Housing shall qualify for affordable housing for purposes of this subchapter only if—
(1)each dwelling unit in the housing—
(A)in the case of rental housing, is made available for occupancy only by a family that is a low-income family at the time of the initial occupancy of that family of that unit; and
(B)in the case of housing for homeownership, is made available for purchase only by a family that is a low-income family at the time of purchase; and
(2)each dwelling unit in the housing will remain affordable, according to binding commitments satisfactory to the Secretary, for—
(A)the remaining useful life of the property (as determined by the Secretary) without regard to the term of the mortgage or to transfer of ownership; or
(B)such other period as the Secretary determines is the longest feasible period of time consistent with sound economics and the purposes of this subchapter, except upon a foreclosure by a lender (or upon other transfer in lieu of foreclosure) if that action—
(i)recognizes any contractual or legal rights of any public agency, nonprofit sponsor, or other person or entity to take an action that would—
(I)avoid termination of low-income affordability, in the case of foreclosure; or
(II)transfer ownership in lieu of foreclosure; and
(ii)is not for the purpose of avoiding low-income affordability restrictions, as determined by the Secretary.
Notwithstanding subsection (a) of this section, housing assistance pursuant to section
4228(a)(2)(B) of this title shall be considered affordable housing for purposes of this subchapter.
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.