42 USC 1437z-7 - Mixed-finance public housing

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

§ 1437z–7.

Mixed-finance public housing

(a)

Authority

(b)

Assistance

(1)

Forms

(2)

Use

(c)

Compliance with public housing requirements

(d)

Mixed-finance projects

(1)

In general

(2)

Types of projects

The term includes a project that is developed—

(A)

by a public housing agency or by an entity affiliated with a public housing agency;

(B)

by a partnership, a limited liability company, or other entity in which the public housing agency (or an entity affiliated with a public housing agency) is a general partner, managing member, or otherwise participates in the activities of that entity;

(C)

by any entity that grants to the public housing agency the right of first refusal and first option to purchase, after the close of the compliance period, of the qualified low-income building in which the public housing units exist in accordance with section 42(i)(7) of title 26; or

(D)

in accordance with such other terms and conditions as the Secretary may prescribe by regulation.

(e)

Structure of projects

Each mixed-finance project shall be developed—

(1)

in a manner that ensures that public housing units are made available in the project, by regulatory and operating agreement, master contract, individual lease, condominium or cooperative agreement, or equity interest;

(2)

in a manner that ensures that the number of public housing units bears approximately the same proportion to the total number of units in the mixed-finance project as the value of the total financial commitment provided by the public housing agency bears to the value of the total financial commitment in the project, or shall not be less than the number of units that could have been developed under the conventional public housing program with the assistance, or as may otherwise be approved by the Secretary; and

(3)

in accordance with such other requirements as the Secretary may prescribe by regulation.

(f)

Taxation

(1)

In general

A public housing agency may elect to exempt all public housing units in a mixed-finance project—

(A)

from the provisions of section 1437d(d) of this title, and instead subject such units to local real estate taxes; and

(B)

from the finding of need and cooperative agreement provisions under section 1437c(e)(1)(ii) and 1437c(e)(2) of this title, but only if the development of the units is not inconsistent with the jurisdiction’s comprehensive housing affordability strategy.

(2)

Low-income housing tax credit

(g)

Use of savings

(h)

Effect of certain contract terms

(Sept. 1, 1937, ch. 896, title I, § 35, as added Pub. L. 105–276, title V, § 539[(a)], Oct. 21, 1998, 112 Stat. 2594.)

cite as: 42 USC 1437z-7