§ 4135. — Lowincome requirement and income targeting.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC4135]
TITLE 25--INDIANS
CHAPTER 43--NATIVE AMERICAN HOUSING ASSISTANCE AND SELF-DETERMINATION
SUBCHAPTER II--AFFORDABLE HOUSING ACTIVITIES
Sec. 4135. Low-income requirement and income targeting
(a) In general
Housing shall qualify as affordable housing for purposes of this
chapter 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 their initial occupancy of such unit;
(B) in the case of a contract to purchase existing housing,
is made available for purchase only by a family that is a low-
income family at the time of purchase;
(C) in the case of a lease-purchase agreement for existing
housing or for housing to be constructed, is made available for
lease-purchase only by a family that is a low-income family at
the time the agreement is entered into; and
(D) in the case of a contract to purchase housing to be
constructed, is made available for purchase only by a family
that is a low-income family at the time the contract is entered
into; and
(2) except for housing assisted under section 1437bb of title 42
(as in effect before the date of the effectiveness of this chapter),
each dwelling unit in the housing will remain affordable, according
to binding commitments satisfactory to the Secretary, for 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 for such other period that the Secretary determines
is the longest feasible period of time consistent with sound
economics and the purposes of this chapter, except upon a
foreclosure by a lender (or upon other transfer in lieu of
foreclosure) if such action--
(A) recognizes any contractual or legal rights of public
agencies, nonprofit sponsors, or others to take actions that
would avoid termination of low-income affordability in the case
of foreclosure or transfer in lieu of foreclosure; and
(B) is not for the purpose of avoiding low-income
affordability restrictions, as determined by the Secretary.
(b) Exception
Notwithstanding subsection (a) of this section, housing assisted
pursuant to section 4131(b)(2) of this title shall be considered
affordable housing for purposes of this chapter.
(Pub. L. 104-330, title II, Sec. 205, Oct. 26, 1996, 110 Stat. 4033;
Pub. L. 105-276, title V, Sec. 595(e)(8), Oct. 21, 1998, 112 Stat.
2657.)
References in Text
Section 1437bb of title 42, referred to in subsec. (a)(2), was
repealed by Pub. L. 104-330, title V, Sec. 501(a), Oct. 26, 1996, 110
Stat. 4041, effective Oct. 1, 1997.
For the date of the effectiveness of this chapter, referred to in
subsec. (a)(2), as Oct. 1, 1997, except as otherwise expressly provided,
see section 107 of Pub. L. 104-330, set out as an Effective Date note
under section 4101 of this title.
Amendments
1998--Subsec. (a)(1)(B) to (D). Pub. L. 105-276 added subpars. (B)
to (D) and struck out former subpar. (B) which read as follows: ``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''.
Effective Date
Section effective Oct. 1, 1997, except as otherwise expressly
provided, see section 107 of Pub. L. 104-330, set out as a note under
section 4101 of this title.
Section Referred to in Other Sections
This section is referred to in section 4139 of this title.
