Source: https://www.law.cornell.edu/uscode/text/42/12875
Timestamp: 2016-05-31 08:37:11
Document Index: 221338183

Matched Legal Cases: ['§ 12875', '§ 12875', '§ 12875', '§\u202f12875', '§\u202f425', '§\u202f1012']

42 U.S. Code § 12875 - Other program requirements | US Law | LII / Legal Information Institute
U.S. Code › Title 42 › Chapter 130 › Subchapter IV › Part A › § 12875 42 U.S. Code § 12875 - Other program requirements
§ 12875.
(2) 6 years or lessIn the case of a transfer within 6 years of the acquisition under the program, the homeownership program shall provide for appropriate restrictions to assure that an eligible family may not receive any undue profit. The plan shall provide for limiting the family’s consideration for its interest in the property to the total of—
Not more than an aggregate of $250,000 from amounts made available under sections 12872 and 12873 of this title may be used for economic development activities under sections 12872(b)(6) and 12873(b)(9) [1] of this title for any project.
Each recipient shall keep such records as may be reasonably necessary to fully disclose the amount and the disposition by such recipient of the proceeds of assistance received under this part (and any proceeds from financing obtained or sales under subsections (c) and (d) of this section), the total cost of the homeownership program in connection with which such assistance is given or used, and the amount and nature of that portion of the program supplied by other sources, and such other sources as will facilitate an effective audit.
(Pub. L. 101–625, title IV, § 425, Nov. 28, 1990, 104 Stat. 4168.)
Sections 12872(b)(6) and 12873(b)(9) of this title, referred to in subsec. (f), were redesignated sections 12872(b)(7) and 12873(b)(10) of this title, respectively, by Pub. L. 102–550, title X, § 1012(i), Oct. 28, 1992, 106 Stat. 3906.