Source: https://www.law.cornell.edu/uscode/text/42/1437aaa%E2%80%933
Timestamp: 2019-04-26 15:51:49
Document Index: 153436498

Matched Legal Cases: ['§ 1437', '§ 1437', '§ 1437', '§\u202f1437', '§\u202f531', '§\u202f304', '§\u202f411', '§\u202f181', '§\u202f1002', '§\u202f531', '§\u202f1707', '§\u202f531']

42 U.S. Code § 1437aaa–3 - Homeownership program requirements | US Law | LII / Legal Information Institute
U.S. Code › Title 42 › Chapter 8 › Subchapter II-A › § 1437aaa–3
42 U.S. Code § 1437aaa–3 - Homeownership program requirements
§ 1437aaa–3.
(c) PlanA homeownership program under this subchapter shall provide, and include a plan, for—
(2) Prohibition against pledgesProperty transferred under this subchapter shall not be pledged as collateral for debt or otherwise encumbered except when the Secretary determines that—
such encumbrance will not threaten the long-term availability of the property for occupancy by low-incomefamilies;
the proceeds of such encumbrance will be used only to meet housing standards in accordance with subsection (f) or to make such additional capital improvements as the Secretary determines to be consistent with the purposes of this subchapter.
(f) Housing quality standardsThe application shall include a plan ensuring that the unit—
(g) Repealed. Pub. L. 105–276, title V, § 531(b)(1), Oct. 21, 1998, 112 Stat. 2573
(Sept. 1, 1937, ch. 896, title III, § 304, as added Pub. L. 101–625, title IV, § 411, Nov. 28, 1990, 104 Stat. 4153; amended Pub. L. 102–550, title I, § 181(g)(1)(A), Oct. 28, 1992, 106 Stat. 3736; Pub. L. 104–19, title I, § 1002(b), July 27, 1995, 109 Stat. 236; Pub. L. 105–276, title V, § 531(b)(1), Oct. 21, 1998, 112 Stat. 2573.)
The National Housing Act, referred to in subsec. (e)(1), is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. Title II of the Act is classified principally to subchapter II (§ 1707 et seq.) of chapter 13 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see section 1701 of Title 12 and Tables.
1998—Subsec. (g). Pub. L. 105–276 struck out subsec. (g) which prohibited transfer of projects without plan for replacement housing. See 1995 Amendment note below.
1995—Subsec. (g). Pub. L. 104–19 struck out subsec. (g) which prohibited transfer of projects without plan for replacement housing.
1992—Subsec. (d). Pub. L. 102–550 struck out “(not including scattered site single family housing of a public housing agency)” after “housing project”.
Pub. L. 105–276, title V, § 531(b), Oct. 21, 1998, 112 Stat. 2573, provided that:
Notwithstanding subsections (b) and (c) of section 1002 of the Emergency Supplemental Appropriations for Additional Disaster Assistance, for Anti-terrorism Initiatives, for Assistance in the Recovery from the Tragedy that Occurred At Oklahoma City, and Rescissions Act, 1995 [amending this section and enacting provision set out as a note under section 1437c of this title] (Public Law 104–19; 109 Stat. 236), subsection (g) of section 304 of the United States Housing Act of 1937 (42 U.S.C. 1437aaa–3(g)) is repealed.
The amendment made by paragraph (1) shall be effective with respect to any plan for the demolition, disposition, or conversion to homeownership of public housing that is approved by the Secretary after September 30, 1995.”