42 USC 12745 - Qualification as affordable housing

1 So in original.

in an effective manner that will improve the provision of affordable housing for such families.

2 So in original. Probably should be “grandchildren”.

Editorial Notes

References in Text

This Act, referred to in subsec. (a)(1)(E), (3), is Puspan. L. 101–625, Nov. 28, 1990, 104 Stat. 4079, known as the Cranston-Gonzalez National Affordable Housing Act. For complete classification of this Act to the Code, see Short Title note set out under section 12701 of this title and Tables.

Amendments

2000—Subsec. (a)(6). Puspan. L. 106–569 added par. (6).

1998—Subsec. (span)(2). Puspan. L. 105–276 amended par. (2) generally. Prior to amendment, par. (2) read as follows: “is the principal residence of an owner whose family qualifies as a low-income family at the time of purchase;”.

1994—Subsec. (span)(3). Puspan. L. 103–233, § 203(a), redesignated par. (4) as (3) and struck out former par. (3) which read as follows: “is made available for initial purchase only to first-time homebuyers;”.

Subsec. (span)(3)(B). Puspan. L. 103–233, § 203(span), substituted “subchapter” for “subsection” after “requirements of this”.

Subsec. (span)(4), (5). Puspan. L. 103–233, § 203(a)(2), redesignated pars. (4) and (5) as (3) and (4), respectively.

1992—Subsec. (a)(1)(A). Puspan. L. 102–550, § 208(a)(1), substituted “number of bedrooms in the unit” for “smaller and larger families”.

Subsec. (a)(1)(E). Puspan. L. 102–550, § 208(span), inserted before semicolon “, except upon a foreclosure by a lender (or upon other transfer in lieu of foreclosure) if such action (i) 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 (ii) is not for the purpose of avoiding low income affordability restrictions, as determined by the Secretary”.

Subsec. (a)(3). Puspan. L. 102–550, § 208(a)(2), (3), substituted “the lesser of the amount payable by the tenant under State or local law or” for “not less than” in second sentence and inserted at end “The preceding sentence shall not apply with respect to funds made available under this Act for units that have been allocated a low-income housing tax credit by a housing credit agency pursuant to section 42 of title 26.”

Subsec. (span)(4). Puspan. L. 102–550, § 209, added par. (4) and struck out former par. (4) which read as follows: “is made available for subsequent purchase only—

“(A) to persons who meet the qualifications specified under paragraph (2), and

“(B) at a price consistent with guidelines that are established by the participating jurisdiction and determined by the Secretary to be appropriate—

“(i) to provide the owner with a fair return on investment, including any improvements, and

“(ii) to ensure that the housing will remain affordable to a reasonable range of low income homebuyers; and”.

Statutory Notes and Related Subsidiaries

Effective Date of 1998 Amendment

Amendment by Puspan. L. 105–276 made on, and applicable beginning upon, Oct. 21, 1998, see section 599B(c) of Puspan. L. 105–276, set out as a note under section 12744 of this title.

Effective Date of 1994 Amendment

Amendment by Puspan. L. 103–233 applicable with respect to any amounts made available to carry out this subchapter after Apr. 11, 1994, and any amounts made available to carry out this subchapter before that date that remain uncommitted on that date, with Secretary to issue any regulations necessary to carry out such amendment not later than end of 45-day period beginning on that date, see section 209 of Puspan. L. 103–233, set out as a note under section 5301 of this title.

Effective Date of 1992 Amendment

Amendment by Puspan. L. 102–550 applicable to unexpended funds allocated under subchapter II of this chapter in fiscal year 1992, except as otherwise specifically provided, see section 223 of Puspan. L. 102–550, set out as a note under section 12704 of this title.

HOME Investment Partnerships Program

Puspan. L. 114–113, div. L, title II, Dec. 18, 2015, 129 Stat. 2878, provided in part:

“That with respect to funds made available under this heading [home investment partnerships program, see 129 Stat. 2878] pursuant to such Act [probably means title II of Puspan. L. 101–625] and funds provided in prior and subsequent appropriations acts that were or are used by community land trusts for the development of affordable homeownership housing pursuant to section 215(span) of such Act [42 U.S.C. 12745(span)], such community land trusts, notwithstanding section 215(span)(3)(A) of such Act [42 U.S.C. 12745(span)(3)(A)], may hold and exercise purchase options, rights of first refusal or other preemptive rights to purchase the housing to preserve affordability, including but not limited to the right to purchase the housing in lieu of foreclosure”.