§ 4125. State preservation project assistance

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1990

   Cranston-Gonzalez National Affordable Housing Act

   Pub. L. 101–625 title VI § 613(b) · 104 Stat. 4079

   Enacted · 12 U.S.C. § 4125

   Pub. L. 101–625, title VI, § 613(b), Nov. 28, 1990, 104 Stat. 4280

   Source evidence

   Code source credit
   Pub. L. 101–625, title VI, § 613(b), Nov. 28, 1990, 104 Stat. 4280

   Enacted provision · exact public law section
   (b) State Preservation Project Assistance.— (1) In general.— Upon application by a State or local housing authority (including public housing agencies), the Secretary of Housing and Urban Development may make available, from sources of assistance appropriated to preserve the low and moderate income status of projects with expiring Federal use restrictions, assistance to such State or local housing authorities for use in preventing the loss of housing affordable for low and moderate income families that is assisted under a State program under the terms of which the owner may prepay a State assisted or subsidized mortgage on such housing. The application of the State or local housing authority shall demonstrate to the Secretary that the total amount of incentives provided to the owner to induce the owner to preserve the low and moderate income status of the project shall not exceed the level of incentives which may be provided to a similarly situated project with expiring Federal use restrictions under subtitle B of title II of the Housing and Community Development Act of 1987. (2) Section 8.— Any assistance under section 8 of the United States Housing Act of 1937 made available pursuant to this subsection may be used (i) to supplement any assistance available on existing section 8 contracts, or (ii) to provide additional assistance to structures to ensure that all units occupied by tenants who are lower income families (as such term is defined in section 3(b) of the United States Housing Act of 1937) pay rents not exceeding 30 percent of their adjusted incomes. Any project receiving assistance hereunder shall be subject to standards, inspections and sanctions established by the Secretary under section 224(e) of the Housing and Community Development Act of 1987. Any such section 8 assistance shall be provided for a term and at the fair market rent levels or such higher levels used as applicable for eligible low-income housing that receives incentives under subtitle B of title II of the Housing and Community Development Act of 1987. (3) Restriction.— Assistance may be provided under this subsection only to State and local housing authorities that require any housing receiving such assistance to remain affordable for lower and moderate income tenants for the period during which assistance under this subsection is received.

2. 1992

   Housing and Community Development Act of 1992

   Pub. L. 102–550 title III § 317(b) · 106 Stat. 3672

   Substituted · 12 U.S.C. § 4125(2)

   Pub. L. 102–550 substituted “222(d)” for “224(e)”

   Source evidence

   Code amendment note
   Par. (2). Pub. L. 102–550 substituted “222(d)” for “224(e)”.

   Enacted provision · exact public law section
   (b) Cranston-Gonzalez National Affordable Housing Act.— Section 613(b)(2) of the Cranston-Gonzalez National Afford-able Housing Act (12 U.S.C. 4125(b)(2)) is amended by striking “section 224(e)” and inserting “section 222(d)”.

2 of 2 references resolved to an enrolled provision