U.S Code last checked for updates: Nov 22, 2024
All TitlesTitle 12Chapter 42Subchapter I
§ 4110.
Incentives for transfer to qualified purchasers
(a)
In general
(b)
Right of first offer to priority purchasers
(1)
Negotiation period
(2)
Expression of interest
(3)
Information
(c)
Right of refusal for other qualified purchasers
(d)
Assistance
(1)
Approval
(2)
Amount
Subject to the availability of amounts approved in appropriations Acts, the Secretary shall, for approvable plans of action, provide assistance sufficient to enable qualified purchasers (including all priority purchasers other than resident councils acquiring under the homeownership program authorized by section 4116 of this title) to—
(A)
acquire the eligible low-income housing from the current owner for a purchase price not greater than the preservation equity of the housing;
(B)
pay the debt service on the federally-assisted mortgage covering the housing;
(C)
pay the debt service on any loan for the rehabilitation of the housing;
(D)
meet project operating expenses and establish adequate reserves for the housing, and in the case of a priority purchaser, meet project oversight costs;
(E)
receive a distribution equal to an 8 percent annual return on any actual cash investment (from sources other than assistance provided under this title 2
2
 See References in Text note below.
) made to acquire or rehabilitate the project;
(F)
in the case of a priority purchaser, receive a reimbursement of all reasonable transaction expenses associated with the acquisition, loan closing, and implementation of an approved plan of action; and
(G)
in the case of an approved resident homeownership program, cover the costs of training for the resident council, homeownership counseling and training, the fees for the nonprofit entity or public agency working with the resident council and costs related to relocation of tenants who elect to move.
(3)
Incentives
(A)
In general
(B)
Priority purchasers
(Pub. L. 100–242, title II, § 220, as added Pub. L. 101–625, title VI, § 601(a), Nov. 28, 1990, 104 Stat. 4257; amended Pub. L. 102–550, title III, § 307, Oct. 28, 1992, 106 Stat. 3764.)
cite as: 12 USC 4110
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