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42 U.S.C. § 2348 — Priority sale of apartment houses

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

42 U.S.C. § 2348 — Priority sale of apartment houses

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Stable record: federal_law:legal_authorities:record_usc_da7ef3ecc329f686203d4261
Source file: Laws/federal/codes/united-states-code/title-42/section-2348-priority-sale-of-apartment-houses--a0b96e7563.md
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Source location: Title 42, Chapter 24, § 2348; chapter-024-disposal-of-atomic-energy-communities.md

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**(a) Grantees eligible; priorities; applicability of deduction, financing and indemnity provisions** The Commission is authorized at Los Alamos to grant to occupants project-connected persons, and persons residing in the community both at the time of offering of an apartment house for sale and for the preceding six months, and to any of the foregoing persons acting together, such priority interests and priority rights for the purchase of the apartment house as the Commission determines to be fair and reasonable: Provided, That a first priority right to purchase may be granted only to an occupant or a group of occupants, or an assignee (whose membership or ownership is composed of occupants, or project-connected persons, or persons residing in the community both at the time of offering of an apartment house for sale and for the preceding six months, or any of the foregoing persons) of the priority interests of such occupants, who or which has obtained the priority interest of at least 60 per centum of the occupants of the apartment house: Provided further, That a second priority right to purchase may be granted only to an entity whose membership or ownership consists of occupants, or project-connected persons, or persons residing in the community both at the time of offering of an apartment house for sale and for the preceding six months, or any of the foregoing persons (provided that such entity has obtained the priority interest of at least one occupant), and whose membership or ownership equals in number, and occupies or agrees to occupy, at least 70 per centum of the housing units in the apartment house. The 15 per centum deduction specified by [section 2325(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section2325/a&num=0&edition=prelim), the deduction provided by [section 2326(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section2326/d&num=0&edition=prelim), the financing provisions of [section 2362 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section2362&num=0&edition=prelim), and the indemnity provided by sections 2363 to 2366 of this title shall be applicable to such priority sales of apartment houses. Priority interests granted by the Commission under this section shall be transferable as the Commission may by rule or regulation prescribe, but no priority right to purchase shall be transferred except as provided by [section 2333 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section2333&num=0&edition=prelim). **(b) Leasing arrangements by non-participants in apartment house sales; assumption of lessor’s obligations** Any occupant who does not participate in the purchase of an apartment house with respect to which a priority right to purchase has been granted shall be entitled, at the time of sale by the Commission, to a lease for occupancy of his housing unit for a period not to exceed fifteen months from the date the property was first offered for sale: Provided, That the occupant makes application for such a lease within 30 days of the grant of such priority to purchase. In selling any apartment house with respect to which lease executed under this section is in effect, the Commission is authorized to provide for the purchaser to assume any or all obligations of the lessor. The Commission in such event shall guarantee the lessee’s performance of the lease. **(c) Eligibility to participate in priority purchase** Persons who have purchased, either individually or jointly with other persons, a single-family house or duplex house (or a single-family unit in a duplex house) at Los Alamos pursuant to a priority right under this chapter shall not be eligible to participate in the priority purchase of an apartment house. **(d) Rules and regulations** The Commission is authorized to prescribe by rule or regulation such other conditions as it may find necessary or desirable for qualification of priority interests and rights for the purchase of an apartment house.

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

42 U.S.C. § 2333 — Transfer of priorities

No priority shall be transferable, except— **(a)** a husband and wife may exercise a priority in their joint names; **(b)** a religious organization may exercise the priority which would otherwise belong to its priest, minister, or rabbi, regardless of whether that position happens to be filled at the time of the exercise of the priority; **(c)** two or more priority holders having a common interest in a building or location may assign their interests to a single assignee; and **(d)** the Commission may permit such other transfers as it finds to be fair and equitable.

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

42 U.S.C. § 2362 — Financing by Commission

**(a) Acceptance of residential property notes** In the event that the Commission finds that financing on reasonable terms is not available from other sources, the Commission may, in order to facilitate the sale of residential property under subchapter IV of this chapter, accept, in partial payment of the purchase price of any such property notes secured by first mortgages on such terms and conditions as the Commission shall deem appropriate. In the case of houses and apartment buildings, the maturity and percentage of appraised value in connection with such notes and mortgages shall not exceed those prescribed under [section 1715n(a) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715n/a&num=0&edition=prelim), and the interest rate shall equal the interest rate plus the premium being charged (and any periodic service charge being authorized by the Secretary of Housing and Urban Development for properties of similar character) under [section 1715n(a) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715n/a&num=0&edition=prelim), at the effective date of such notes and mortgages. **(b) Advances** In connection with the sale of residential property financed under subsection (a) of this section, the Commission is authorized to make advances for necessary repairs, or for the rehabilitation, modernization, rebuilding or enlargement of single and duplex residential properties to priority purchasers, and to include such advances in the amount of the note secured by the mortgage on such property. **(c) Acceptance of commercial property notes** In the event that the Commission finds that financing on reasonable terms is not available from other sources, the Commission may, in order to facilitate

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

42 U.S.C. § 2348 — Priority sale of apartment houses

Page 5593 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 2349 eration the zoning restrictions the new city is likely to enact with respect to those lots. The zoning restrictions to be taken into account at Los Alamos shall be those which the local gov- ernment is likely to enact with respect to those lots. (Aug. 4, 1955, ch. 543, ch. 5, § 57, 69 Stat. 478; Pub. L. 87–719, § 13, Sept. 28, 1962, 76 Stat. 665.) Editorial Notes AMENDMENTS 1962—Subsec. (b). Pub. L. 87–719 inserted provision that zoning restrictions to be taken into account at Los Alamos shall be those which the local government is likely to enact with respect to those lots. Statutory Notes and Related Subsidiaries TRANSFER OF FUNCTIONS Atomic Energy Commission abolished and functions transferred by sections 5814 and 5841 of this title. See also Transfer of Functions notes set out under those sections. § 2348. Priority sale of apartment houses (a) Grantees eligible; priorities; applicability of deduction, financing and indemnity provi- sions The Commission is authorized at Los Alamos to grant to occupants project-connected persons, and persons residing in the community both at the time of offering of an apartment house for sale and for the preceding six months, and to any of the foregoing persons acting together, such priority interests and priority rights for the purchase of the apartment house as the Commission determines to be fair and reason- able: Provided, That a first priority right to pur- chase may be granted only to an occupant or a group of occupants, or an assignee (whose mem- bership or ownership is composed of occupants, or project-connected persons, or persons residing in the community both at the time of offering of an apartment house for sale and for the pre- ceding

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