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42 U.S.C. § 12895 — Homeownership program requirements
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** A homeownership program under this part shall provide for acquisition by eligible families of ownership interests in, or shares representing, units in an eligible property under any arrangement determined by the Secretary to be appropriate, such as cooperative ownership (including limited equity cooperative ownership) and fee simple ownership (including condominium ownership), for occupancy by the eligible families.
**(b) Affordability** A homeownership program under this part shall provide for the establishment of sales prices (including principal, insurance, taxes, and interest and closing costs) for initial acquisition of the property, and for sales to eligible families, such that the eligible family shall not be required to expend more than 30 percent of the adjusted income of the family per month to complete a sale under the homeownership program.
**(c) Eligible property** A property may not participate in a homeownership program under this part unless all tenants or occupants of the property (at the time of 11 So in original. The word “of” probably should not appear. the application for the implementation grant covering the property is filed with the Secretary) participate in the homeownership program.
**(d) Plan** A homeownership program under this part 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; and
(3) ensuring continued affordability of the property to homebuyers and homeowners.
**(e) 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 inter
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 12895
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Stable record: federal_law:legal_authorities:record_usc_01764d023f83a77598c62182
Source file: Laws/federal/codes/united-states-code/title-42/section-12895-homeownership-program-requirements--b5e77f2ea3.md
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Source location: Title 42, Chapter 130, § 12895; chapter-130-national-affordable-housing.md
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**(a) In general** A homeownership program under this part shall provide for acquisition by eligible families of ownership interests in, or shares representing, units in an eligible property under any arrangement determined by the Secretary to be appropriate, such as cooperative ownership (including limited equity cooperative ownership) and fee simple ownership (including condominium ownership), for occupancy by the eligible families.
**(b) Affordability** A homeownership program under this part shall provide for the establishment of sales prices (including principal, insurance, taxes, and interest and closing costs) for initial acquisition of the property, and for sales to eligible families, such that the eligible family shall not be required to expend more than 30 percent of the adjusted income of the family per month to complete a sale under the homeownership program.
**(c) Eligible property** A property may not participate in a homeownership program under this part unless all tenants or occupants of the property (at the time of 11 So in original. The word “of” probably should not appear. the application for the implementation grant covering the property is filed with the Secretary) participate in the homeownership program.
**(d) Plan** A homeownership program under this part 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; and
(3) ensuring continued affordability of the property to homebuyers and homeowners.
**(e) 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 purpose of this title.22 So in original. See References in Text note below.
**(f) Preference for acquisition of vacant units** Each homeownership program under this part shall provide that, in making vacant units in eligible properties available for acquisition by eligible families, preference shall be given to eligible families who reside in public or Indian housing.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Applications for demolition and disposition** Except as provided in subsection (b), upon receiving an application by a public housing agency for authorization, with or without financial assistance under this subchapter, to demolish or dispose of a public housing project or a portion of a public housing project (including any transfer to a resident-supported nonprofit entity), the Secretary shall approve the application, if the public housing agency certifies—
(1) in the case of—
(A) an application proposing demolition of a public housing project or a portion of a public housing project, that—
(i) the project or portion of the public housing project is obsolete as to physical condition, location, or other factors, making it unsuitable for housing purposes; and
(ii) no reasonable program of modifications is cost-effective to return the public housing project or portion of the project to useful life; and
(B) an application proposing the demolition of only a portion of a public housing project, that the demolition will help to ensure the viability of the remaining portion of the project;
(2) in the case of an application proposing disposition by sale or other transfer of a public housing project or other real property subject to this subchapter—
(A) the retention of the property is not in the best interests of the residents or the public housing agency because—
(i) conditions in the area surrounding the public housing project adversely affect the health or safety of the residents or the feasible operation of the project by the public housing agency; or
(ii) disposition allows the acquisition, development, or rehabilitation of other properties that will be more efficiently or effectively operated as low-income housing;
(B) the public h
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1437aaa
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Federal law — U.S. Code and appendices · legal_authorities
The Secretary shall transfer all assets and liabilities of the fund established pursuant to section 717 of the Housing and Urban Development Act of 1970, as amended ([42 U.S.C. 4518](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4518&num=0&edition=prelim)), to the Revolving fund (liquidating programs) established pursuant to title II of the Independent Offices Appropriation Act, 1955, as amended ([12 U.S.C. 1701g–5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701g-5&num=0&edition=prelim)).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1709
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Federal law — U.S. Code and appendices · legal_authorities
Page 8499
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 12895
1 So in original. The word ‘‘of’’ probably should not appear.
2 So in original. See References in Text note below.
prices (including principal, insurance, taxes, and
interest and closing costs) for initial acquisition
of the property, and for sales to eligible fami-
lies, such that the eligible family shall not be
required to expend more than 30 percent of the
adjusted income of the family per month to
complete a sale under the homeownership pro-
gram.
(c) Eligible property
A property may not participate in a home-
ownership program under this part unless all
tenants or occupants of the property (at the
time of 1 the application for the implementation
grant covering the property is filed with the
Secretary) participate in the homeownership
program.
(d) Plan
A homeownership program under this part
shall provide, and include a plan, for—
(1) identifying and selecting eligible families
to participate in the homeownership program;
(2) providing relocation assistance to fami-
lies who elect to move; and
(3) ensuring continued affordability of the
property to homebuyers and homeowners.
(e) 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 Sec-
retary for the purpose of this title.2
(f) Preference for acquisition of vacant units
Each homeownership program under this part
shall provide that, in making vacant units in el-
igible properties available for acqui
Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 12895
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.