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12 U.S.C. § 4142 — Purposes
Federal law — U.S. Code and appendices · legal_authorities
The purposes of this subchapter are—
(1) to promote the ability of residents of eligible low-income housing to meaningfully participate in the preservation process established by this title 11 See References in Text note below. and affect decisions about the future of their housing;
(2) to promote the ability of community-based nonprofit housing developers and resident councils to acquire, rehabilitate, and competently own and manage eligible housing as rental or cooperative housing for low- and moderate-income people; and
(3) to assist the Secretary in discharging the obligation under [section 4110 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4110&num=0&edition=prelim) to notify potential qualified purchasers of the availability of properties for sale and to otherwise facilitate the coordination and oversight of the preservation program established under this title.1
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Source file: Laws/federal/codes/united-states-code/title-12/section-4142-purposes--80e8bf40da.md
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Source location: Title 12, Chapter 42, § 4142; chapter-042-low-income-housing-preservation-and-resident-homeownership.md
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The purposes of this subchapter are—
(1) to promote the ability of residents of eligible low-income housing to meaningfully participate in the preservation process established by this title 11 See References in Text note below. and affect decisions about the future of their housing;
(2) to promote the ability of community-based nonprofit housing developers and resident councils to acquire, rehabilitate, and competently own and manage eligible housing as rental or cooperative housing for low- and moderate-income people; and
(3) to assist the Secretary in discharging the obligation under [section 4110 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4110&num=0&edition=prelim) to notify potential qualified purchasers of the availability of properties for sale and to otherwise facilitate the coordination and oversight of the preservation program established under this title.1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prepayment and termination** An owner of eligible low-income housing may prepay, and a mortgagee may accept prepayment of, a mortgage on such housing only in accordance with a plan of action approved by the Secretary under this subchapter or in accordance with [section 4114 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4114&num=0&edition=prelim). An insurance contract with respect to eligible low-income housing may be terminated pursuant to [section 1715t of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715t&num=0&edition=prelim) only in accordance with a plan of action approved by the Secretary under this subchapter or in accordance with [section 4114 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4114&num=0&edition=prelim).
**(b) Foreclosure** A mortgagee may foreclose the mortgage on, or acquire by deed in lieu of foreclosure, any eligible low-income housing project only if the mortgagee also conveys title to the project to the Secretary in connection with a claim for insurance benefits.
**(c) Effect of unauthorized prepayment** Any prepayment of a mortgage on eligible low-income housing or termination of the mortgage insurance on such housing not in compliance with the provisions of this subchapter shall be null and void and any low-income affordability restrictions on the housing shall continue to apply to the housing.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4101
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** With respect to any eligible low-income housing for which an owner has submitted a second notice of intent under [section 4106(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4106/d&num=0&edition=prelim) to transfer the housing to a qualified purchaser, the owner shall offer the housing for transfer to qualified purchasers as provided in this section. The Secretary shall issue regulations describing the means by which potential qualified purchasers shall be notified of the availability of the housing for sale. The Secretary shall take into account the Federal cost limits under [section 4105(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4105/a&num=0&edition=prelim) for the housing when providing incentives under section 4109(b)(2) and (b)(3) of this title (pursuant to subsection (d)(3) of this section).
**(b) Right of first offer to priority purchasers**
(1) **Negotiation period** — For the 12-month period beginning on the receipt by the Secretary of a second notice of intent under [section 4106(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4106/d&num=0&edition=prelim) with respect to such housing, the owner may offer to sell and negotiate a sale of the housing only with priority purchasers. The negotiated sale price may not exceed the preservation value of the housing determined under [section 4103(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4103/b/2&num=0&edition=prelim). The owner or the purchaser shall submit a plan of action under [section 4107 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4107&num=0&edition=p
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4110
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Federal law — U.S. Code and appendices · legal_authorities
Page 1615
TITLE 12—BANKS AND BANKING
§ 4142
1 See References in Text note below.
1 See References in Text note below.
for each of fiscal years 1991 and 1992 shall be available
for grants under section 4111(d)(2) of this title, subject
to approval in appropriations Acts.’’
§ 4125. State preservation project assistance
(1) In general
Upon application by a State or local housing
authority (including public housing agencies),
the Secretary of Housing and Urban Develop-
ment may make available, from sources of as-
sistance appropriated to preserve the low and
moderate income status of projects with expir-
ing Federal use restrictions, assistance to such
State or local housing authorities for use in pre-
venting the loss of housing affordable for low
and moderate income families that is assisted
under a State program under the terms of which
the owner may prepay a State assisted or sub-
sidized mortgage on such housing. The applica-
tion of the State or local housing authority
shall demonstrate to the Secretary that the
total amount of incentives provided to the
owner to induce the owner to preserve the low
and moderate income status of the project shall
not exceed the level of incentives which may be
provided to a similarly situated project with ex-
piring Federal use restrictions under subtitle B
of title II of the Housing and Community Devel-
opment Act of 1987 [12 U.S.C. 4101 et seq.].
(2) Section 1437f
Any assistance under section 1437f of title 42
made available pursuant to this section may be
used (i) to supplement any assistance available
on existing section 8 [42 U.S.C. 1437f] contracts,
or (ii) to provide additional assistance to struc-
tures to ensure that all units occupied by ten-
ants who are lower income families (as such
term is defi
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4142
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