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12 U.S.C. § 4102 — Notice of intent

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4102 — Notice of intent

**(a) Filing with Secretary** An owner of eligible low-income housing that intends to terminate the low-income affordability restrictions through prepayment or voluntary termination in accordance with [section 4108 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4108&num=0&edition=prelim), extend the low-income affordability restrictions of the housing in accordance with [section 4109 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4109&num=0&edition=prelim), or transfer the housing to a qualified purchaser in accordance with [section 4110 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4110&num=0&edition=prelim), shall file with the Secretary a notice indicating such intent in the form and manner as the Secretary shall prescribe. **(b) Filing with State or local government, tenants, and mortgagee** The owner, upon filing a notice of intent under this section, shall simultaneously file the notice of intent with the chief executive officer of the appropriate State or local government for the jurisdiction within which the housing is located and with the mortgagee, and shall inform the tenants of the housing of the filing. **(c) Ineligibility for filing** An owner shall not be eligible to file a notice of intent under this section if the mortgage covering the housing— (1) falls into default on or after November 28, 1990; or (2) (A) fell into default before, but is current as of, November 28, 1990; and (B) the owner does not agree to recompense the appropriate Insurance Fund, in the amount the Secretary determines appropriate, for any losses sustained by the Fund as a result of any work-out or other arrangement agreed to by the Secretary

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Source location: Title 12, Chapter 42, § 4102; chapter-042-low-income-housing-preservation-and-resident-homeownership.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4109 — Incentives to extend low-income use

**(a) Agreements by Secretary** After approving a plan of action from an owner of eligible low-income housing that includes the owner’s plan to extend the low-income affordability restrictions of the housing, the Secretary shall, subject to the availability of appropriations for such purpose, enter into such agreements as are necessary to enable the owner to receive (for each year after the approval of the plan of action) the annual authorized return for the housing determined under [section 4104(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4104/a&num=0&edition=prelim), pay debt service on the federally-assisted mortgage covering the housing, pay debt service on any loan for rehabilitation of the housing, and meet project operating expenses and establish adequate reserves. 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 subsections 11 So in original. Probably should be “subsection”. (b)(2) and (3) of this section. The Secretary shall take such actions as are necessary to ensure that owners receive the annual authorized return for the housing determined under [section 4104(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4104/a&num=0&edition=prelim) during the period in which rent increases are phased in as provided in [section 4112(a)(2)(E) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4112/a/2/E&num=0&edition=prelim), including (in order of preference) (1) allowing the owner access to residual receipt accounts (pursuant to subsecti

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4109

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4108 — Prepayment and voluntary termination

**(a) Approval** The Secretary may approve a plan of action that provides for termination of the low-income affordability restrictions through prepayment of the mortgage or voluntary termination of the mortgage insurance contract only upon a written finding that— (1) implementation of the plan of action will not— (A) materially increase economic hardship for current tenants, and will not in any event result in (i) a monthly rental payment by any current tenant that exceeds 30 percent of the monthly adjusted income of the tenant or an increase in the monthly rental payment in any year that exceeds 10 percent (whichever is lower), or (ii) in the case of a current tenant who already pays more than such percentage, an increase in the monthly rental payment in any year that exceeds the increase in the Consumer Price Index or 10 percent (whichever is lower); or (B) involuntarily displace current tenants (except for good cause) where comparable and affordable housing is not readily available determined without regard to the availability of Federal housing assistance that would address any such hardship or involuntary displacement; and (2) the supply of vacant, comparable housing is sufficient to ensure that such prepayment will not materially affect— (A) the availability of decent, safe, and sanitary housing affordable to low-income and very low-income families or persons in the area that the housing could reasonably be expected to serve; (B) the ability of low-income and very low-income families or persons to find affordable, decent, safe, and sanitary housing near employment opportunities; or (C) the housing opportunities of minorities in the community within which the housing is located. **(b) Standards and procedure for written findings** (1) **Standards

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4108

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4110 — Incentives for transfer to qualified purchasers

**(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

12 U.S.C. § 4101 — General prepayment limitation

**(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

12 U.S.C. § 4103 — Appraisal and preservation value of eligible low-income housing

**(a) Appraisal** Upon receiving notice of intent regarding an eligible low-income housing project indicating an intent to extend 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) or transfer the housing under [section 4110 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4110&num=0&edition=prelim), the Secretary shall provide for determination of the preservation value of the housing, as follows: (1) **Appraisers** — The preservation value shall be determined by 2 independent appraisers, one of whom shall be selected by the Secretary and one of whom shall be selected by the owner. The appraisals shall be conducted not later than 4 months after filing the notice of intent under [section 4102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4102&num=0&edition=prelim), and the owner shall submit to the Secretary the appraisal made by the owner’s selected appraiser not later than 90 days after receipt of the notice under paragraph (2). If the 2 appraisers fail to agree on the preservation value, and the Secretary and the owner also fail to agree on the preservation value, the Secretary and the owner shall jointly select and jointly compensate a third appraiser, whose appraisal shall be binding on the parties. (2) **Notice** — Not later than 30 days after the filing of a notice of intent to seek incentives under [section 4109 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4109&num=0&edition=prelim) or transfer the property under [section 4110 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-t

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4103

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4106 — Information from Secretary

