area of chronic economic distress

(3) Area of chronic economic distress (A) In general For purposes of paragraph (1), the term “area of chronic economic distress” means an area of chronic economic distress— (i) designated by the State as meeting the standards established by the State for purposes of this subsection, and (ii) the designation of which has been approved by the Secretary and the Secretary of Housing and Urban Development. (B) Criteria to be used in approving State designations The criteria used by the Secretary and the Secretary of Housing and Urban Development in evaluating any proposed designation of an area for purposes of this subsection shall be— (i) the condition of the housing stock, including the age of the housing and the number of abandoned and substandard residential units, (ii) the need of area residents for owner-financing under this section, as indicated by low per capita income, a high percentage of families in poverty, a high number of welfare recipients, and high unemployment rates, (iii) the potential for use of owner-financing under this section to improve housing conditions in the area, and (iv) the existence of a housing assistance plan which provides a displacement program and a public improvements and services program.

Source

26 USC § 143(j)(3)


Scoping language

None identified. Default scope is assumed to be the entire title.
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