12 U.S.C. § 4101

Pub. L. 101–625section 1437f of Title 42Nov. 28, 1990“This subtitle [subtitle A (§§ 601–605) of title VI of , enacting this chapter, amending sections 1715z–6 and 1715z–15 of this title and , The Public Health and Welfare, and enacting provisions set out below] shall take effect on the date of the enactment of this Act [].”

section 1715z–15 of this title“This title [enacting this chapter, amending and sections 1437f, 1472, 1485, and 1487 of Title 42, The Public Health and Welfare, and enacting provisions set out below] may be cited as the ‘Low-Income Housing Preservation and Resident Homeownership Act of 1990’.”

Pub. L. 101–625Pub. L. 100–242November 1, 1987“Subject to section 605 of the Cranston-Gonzalez National Affordable Housing Act [, set out above], the requirements of this subtitle [subtitle B (§§ 211–235) of title II of , enacting this subchapter] shall apply to any project that is eligible low-income housing on or after .”

Oct. 28, 1992section 553 of title 5“Except as otherwise provided in this title [enacting sections 4141 to 4147 of this title, amending sections 1715z–1, 1715z–6, 4103, 4105 to 4112, 4116, 4119, 4121, 4122, 4124, and 4125 of this title, enacting provisions set out as notes under this section and sections 1715z–6, 4109, and 4117 of this title, and amending provisions set out as a note under this section], the Secretary of Housing and Urban Development shall issue interim regulations implementing this title and the amendments made by this title not later than the expiration of the 90-day period beginning on the date of the enactment of this Act [], which shall take effect upon issuance. The Secretary shall issue final regulations implementing this title and the amendments made by this title after notice and opportunity for public comment regarding the interim regulations, pursuant to the provisions of , United States Code (notwithstanding subsections (a)(2), (b)(B), and (d)(3) of such section). The duration of the period for public comment shall not be less than 60 days, and the final regulations shall be issued not later than the expiration of the 60-day period beginning upon the conclusion of the comment period and shall take effect upon issuance.”

March 1, 1997September 1, 199512 U.S.C. 4103November 1, 1993Sept. 26, 1996Provided furtherProvided further12 U.S.C. 1715z–1Provided furtherProvided furtherProvided furtherProvided furtherProvided further42 U.S.C. 1437fProvided furtherProvided further12 U.S.C. 4113(b)Provided further12 U.S.C. 4110(d)(3)(A)Provided furtherProvided furtherProvided further12 U.S.C. 1715z–6(f)Provided furtherSept. 26, 1996Provided further42 U.S.C. 1272126 U.S.C. 42Provided furtherMarch 1, 1997August 1, 1997“That of the total amount provided under this head, $350,000,000 shall be available for use in conjunction with properties that are eligible for assistance under the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) [see Short Title note above] or the Emergency Low Income Housing Preservation Act of 1987 (ELIHPA) [see Codification note set out preceding this section], of which $75,000,000 shall be available for obligation until for projects (1) that are subject to a repayment or settlement agreement that was executed between the owner and the Secretary prior to ; (2) whose submissions were delayed as a result of their location in areas that were designated as a Federal disaster area in a Presidential Disaster Declaration; or (3) whose processing was, in fact or in practical effect, suspended, deferred, or interrupted for a period of twelve months or more because of differing interpretations, by the Secretary and an owner or by the Secretary and a State or local rent regulatory agency, concerning the timing of filing eligibility or the effect of a presumptively applicable State or local rent control law or regulation on the determination of preservation value under section 213 of LIHPRHA, as amended [], if the owner of such project filed notice of intent to extend the low-income affordability restrictions of the housing, or transfer to a qualified purchaser who would extend such restrictions, on or before ; and of which, up to $100,000,000 may be used for rental assistance to prevent displacement of families residing in projects whose owners prepay their mortgages; and the balance of which shall be available from the effective date of this Act [] for sales to preferred priority purchasers: , That with the exception of projects described in clauses (1), (2), or (3) of the preceding proviso, the Secretary shall, notwithstanding any other provision of law, suspend further processing of preservation applications which have not heretofore received approval of a plan of action: , That $150,000,000 of amounts recaptured from interest reduction payment contracts for section 236 [] projects whose owners prepay their mortgages during fiscal year 1997 shall be rescinded: , That an owner of eligible low-income housing may prepay the mortgage or request voluntary termination of a mortgage insurance contract, so long as said owner agrees not to raise rents for sixty days after such prepayment: , That such developments have been determined to have preservation equity at least equal to the lesser of $5,000 per unit or $500,000 per project or the equivalent of eight times the most recently published monthly fair market rent for the area in which the project is located as the appropriate unit size for all of the units in the eligible project: , That the Secretary may modify the regulatory agreement to permit owners and priority purchasers to retain rental income in excess of the basic rental charge in projects assisted under section 236 of the National Housing Act, for the purpose of preserving the low- and moderate-income character of the housing: , That eligible low-income housing shall include properties meeting the requirements of this paragraph with mortgages that are held by a State agency as a result of a sale by the Secretary without insurance, which immediately before the sale would have been eligible low-income housing under LIHPRHA: , That notwithstanding any other provision of law, subject to the availability of appropriated funds, each low-income family, and moderate-income family who is elderly or disabled or is residing in a low-vacancy area, residing in the housing on the date of prepayment or voluntary termination, and whose rent, as a result of a rent increase occurring no later than one year after the date of the prepayment, exceeds 30 percent of adjusted income, shall be offered tenant-based assistance in accordance with section 8 [] or any successor program, under which the family shall pay no less for rent than it paid on such date: , That any family receiving tenant-based assistance under the preceding proviso may elect (1) to remain in the unit of the housing and if the rent exceeds the fair market rent or payment standard, as applicable, the rent shall be deemed to be the applicable standard, so long as the administering public housing agency finds that the rent is reasonable in comparison with rents charged for comparable unassisted housing units in the market or (2) to move from the housing and the rent will be subject to the fair market rent of the payment standard, as applicable, under existing program rules and procedures: , That the tenant-based assistance made available under the preceding two provisos are in lieu of benefits provided in subsections [sic] 223(b), (c), and (d) of the Low-Income Housing Preservation and Resident Homeownership Act of 1990 [, (c), (d)]: , That any sales shall be funded using the capital grant available under section 220(d)(3)(A) of LIHPRHA []: , That any extensions shall be funded using a non-interest-bearing capital (direct) loan by the Secretary not in excess of the amount of the cost of rehabilitation approved in the plan of action plus 65 percent of the property’s preservation equity and under such other terms and conditions as the Secretary may prescribe: , That any capital grant shall be limited to seven times, and any capital loan limited to six times, the annual fair market rent for the project, as determined using the fair market rent for fiscal year 1997 for the area in which the project is located, using the appropriate apartment sizes and mix in the eligible project, except where, upon the request of a priority purchaser, the Secretary determines that a greater amount is necessary and appropriate to preserve low-income housing: , That section 241(f) of the National Housing Act [] is repealed and insurance under such section shall not be offered as an incentive under LIHPRHA and ELIHPA: , That up to $10,000,000 of the amount of $350,000,000 made available by a preceding proviso in this paragraph may be used at the discretion of the Secretary to reimburse owners of eligible properties for which plans of action were submitted prior to the effective date of this Act [], but were not executed for lack of available funds, with such reimbursement available only for documented costs directly applicable to the preparation of the plan of action as determined by the Secretary, and shall be made available on terms and conditions to be established by the Secretary: , That, notwithstanding any other provision of law, a priority purchaser may utilize assistance under the HOME Investment Partnerships Act [ et seq.] or the Low Income Housing Tax Credit [see ]: , That projects with approved plans of action which exceed the limitations on eligibility for funding imposed by this Act may submit revised plans of action which conform to these limitations by , and retain the priority for funding otherwise applicable from the original date of approval of their plan of action, subject to securing any additional necessary funding commitments by .”

