(a) Information to owners terminating affordability restrictions
The Secretary shall provide each owner who submits a notice of intent to terminate the low-income affordability restrictions on the housing under section
4108 of this title with information under this section not later than 6 months after receipt of the notice of intent. The information shall include a description of the criteria for such termination specified under section
4108 of this title and the documentation required to satisfy such criteria.
(b) Information to owners extending low-income affordability restrictions
The Secretary shall provide each owner who submits notice of intent to extend the low-income affordability restrictions on the housing under section
4109 of this title or transfer the housing under section
4110 of this title to a qualified purchaser with information under this subsection not later than 9 months after receipt of the notice of intent. The information shall include any information necessary for the owner to prepare a plan of action under section
4107 of this title, including the following:
(1) Preservation values
A statement of the preservation value of the housing determined under paragraphs (1) and (2) of section
4103(b) of this title.
(2) Preservation rent
A statement of the preservation rent for the housing as calculated under section
4104(b) of this title.
(3) Federal cost limits
A statement of the applicable Federal cost limits for the market area (or relevant local market area, if applicable) in which the housing is located, which shall explain the limitations under sections
4110 of this title of the amount of assistance that the Secretary may provide based on such cost limits.
(4) Federal cost limit analysis
A statement of whether the aggregate preservation rents exceed the Federal cost limits and a direction to the owner to file a plan of action under section
4107 of this title or submit a second notice of intent under subsection (d) of this section, whichever is applicable.
(c) Availability to tenants
The Secretary shall make any information provided to the owner under subsections (a) and (b) of this section available to the tenants of the housing, together with other information relating to the rights and opportunities of the tenants.
(d) Second notice of intent
Each owner of eligible low-income housing that elects to transfer housing under section
4110 of this title shall submit to the Secretary, in such form and manner as the Secretary prescribes, notice of intent to sell the housing under section
4110 of this title. To be eligible to prepay the mortgage or voluntarily terminate the insurance contract on the mortgage, an owner of housing for which the preservation rents exceed the Federal cost limits under section
4105(b) of this title shall submit to the Secretary notice of such intent. The provisions of sections
4113 of this title shall apply to any owner submitting a notice under the preceding sentence.
A second notice of intent under this subsection shall be submitted not later than 30 days after receipt of information from the Secretary under this section. If an owner fails to submit such notice within such period, the notice of intent submitted by the owner under section
4102 of this title shall be void and ineffective for purposes of this subchapter.
(3) Filing with the State or local government, tenants, and mortgagee
Upon filing a second notice of intent under this subsection, the owner shall simultaneously file such notice of the intent with the chief executive officer of the appropriate State or local government for the jurisdiction within which the housing is located and with the mortgagee, and shall inform the tenants of the housing of the filing.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
LII has no control over and does not endorse any external Internet site that contains links to or references LII.