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42 U.S.C. § 12878 — Exemption
Federal law — U.S. Code and appendices · legal_authorities
Eligible property covered by a homeownership program approved under this part shall not be subject to—
(1) the Low-Income Housing Preservation and Resident Homeownership Act of 1990 [[12 U.S.C. 4101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4101&num=0&edition=prelim) et seq.], or
(2) the requirements of [section 1701z–11 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701z–11&num=0&edition=prelim) applicable to the sale of projects either at foreclosure or after acquisition by the Secretary.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 12878
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Stable record: federal_law:legal_authorities:record_usc_e87001ae6dfb64579e48d5cd
Source file: Laws/federal/codes/united-states-code/title-42/section-12878-exemption--6222a85572.md
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Source location: Title 42, Chapter 130, § 12878; chapter-130-national-affordable-housing.md
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Eligible property covered by a homeownership program approved under this part shall not be subject to—
(1) the Low-Income Housing Preservation and Resident Homeownership Act of 1990 [[12 U.S.C. 4101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4101&num=0&edition=prelim) et seq.], or
(2) the requirements of [section 1701z–11 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701z–11&num=0&edition=prelim) applicable to the sale of projects either at foreclosure or after acquisition by the Secretary.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Limitations; termination of certain commitments; requirements; discrimination against children** This subchapter is designed to supplement systems of mortgage insurance under other provisions of this chapter in order to assist in providing adequate housing in areas which the President, pursuant to [section 1591 of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1591&num=0&edition=prelim), shall have determined to be critical defense housing areas. The Secretary is authorized, upon application by the mortgagee, to insure under this section or [section 1750g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750g&num=0&edition=prelim) as hereinafter provided any mortgage which is eligible for insurance as hereinafter provided and upon such terms as the Secretary may prescribe to make commitments for the insuring of such mortgages prior to the date of their execution or disbursement thereon: Provided, That the property covered by the mortgage is in an area which the President, pursuant to [section 1591 of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1591&num=0&edition=prelim), shall have determined to be a critical defense housing area, and that the total number of dwelling units in properties covered by mortgages insured under this subchapter in any such area does not exceed the number authorized by the Secretary of Housing and Urban Development from time to time as needed in such area for defense purposes and to be insured pursuant to this subchapter: Provided further, That in the event the Secretary has issued a commitment to insure a mortgage under this section, which commitment was in force and effect on June 1, 1953, and the Secretary determin
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701z–11
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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
Page 1592
TITLE 12—BANKS AND BANKING
§ 4101
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective Sept. 1, 1988, see section 613(b) of
Pub. L. 100–86, set out as a note under section 4001 of
this title.
CHAPTER 42—LOW-INCOME HOUSING PRES-
ERVATION AND RESIDENT HOMEOWNER-
SHIP
SUBCHAPTER I—PREPAYMENT OF MORTGAGES
INSURED UNDER NATIONAL HOUSING ACT
Sec.
4101.
General prepayment limitation.
4102.
Notice of intent.
4103.
Appraisal and preservation value of eligible
low-income housing.
4104.
Annual authorized return and preservation
rents.
4105.
Federal cost limits and limitations on plans
of action.
4106.
Information from Secretary.
4107.
Plan of action.
4108.
Prepayment and voluntary termination.
4109.
Incentives to extend low-income use.
4110.
Incentives for transfer to qualified pur-
chasers.
4111.
Mandatory sale for housing exceeding Federal
cost limits.
4112.
Criteria for approval of plan of action involv-
ing incentives.
4113.
Assistance for displaced tenants.
4114.
Permissible prepayment or voluntary termi-
nation and modification of commitments.
4115.
Timetable for approval of plan of action.
4116.
Resident homeownership program.
4117.
Delegated responsibility to State agencies.
4118.
Consultations with other interested parties.
4119.
Definitions.
4120.
Notice to tenants.
4121.
Definitions of qualified and priority pur-
chaser and related party rule.
4122.
Preemption of State and local laws.
4123.
Severability.
4124.
Authorization of appropriations.
4125.
State preservation project assistance.
SUBCHAPTER II—TECHNICAL ASSISTANCE AND
CAPACITY BUILDING
4141.
Authority.
4142.
Purposes.
4143.
Grants for building resident capacity and
funding predevelopment costs.
4144.
Grants for
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4101
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 4101. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 8495
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 12880
1 See References in Text note below.
(4) The term ‘‘homeownership program’’
means a program for homeownership under
this part.
(5) The term ‘‘Indian housing authority’’ has
the meaning given such term in section
1437a(b)(11) 1 of this title.
(6) The term ‘‘low-income family’’ has the
meaning given such term in section 1437a(b)(2)
of this title.
(7) The term ‘‘public housing agency’’ has
the meaning given such term in section
1437a(b)(6) of this title.
(8) The term ‘‘recipient’’ means an applicant
approved to receive a grant under this title 1
or such other entity specified in the approved
application that will assume the obligations of
the recipient under this part.
(9) The term ‘‘resident council’’ means any
incorporated nonprofit organization or asso-
ciation that—
(A) is representative of the tenants of the
housing;
(B) adopts written procedures providing
for the election of officers on a regular basis;
and
(C) has a democratically elected governing
board, elected by the tenants of the housing.
(10) The term ‘‘Secretary’’ means the Sec-
retary of Housing and Urban Development.
(Pub. L. 101–625, title IV, § 426, Nov. 28, 1990, 104
Stat. 4170; Pub. L. 102–550, title I, § 181(d), (e), (h),
Oct. 28, 1992, 106 Stat. 3735, 3736.)
Editorial Notes
REFERENCES IN TEXT
Section 1437a(b)(11) of this title, referred to in par.
(5),
was
repealed
by
Pub.
L.
104–330,
title
V,
§ 501(b)(1)(D), Oct. 26, 1996, 110 Stat. 4041, and a new sec-
tion 1437a(b)(11), defining ‘‘public housing agency
plan’’, was enacted by Pub. L. 105–276, title V, § 506(4),
Oct. 21, 1998, 112 Stat. 2524.
This title, referred to in par. (8), means title IV of
Pub. L. 101–625, known as the Homeownership and Op-
por
Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 12878
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