**(a) Information to owners terminating affordability restrictions** The Secretary shall provide each owner who submits a notice of intent to terminate the low-income affordability restrictions on the housing under [section 4108 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4108&num=0&edition=prelim) with information under this section not later than 6 months after receipt of the notice of intent. The information shall include a description of the criteria for such termination specified under [section 4108 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4108&num=0&edition=prelim) and the documentation required to satisfy such criteria. **(b) Information to owners extending low-income affordability restrictions** The Secretary shall provide each owner who submits notice of intent to extend the low-income affordability restrictions on the housing under [section 4109 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4109&num=0&edition=prelim) or transfer the housing under [section 4110 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4110&num=0&edition=prelim) to a qualified purchaser with information under this subsection not later than 9 months after receipt of the notice of intent. The information shall include any information necessary for the owner to prepare 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=prelim), including the following: (1) **Preservation values** — A statement of the preservation value of the housing determined under paragraphs (1) and (2) of [section 4103(b) of this title](https:

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4106

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4107 — Plan of action

**(a) Submission to Secretary** (1) **Timing** — Not later than 6 months after receipt of the information from the Secretary under [section 4106 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4106&num=0&edition=prelim) an owner seeking to terminate the low-income affordability restrictions through prepayment of the mortgage or voluntary termination under [section 4108 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4108&num=0&edition=prelim), or to extend the low-income affordability restriction on the housing under [section 4109 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4109&num=0&edition=prelim), shall submit a plan of action to the Secretary in such form and manner as the Secretary shall prescribe. Any owner or purchaser seeking a transfer of the housing under section 4110 or 4111 of this title shall submit a plan of action under this section to the Secretary upon acceptance of a bona fide offer under section 4110(b) or (c) of this title or upon making of any bona fide offer under [section 4111 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4111&num=0&edition=prelim). (2) **Copies to tenants** — Each owner submitting a plan of action under this section to the Secretary shall also submit a copy to the tenants of the housing. The owner shall simultaneously submit the plan of action to the office of the chief executive officer of the appropriate State or local government for the jurisdiction within which the housing is located. Each owner and the Secretary shall also, upon request, make available to the tenants of the housing and to the office of the chief executive officer of the appropriat

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4107

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4112 — Criteria for approval of plan of action involving incentives

**(a) In general** The Secretary may approve a plan of action for extension of the low-income affordability restrictions on any eligible low-income housing or transfer the housing to a qualified purchaser (other than a resident council) only upon finding that— (1) due diligence has been given to ensuring that the package of incentives is, for the Federal Government, the least costly alternative that is consistent with the full achievement of the purposes of this title; 11 See References in Text note below. (2) binding commitments have been made to ensure that— (A) the housing will be retained as housing affordable for very low-income families or persons, low-income families or persons, and moderate-income families or persons for the remaining useful life of such housing (as determined under subsection (c)); (B) throughout such period, adequate expenditures will be made for maintenance and operation of the housing and that the project meets housing standards established by the Secretary under subsection (d), as determined by inspections conducted under such subsection by the Secretary; (C) current tenants will not be involuntarily displaced (except for good cause); (D) any increase in rent contributions for current tenants will be to a level that does not exceed 30 percent of the adjusted income of the tenant or the published existing fair market rent for comparable housing established under [section 1437f(c) of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437f/c&num=0&edition=prelim), whichever is lower, except that the rent contributions of any tenants occupying the housing at the time of any increase may not be reduced by reason of this subparagraph (except with respect to tenants receiving section 8 [[42 U.S.C.

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4112

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4113 — Assistance for displaced tenants

**(a) Section 1437f assistance** Each low-income family that is displaced as a result of the prepayment of the mortgage or voluntary termination of an insurance contract on eligible low income housing shall, subject to the availability or 11 So in original. Probably should be “of”. amounts provided under appropriations Acts, receive tenant-based assistance under [section 1437f of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437f&num=0&edition=prelim). To the extent sufficient amounts are made available under appropriations Acts, in each fiscal year the Secretary shall reserve from amounts made available under [section 4124(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4124/a&num=0&edition=prelim) or, if necessary, under [section 1437c(c) of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437c/c&num=0&edition=prelim), such amounts as the Secretary determines are necessary to provide assistance payments for low-income families displaced during the fiscal year. **(b) Relocation assistance** The Secretary shall coordinate with public housing agencies to ensure that any very low- or low-income family displaced from eligible low-income housing as the result of the prepayment of the mortgage (or termination of the mortgage insurance contract) on such housing is able to acquire a suitable, affordable dwelling unit in the area of the housing from which the family is displaced. The Secretary shall require the owner of such housing to pay 50 percent of the moving expenses of each family relocated, except that such percentage shall be increased to the extent that State or local law of general applicability requires a higher payment by the owner. **(c) C

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4113

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4102 — Notice of intent

Page 1595 TITLE 12—BANKS AND BANKING § 4102 ‘‘(a) ELIHPA OF 1987.—The Secretary may not require, as a condition of eligibility for or receipt of technical assistance made available under the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1992 (Public Law 102–139 [105 Stat. 736, see Tables for classi- fication]) (including any phase of a grant), that an ap- plicant participate in a training program sponsored or conducted by the Department of Housing and Urban Development for acquisition of eligible low income housing under the provisions of the Emergency Low In- come Housing Preservation Act of 1987 [see Codifica- tion note above], and may not provide any preference or priority for such assistance for any applicant based on participation in such a program. ‘‘(b) LIHPRHA OF 1990.—The Secretary may require, as a condition of eligibility for or receipt of technical as- sistance made available under the Departments of Vet- erans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1992 (Public Law 102–139) (including any phase of a grant), that an applicant participate in a training program sponsored or conducted by the Department of Housing and Urban Development for acquisition of eligible low-income housing under this title [enacting sections 4141 to 4147 of this title, amending sections 1715z–1, 1715z–6, 4103, 4105 to 4112, 4116, 4119, 4121, 4122, 4124, and 4125 of this title, enacting provisions set out as notes under this section and sections 1715z–6, 4109, and 4117 of this title, and amending provisions set out as a note under this section], and may provide preference or priority for such assistance for applicants based on participation in such

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4102

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