contract described in paragraph
(1)or
(2)of section 524(e), but does include a project described in section 524(e)(3). Notwithstanding any other provision of this title, the Secretary may treat a project as an eligible multifamily housing project for purposes of this title if
(I)the project is assisted pursuant to a contract for project-based assistance under section 8 of the United States Housing Act of 1937 renewed under section 524 of this Act,
(II)the owner consents to such treatment, and
(III)the project met the requirements of the first sentence of this paragraph for eligibility as an eligible multifamily housing project before the initial renewal of the contract under section 524. Expiring contract .— The term ‘expiring contract’ means a project-based assistance contract attached to an eligible multifamily housing project which, under the terms of the contract, will expire. Expiration date .— The term ‘expiration date’ means the date on which an expiring contract expires. Fair market rent .— The term ‘fair market rent’ means the fair market rental established under section 8(c) of the United States Housing Act of 1937. Low-income families .— The term ‘low-income families’ has the same meaning as provided under section 3(b)(2) of the United States Housing Act of 1937 [ 42 U.S.C. 1437a(b)(2) ]. Mortgage restructuring and rental assistance sufficiency plan .— The term ‘mortgage restructuring and rental assistance sufficiency plan’ means the plan as provided under section 514. Nonprofit organization .— The term ‘nonprofit organization’ means any private nonprofit organization that— is organized under State or local laws; has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual; and has a long-term record of service in providing or financing quality affordable housing for low-income families through relationships with public entities. Portfolio restructuring agreement .— The term ‘portfolio restructuring agreement’ means the agreement entered into between the Secretary and a participating administrative entity, as provided under section 513. Participating administrative entity .— The term ‘participating administrative entity’ means a public agency (including a State housing finance agency or a local housing agency), a nonprofit organization, or any other entity (including a law firm or an accounting firm) or a combination of such entities, that meets the requirements under section 513(b). Project-based assistance .— The term ‘project-based assistance’ means rental assistance described in paragraph (2)(B) of this section that is attached to a multifamily housing project. Renewal .— The term ‘renewal’ means the replacement of an expiring Federal rental contract with a new contract under section 8 of the United States Housing Act of 1937, consistent with the requirements of this subtitle. Secretary .— The term ‘Secretary’ means the Secretary of Housing and Urban Development. State .— The term ‘State’ has the same meaning as in section 104 of the Cranston-Gonzalez National Affordable Housing Act [ 42 U.S.C. 12704 ]. Tenant-based assistance .— The term ‘tenant-based assistance’ has the same meaning as in section 8(f) of the United States Housing Act of 1937. Unit of general local government .— The term ‘unit of general local government’ has the same meaning as in section 104 of the Cranston-Gonzalez National Affordable Housing Act. Very low-income family .— The term ‘very low-income family’ has the same meaning as in section 3(b) of the United States Housing Act of 1937 [ 42 U.S.C. 1437a(b) ]. Qualified mortgagee .— The term ‘qualified mortgagee’ means an entity approved by the Secretary that is capable of servicing, as well as originating, FHA-insured mortgages, and that— is not suspended or debarred by the Secretary; is not suspended or on probation imposed by the Mortgagee Review Board; and is not in default under any Government National Mortgage Association obligation. Office .— The term ‘Office’ means the Office of Multifamily Housing Assistance Restructuring established under section 571.
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