12 U.S.C. 1715z–1ProvidedAugust 15, 1996Provided further12 U.S.C. 4143Provided furtherAugust 15, 1996Provided furtherProvided further12 U.S.C. 4106(d)Apr. 26, 1996April 15, 1996Provided furtherProvided further12 U.S.C. 1715z–1Provided furtherSeptember 15, 1996August 15, 1996September 1, 199512 U.S.C. 1715z–112 U.S.C. 4103November 1, 1993Provided furtherProvided further42 U.S.C. 1437fProvided furtherProvided further12 U.S.C. 4110(d)(3)(B)12 U.S.C. 1715z–1Provided further12 U.S.C. 4110(d)(3)(B)Provided furtherApr. 26, 1996Provided furtherOctober 1, 1996“Of the total amount provided under this head, $624,000,000, plus amounts recaptured from interest reduction payment contracts for section 236 [] projects whose owners prepay their mortgages during fiscal year 1996 (which amounts shall be transferred and merged with this account), shall be for use in conjunction with properties that are eligible for assistance under the Low Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) [see Short Title note above] or the Emergency Low-Income Housing Preservation Act of 1987 (ELIHPA) [see Codification note set out preceding this section]: , That prior to , funding to carry out plans of action shall be limited to sales of projects to non-profit organizations, tenant-sponsored organizations, and other priority purchasers: , That of the amount made available by this paragraph, up to $10,000,000 shall be available for preservation technical assistance grants pursuant to section 253 of the Housing and Community Development Act of 1987 [], as amended: , That with respect to amounts made available by this paragraph, after , if the Secretary determines that the demand for funding may exceed amounts available for such funding, the Secretary (1) may determine priorities for distributing available funds, including giving priority funding to tenants displaced due to mortgage prepayment and to projects that have not yet been funded but which have approved plans of action; and (2) may impose a temporary moratorium on applications by potential recipients of such funding: , That an owner of eligible low-income housing may prepay the mortgage or request voluntary termination of a mortgage insurance contract, so long as said owner agrees not to raise rents for sixty days after such prepayment: , That an owner of eligible low-income housing who has not timely filed a second notice under section 216(d) [] prior to the effective date of this Act [] may file such notice by : , That such developments have been determined to have preservation equity at least equal to the lesser of $5,000 per unit or $500,000 per project or the equivalent of eight times the most recently published fair market rent for the area in which the project is located as the appropriate unit size for all of the units in the eligible project: , That the Secretary may modify the regulatory agreement to permit owners and priority purchasers to retain rental income in excess of the basic rental charge in projects assisted under section 236 of the National Housing Act [], for the purpose of preserving the low and moderate income character of the housing: , That the Secretary may give priority to funding and processing the following projects provided that the funding is obligated not later than : (1) projects with approved plans of action to retain the housing that file a modified plan of action no later than to transfer the housing; (2) projects with approved plans of action that are subject to a repayment or settlement agreement that was executed between the owner and the Secretary prior to ; (3) projects for which submissions were delayed as a result of their location in areas that were designated as a Federal disaster area in a Presidential Disaster Declaration; and (4) projects whose processing was, in fact, or in practical effect, suspended, deferred, or interrupted for a period of nine months or more because of differing interpretations, by the Secretary and an owner concerning the time of the ability of an uninsured section 236 [] property to prepay or by the Secretary and a State or local rent regulatory agency, concerning the effect of a presumptively applicable State or local rent control law or regulation on the determination of preservation value under section 213 of LIHPRHA, as amended [], if the owner of such project filed notice of intent to extend the low-income affordability restrictions of the housing, or transfer to a qualified purchaser who would extend such restrictions, on or before : , That eligible low-income housing shall include properties meeting the requirements of this paragraph with mortgages that are held by a State agency as a result of a sale by the Secretary without insurance, which immediately before the sale would have been eligible low-income housing under LIHPRHA: , That notwithstanding any other provision of law, subject to the availability of appropriated funds, each unassisted low-income family residing in the housing on the date of prepayment or voluntary termination, and whose rent, as a result of a rent increase occurring no later than one year after the date of the prepayment, exceeds 30 percent of adjusted income, shall be offered tenant-based assistance in accordance with section 8 [] or any successor program, under which the family shall pay no less for rent than it paid on such date: , That any family receiving tenant-based assistance under the preceding proviso may elect (1) to remain in the unit of the housing and if the rent exceeds the fair market rent or payment standard, as applicable, the rent shall be deemed to be the applicable standard, so long as the administering public housing agency finds that the rent is reasonable in comparison with rents charged for comparable unassisted housing units in the market or (2) to move from the housing and the rent will be subject to the fair market rent of the payment standard, as applicable, under existing program rules and procedures: , That rents and rent increases for tenants of projects for which plans of action are funded under section 220(d)(3)(B) of LIHPRHA [] shall be governed in accordance with the requirements of the program under which the first mortgage is insured or made (sections 236 or 221(d)(3) BMIR [, 4111(d)(3)], as appropriate): , That the immediately foregoing proviso shall apply hereafter to projects for which plans of action are to be funded under such section 220(d)(3)(B) [], and shall apply to any project that has been funded under such section starting one year after the date that such project was funded: , That up to $10,000,000 of the amount made available by this paragraph may be used at the discretion of the Secretary to reimburse owners of eligible properties for which plans of action were submitted prior to the effective date of this Act [], but were not executed for lack of available funds, with such reimbursement available only for documented costs directly applicable to the preparation of the plan of action as determined by the Secretary, and shall be made available on terms and conditions to be established by the Secretary: , That, notwithstanding any other provision of law, effective , the Secretary shall suspend further processing of preservation applications which do not have approved plans of action.”

