Source: https://www.law.cornell.edu/uscode/text/12/4116?qt-us_code_tabs=2
Timestamp: 2016-02-14 05:12:09
Document Index: 76962149

Matched Legal Cases: ['§ 4116', '§\u202f4116', '§\u202f226', '§\u202f601', '§\u202f309', '§\u202f514', '§\u202f309', '§\u202f309', '§\u202f309', '§\u202f309']

12 U.S. Code § 4116 - Resident homeownership program | US Law | LII / Legal Information Institute
§ 4116.
Resident homeownership program
(1) Sales to residentsAs a condition of approval of a plan of action involving homeownership program under this subchapter, the resident council shall prepare a workable plan acceptable to the Secretary for giving all residents an opportunity to become owners, which plan shall identify—
(3) Required conditionsThe Secretary shall require that the form of homeownership impose appropriate conditions, including conditions to assure that—
(B) 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—
(Pub. L. 100–242, title II, § 226, as added Pub. L. 101–625, title VI, § 601(a), Nov. 28, 1990, 104 Stat. 4267; amended Pub. L. 102–550, title III, § 309, Oct. 28, 1992, 106 Stat. 3765; Pub. L. 105–276, title V, § 514(b)(2)(A), Oct. 21, 1998, 112 Stat. 2548.)
1992—Subsec. (b)(2). Pub. L. 102–550, § 309(1), inserted “and limitation on conditions of approval” in heading and inserted at end of text “The Secretary may not require the prepayment of the mortgage on eligible low-income housing for the approval of a plan of action involving a homeownership program for the housing.”
Subsec. (b)(3)(E). Pub. L. 102–550, § 309(2), added subpar. (E).
Subsec. (b)(8). Pub. L. 102–550, § 309(3), substituted “Except in the case of limited equity cooperatives, resident” for “Resident”.
Subsec. (b)(10). Pub. L. 102–550, § 309(4), struck out “, as determined by the Secretary,” after “entity that assumes”, substituted “4112(c)” for “4112(d)”, and struck out at end “This requirement shall only apply to an entity, such as a cooperative association, that, as determined by the Secretary, intends to own the housing on a permanent basis.”