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12 U.S.C. § 1735f–19 — Limitation on prepayment of mortgages on multifamily rental housing
Federal law — U.S. Code and appendices · legal_authorities
**(a) Acceptance of offer to prepay; qualifications** During any period in which an owner of a multifamily rental housing project is required to obtain the approval of the Secretary for prepayment of the mortgage, the Secretary shall not accept an offer to prepay the mortgage on such project or permit a termination of an insurance contract pursuant to [section 1715t of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715t&num=0&edition=prelim) unless—
(1) the Secretary has determined that such project is no longer meeting a need for rental housing for lower income families in the area;
(2) the Secretary (A) has determined that the tenants have been notified of the owner’s request for approval of a prepayment; (B) has provided the tenants with an opportunity to comment on the owner’s request; and (C) has taken such comments into consideration; and
(3) the Secretary has ensured that there is a plan for providing relocation assistance for adequate, comparable housing for any lower income tenant who will be displaced as a result of the prepayment and withdrawal of the project from the program.
**(b) Approval prior to foreclosure** A mortgagee may foreclose the mortgage on, or acquire by deed in lieu of foreclosure, any eligible low-income housing project (as such term is defined in [section 4119 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4119&num=0&edition=prelim)) only if the mortgagee also conveys title to the project to the Secretary in connection with a claim for insurance benefits.
**(c) “Lower income families” defined** For purposes of this section, the term “lower income families” has the meaning given such term in [section 1437a(b)(2) of title 42](https://uscode.house.gov/vi
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1735f–19
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Source file: Laws/federal/codes/united-states-code/title-12/section-1735f19-limitation-on-prepayment-of-mortgages-on-multifamily-rental-housing--c21b91dc15.md
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Source location: Title 12, Chapter 13, § 1735f–19; chapter-013-national-housing.md
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**(a) Acceptance of offer to prepay; qualifications** During any period in which an owner of a multifamily rental housing project is required to obtain the approval of the Secretary for prepayment of the mortgage, the Secretary shall not accept an offer to prepay the mortgage on such project or permit a termination of an insurance contract pursuant to [section 1715t of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715t&num=0&edition=prelim) unless—
(1) the Secretary has determined that such project is no longer meeting a need for rental housing for lower income families in the area;
(2) the Secretary (A) has determined that the tenants have been notified of the owner’s request for approval of a prepayment; (B) has provided the tenants with an opportunity to comment on the owner’s request; and (C) has taken such comments into consideration; and
(3) the Secretary has ensured that there is a plan for providing relocation assistance for adequate, comparable housing for any lower income tenant who will be displaced as a result of the prepayment and withdrawal of the project from the program.
**(b) Approval prior to foreclosure** A mortgagee may foreclose the mortgage on, or acquire by deed in lieu of foreclosure, any eligible low-income housing project (as such term is defined in [section 4119 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4119&num=0&edition=prelim)) only if the mortgagee also conveys title to the project to the Secretary in connection with a claim for insurance benefits.
**(c) “Lower income families” defined** For purposes of this section, the term “lower income families” has the meaning given such term in [section 1437a(b)(2) of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437a/b/2&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act Aug. 2, 1954, ch. 649, title VIII, § 815, 68 Stat. 647, required submission of specifications by applicants prior to award of any contract for construction of a project and submission of data with respect to acquisition of land prior to authorization to purchase such land.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1437f
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act June 27, 1934, ch. 847, title VIII, § 804, as added Aug. 8, 1949, ch. 403, § 1, 63 Stat. 575; amended Aug. 11, 1955, ch. 783, title IV, § 401, 69 Stat. 650, provided for disposition and use of excess moneys in Armed Services Housing Mortgage Insurance Fund, issue and cancellation of debentures, and receipt and payment of credits and charges.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701q
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this subchapter:
(1) The term “eligible low-income housing” means any housing financed by a loan or mortgage—
(A) that is—
(i) insured or held by the Secretary under section 1715l(d)(3) of this title and receiving loan management assistance under [section 1437f of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437f&num=0&edition=prelim) due to a conversion from [section 1701s of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701s&num=0&edition=prelim);
(ii) insured or held by the Secretary and bears interest at a rate determined under the proviso of section 1715l(d)(5) of this title;
(iii) insured, assisted, or held by the Secretary or a State or State agency under [section 1715z–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-1&num=0&edition=prelim); or
(iv) held by the Secretary and formerly insured under a program referred to in clause (i), (ii), or (iii); and
(B) that, under regulation or contract in effect before February 5, 1988, is or will within 24 months become eligible for prepayment without prior approval of the Secretary.
(2) The term “Federal cost limit” means, for any eligible low-income housing, the amount determined under [section 4105(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4105/a&num=0&edition=prelim).
(3) The term “low-income affordability restrictions” means limits imposed by regulation or regulatory agreement on tenant rents, rent contributions, or income eligibility in eligible low-income housing.
(4) The terms “low-income families or persons” and “very low-income families or persons” mean families or persons whose inco
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4119
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** The Secretary of Housing and Urban Development (hereafter in this section referred to as the “Secretary”) shall establish a program for making grants for providing a full range of foreclosure legal assistance to low- and moderate-income homeowners and tenants related to home ownership preservation, home foreclosure prevention, and tenancy associated with home foreclosure.
**(b) Competitive allocation** The Secretary shall allocate amounts made available for grants under this section to State and local legal organizations on the basis of a competitive process. For purposes of this subsection “State and local legal organizations” are those State and local organizations whose primary business or mission is to provide legal assistance.
**(c) Priority to certain areas** In allocating amounts in accordance with subsection (b), the Secretary shall give priority consideration to State and local legal organizations that are operating in the 125 metropolitan statistical areas (as that term is defined by the Director of the Office of Management and Budget) with the highest home foreclosure rates.
**(d) Legal assistance**
(1) **In general** — Any State or local legal organization that receives financial assistance pursuant to this section may use such amounts only to assist—
(A) homeowners of owner-occupied homes with mortgages in default, in danger of default, or subject to or at risk of foreclosure; and
(B) tenants at risk of or subject to eviction as a result of foreclosure of the property in which such tenant resides.
(2) **Commence use within 90 days** — Any State or local legal organization that receives financial assistance pursuant to this section shall begin using any financial assistance received under this section within 90 days after rec
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715t
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization for assistance payments** For the purpose of aiding low-income families in obtaining a decent place to live and of promoting economically mixed housing, assistance payments may be made with respect to existing housing in accordance with the provisions of this section.
**(b) Other existing housing programs**
(1) **In general.—** — The Secretary is authorized to enter into annual contributions contracts with public housing agencies pursuant to which such agencies may enter into contracts to make assistance payments to owners of existing dwelling units in accordance with this section. In areas where no public housing agency has been organized or where the Secretary determines that a public housing agency is unable to implement the provisions of this section, the Secretary is authorized to enter into such contracts and to perform the other functions assigned to a public housing agency by this section.
(2) The Secretary is authorized to enter into annual contributions contracts with public housing agencies for the purpose of replacing public housing transferred in accordance with subchapter II–A of this chapter. Each contract entered into under this subsection shall be for a term of not more than 60 months.
**(c) Contents and purposes of contracts for assistance payments; amount and scope of monthly assistance payments**
(1)
(A) An assistance contract entered into pursuant to this section shall establish the maximum monthly rent (including utilities and all maintenance and management charges) which the owner is entitled to receive for each dwelling unit with respect to which such assistance payments are to be made. The maximum monthly rent shall not exceed by more than 10 per centum the fair market rental established by the Secretary periodically
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1437z–1
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