Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4112&num=0&edition=prelim
Timestamp: 2019-09-16 16:09:36
Document Index: 513477274

Matched Legal Cases: ['§ 4112', '§222', '§601', '§308', '§77001', '§601', '§317', '§308', '§601']

[USC02] 12 USC 4112: Criteria for approval of plan of action involving incentives
<< Previous TITLE 12 / CHAPTER 42 / SUBCHAPTER I / § 4112 Next >>
12 USC 4112: Criteria for approval of plan of action involving incentives Text contains those laws in effect on September 15, 2019
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-
(2) binding commitments have been made to ensure that-
(E)(i) any resulting increase in rents for current tenants (except for increases made necessary by increased operating costs)-
(G) future rent adjustments shall be-
The Secretary shall take any action appropriate to require the owner of any housing not in compliance with such standards to bring such housing into compliance with the standards, including-
After December 4, 2015, the owner of a property subject to a plan of action or use agreement pursuant to this section shall be entitled to distribute-
An owner that distributes any amounts pursuant to paragraph (1) shall-
(Pub. L. 100–242, title II, §222, as added Pub. L. 101–625, title VI, §601(a), Nov. 28, 1990, 104 Stat. 4260 ; amended Pub. L. 102–550, title III, §§308, 317(a)(4), Oct. 28, 1992, 106 Stat. 3764 , 3772; Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316 ; Pub. L. 114–94, div. G, title LXXVII, §77001, Dec. 4, 2015, 129 Stat. 1790 .)
This title, referred to in subsecs. (a)(1) and (c)(1), means title II of Pub. L. 100–242, as amended by Pub. L. 101–625, title VI, §601(a), Nov. 28, 1990, 104 Stat. 4249 , known as the Low-Income Housing Preservation and Resident Homeownership Act of 1990, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 4101 of this title and Tables.
Section 1715z–6(f) of this title, referred to in subsec. (d)(2)(A)(i), (C)(ii), was repealed by Pub. L. 104–204, title II, Sept. 26, 1996, 110 Stat. 2885 .
2015-Subsec. (e). Pub. L. 114–94 added subsec. (e).
1994-Subsec. (a)(2)(D). Pub. L. 103–327 temporarily amended subpar. (D) to read as follows: "monthly rent contributions by current and future tenants, including tenants receiving assistance under section 1437f of title 42, shall not exceed the lesser of-
"(iii)(I) to retain the tenant occupancy profile required by subparagraph (F)(i), tenants that are determined by the Secretary to be low-income tenants at initial income certification upon occupancy, or at the time of implementation of a plan of action (whichever occurs last), shall pay for rent an amount that is not less than the lesser of-
1992-Subsec. (a)(2)(A). Pub. L. 102–550, §317(a)(4)(A), substituted "low-income" for "low income" after "families or persons,".
Subsec. (e). Pub. L. 102–550, §308(a), struck out subsec. (e) which read as follows: "(e) Windfall Profits.-The Secretary shall submit a report to the Congress not later than 90 days after November 28, 1990, evaluating the availability, quality, and reliability of data to measure the accessibility of decent, affordable housing in all areas where properties are eligible to submit a notice of intent to prepay under section 4102 of this title. To prevent payment of windfall profits, the Secretary may make available incentive payments under section 4109 or 4110 of this title only to owners in those rental markets where there is an inadequate supply of decent, affordable housing, if the Secretary determines that adequate data can be obtained to permit objective and fair implementation or where necessary to accomplish the other public policy objectives under this chapter. The Secretary shall implement this subsection in a manner consistent with the process established by this chapter."
Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316 , provided in part that: "Section 601 [amending this section and section 4119 of this title and enacting provisions set out below] of title VI of S. 2281 (103d Cong., 2d Sess[.]), as reported to the Senate on July 13 (legislative day, July 11), 1994 (S. Rep. 103–307), is hereby incorporated into this Act [Pub. L. 103–327], and such section 601 is deemed enacted into law upon enactment of this Act [Sept. 28, 1994]: Provided, That the provisions of such section 601 shall be effective only during fiscal year 1995."
Section 601(f) of title VI of S. 2281, One-Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327, title II [title VI, §601(f)], Sept. 28, 1994, 108 Stat. 2316 , provided in part, that:
"(1) In general.-Except as provided in paragraph (2), this section [amending this section and section 4119 of this title] shall take effect on the date of enactment of this Act [Sept. 28, 1994].
"(2) Exception.-If an owner of eligible low-income housing has a plan of action that has been approved by the Secretary and that is being implemented as of the date of enactment of this Act [Sept. 28, 1994], subsections (a), (b), (c), and (d) [amending this section] shall not apply to current tenants of such housing until the first date on which the next annual rent adjustments are made following the date of enactment of this Act."