12 USC 4109 - Incentives to extend low-income use

U.S Code last checked for updates: Nov 22, 2024

§ 4109.

Incentives to extend low-income use

(a)

Agreements by Secretary

(b)

Permissible incentives

Such agreements may include one or more of the following incentives:

(1)

Increased access to residual receipts accounts.

(2)

Subject to the availability of amounts provided in appropriations Acts—

(A)

an increase in the rents permitted under an existing contract under section 1437f of title 42, or

(B)

additional assistance under section 1437f of title 42 or an extension of any project-based assistance attached to the housing; and

(3)

An increase in the rents on units occupied by current tenants as permitted under section 4112 of this title.

(4)

Financing of capital improvements under section 201 of the Housing and Community Development Amendments of 1978.

(5)

Financing of capital improvements through provision of insurance for a second mortgage under section 1715z–6 of this title.

(6)

In the case of housing defined in section 4119(1)(A)(iii) of this title, redirection of the Interest Reduction Payment subsidies to a second mortgage.

(7)

Access by the owner to a portion of the preservation equity in the housing through provision of insurance for a second mortgage loan insured under section 1715z–6(f) 2

 See References in Text note below.

of this title or a non-insured mortgage loan approved by the Secretary and the mortgagee.

(8)

Other incentives authorized in law.

With respect to any housing with a mortgage insured or otherwise assisted pursuant to section 1715z–1 of this title, the provisions of subsections (f) and (g) of section 1715z–1 of this title notwithstanding, the fair market rental charge for each unit in such housing may be increased in accordance with this subsection, but the owner shall pay to the Secretary all rental charges collected in excess of the basic rental charges, in an amount not greater than the fair market rental charges as such charges would have been established under section 1715z–1(f) of this title absent the requirements of this paragraph.

(Pub. L. 100–242, title II, § 219, as added Pub. L. 101–625, title VI, § 601(a), Nov. 28, 1990, 104 Stat. 4256; amended Pub. L. 102–550, title III, § 306, Oct. 28, 1992, 106 Stat. 3764.)

cite as: 12 USC 4109