U.S Code last checked for updates: Nov 22, 2024
All TitlesTitle 42Chapter 8Subchapter II-A
§ 1437aaa–3.
Homeownership program requirements
(a)
In general
(b)
Affordability
(c)
Plan
A homeownership program under this subchapter 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;
(3)
ensuring continued affordability by tenants, homebuyers, and homeowners in the project;
(4)
providing ongoing training and counseling for homebuyers and homeowners; and
(5)
replacing units in eligible projects covered by a homeownership program.
(d)
Acquisition and rehabilitation limitations
(e)
Financing
(1)
In general
(2)
Prohibition against pledges
Property transferred under this subchapter shall not be pledged as collateral for debt or otherwise encumbered except when the Secretary determines that—
(A)
such encumbrance will not threaten the long-term availability of the property for occupancy by low-income families;
(B)
neither the Federal Government nor the public housing agency will be exposed to undue risks related to action that may have to be taken pursuant to paragraph (3);
(C)
any debt obligation can be serviced from project income, including operating assistance; and
(D)
the proceeds of such encumbrance will be used only to meet housing standards in accordance with subsection (f) or to make such additional capital improvements as the Secretary determines to be consistent with the purposes of this subchapter.
(3)
Opportunity to cure
(f)
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 purposes of this subchapter.
(g)
Repealed. Pub. L. 105–276, title V, § 531(b)(1), Oct. 21, 1998, 112 Stat. 2573
(h)
Protection of non-purchasing families
(1)
In general
(2)
Replacement assistance
(3)
Relocation assistance
(4)
Other rights
(Sept. 1, 1937, ch. 896, title III, § 304, as added Pub. L. 101–625, title IV, § 411, Nov. 28, 1990, 104 Stat. 4153; amended Pub. L. 102–550, title I, § 181(g)(1)(A), Oct. 28, 1992, 106 Stat. 3736; Pub. L. 104–19, title I, § 1002(b), July 27, 1995, 109 Stat. 236; Pub. L. 105–276, title V, § 531(b)(1), Oct. 21, 1998, 112 Stat. 2573.)
cite as: 42 USC 1437aaa-3
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