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12 U.S.C. § 4122 — Preemption of State and local laws
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** No State or political subdivision of a State may establish, continue in effect, or enforce any law or regulation that—
(1) restricts or inhibits the prepayment of any mortgage described in [section 4119(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4119/1&num=0&edition=prelim) (or the voluntary termination of any 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)) on eligible low income housing;
(2) restricts or inhibits an owner of such housing from receiving the authorized annual return provided under [section 4104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4104&num=0&edition=prelim);
(3) is inconsistent with any provision of this subchapter, including any law, regulation, or other restriction that limits or impairs the ability of any owner of eligible low income housing to receive incentives authorized under this subchapter (including authorization to increase rental rates, transfer the housing, obtain secondary financing, or use the proceeds of any of such incentives); or
(4) in its applicability to low-income housing is limited only to eligible low-income housing for which the owner has prepaid the mortgage or terminated the insurance contract.
Any law, regulation, or restriction described under paragraph (1), (2), (3), or (4) shall be ineffective and any eligible low-income housing exempt from the law, regulation, or restriction, only to the extent that it violates the provisions of this subsection.
**(b) Effect** This section shall not prevent the establishment, continuing in effect, or enforcement of any law or regulation of any Sta
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Stable record: federal_law:legal_authorities:record_usc_b7a97393534ae9667f96bf98
Source file: Laws/federal/codes/united-states-code/title-12/section-4122-preemption-of-state-and-local-laws--d0df21ee46.md
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Source location: Title 12, Chapter 42, § 4122; chapter-042-low-income-housing-preservation-and-resident-homeownership.md
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**(a) In general** No State or political subdivision of a State may establish, continue in effect, or enforce any law or regulation that—
(1) restricts or inhibits the prepayment of any mortgage described in [section 4119(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4119/1&num=0&edition=prelim) (or the voluntary termination of any 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)) on eligible low income housing;
(2) restricts or inhibits an owner of such housing from receiving the authorized annual return provided under [section 4104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4104&num=0&edition=prelim);
(3) is inconsistent with any provision of this subchapter, including any law, regulation, or other restriction that limits or impairs the ability of any owner of eligible low income housing to receive incentives authorized under this subchapter (including authorization to increase rental rates, transfer the housing, obtain secondary financing, or use the proceeds of any of such incentives); or
(4) in its applicability to low-income housing is limited only to eligible low-income housing for which the owner has prepaid the mortgage or terminated the insurance contract.
Any law, regulation, or restriction described under paragraph (1), (2), (3), or (4) shall be ineffective and any eligible low-income housing exempt from the law, regulation, or restriction, only to the extent that it violates the provisions of this subsection.
**(b) Effect** This section shall not prevent the establishment, continuing in effect, or enforcement of any law or regulation of any State or political subdivision of a State not inconsistent with the provisions of this subchapter, such as any law or regulation relating to building standards, zoning limitations, health, safety, or habitability standards for housing, rent control, or conversion of rental housing to condominium or cooperative ownership, to the extent such law or regulation is of general applicability to both housing receiving Federal assistance and nonassisted housing. This section shall not preempt, annul, or alter any contractual restrictions or obligations existing before November 28, 1990, that prevent or limit an owner of eligible low-income housing from prepaying the mortgage on the housing (or terminating the insurance contract on the housing).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Annual authorized return** Pursuant to an appraisal under [section 4103 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4103&num=0&edition=prelim), the Secretary shall determine the annual authorized return on the appraised housing, which shall be equal to 8 percent of the preservation equity (as such term is defined in [section 4119(8) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4119/8&num=0&edition=prelim)).
**(b) Preservation rents** The Secretary shall also determine the aggregate preservation rents under this subsection for each project appraised under [section 4103 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4103&num=0&edition=prelim). The aggregate preservation rents shall be used solely for the purposes of comparison with Federal cost limits under [section 4105 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4105&num=0&edition=prelim). Actual rents received by an owner (or a qualified purchaser) shall be determined pursuant to section 4109, 4110, or 4111 of this title. The aggregate preservation rents shall be established as follows:
(1) **Extension of affordability limits** — The aggregate preservation rent for purposes of receiving incentives pursuant to extension of the low-income affordability restrictions under [section 4109 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4109&num=0&edition=prelim) shall be the gross potential income for the project, determined by the Secretary, that would be required to support the following costs:
(A) The annual authorized return determined under subsection (a).
(B) Debt service on any reh
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4104
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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
Page 1614
TITLE 12—BANKS AND BANKING
§ 4122
retary shall issue any regulations appropriate to
implement the preceding sentence.
(d) Management exception
A qualified purchaser shall not be precluded
from retaining as a property management entity
a company that is owned or controlled by the
selling owner or a principal thereof if retention
of the management company is neither a condi-
tion of sale nor part of consideration paid for
sale and the property management contract is
negotiated by the qualified purchaser on an
arm’s length basis.
(Pub. L. 100–242, title II, § 231, as added Pub. L.
101–625, title VI, § 601(a), Nov. 28, 1990, 104 Stat.
4273; amended Pub. L. 102–550, title III, § 317(a)(6),
Oct. 28, 1992, 106 Stat. 3772.)
Editorial Notes
AMENDMENTS
1992—Subsec. (b). Pub. L. 102–550 substituted ‘‘4112(c)’’
for ‘‘4112(d)’’.
§ 4122. Preemption of State and local laws
(a) In general
No State or political subdivision of a State
may establish, continue in effect, or enforce any
law or regulation that—
(1) restricts or inhibits the prepayment of
any mortgage described in section 4119(1) of
this title (or the voluntary termination of any
insurance contract pursuant to section 1715t of
this title) on eligible low income housing;
(2) restricts or inhibits an owner of such
housing from receiving the authorized annual
return provided under section 4104 of this title;
(3) is inconsistent with any provision of this
subchapter, including any law, regulation, or
other restriction that limits or impairs the
ability of any owner of eligible low income
housing to receive incentives authorized under
this subchapter (including authorization to in-
crease rental rates, transfer the housing, ob-
tain secondary financing, or use the proceeds
of any of su
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4122
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