“(a)

Elihpa of 1987.—

Public Law 102–139105 Stat. 736The Secretary may not require, as a condition of eligibility for or receipt of technical assistance made available under the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1992 ( [, see Tables for classification]) (including any phase of a grant), that an applicant participate in a training program sponsored or conducted by the Department of Housing and Urban Development for acquisition of eligible low income housing under the provisions of the Emergency Low Income Housing Preservation Act of 1987 [see Codification note above], and may not provide any preference or priority for such assistance for any applicant based on participation in such a program.

“(b)

Lihprha of 1990.—

Public Law 102–139March 1, 1993The Secretary may require, as a condition of eligibility for or receipt of technical assistance made available under the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1992 () (including any phase of a grant), that an applicant participate in a training program sponsored or conducted by the Department of Housing and Urban Development for acquisition of eligible low-income housing under this title [enacting sections 4141 to 4147 of this title, amending sections 1715z–1, 1715z–6, 4103, 4105 to 4112, 4116, 4119, 4121, 4122, 4124, and 4125 of this title, enacting provisions set out as notes under this section and sections 1715z–6, 4109, and 4117 of this title, and amending provisions set out as a note under this section], and may provide preference or priority for such assistance for applicants based on participation in such a program, but only if the program is made available on a nationwide basis not later than .”

“(a)

Housing Eligible for Election .—

January 1, 1991lNov. 28, 199012 U.S.C. 410212 U.S.C. 4102(b)Any owner of housing that becomes eligible low-income housing before and who, before such date, filed a notice of intent under section 222 of the Emergency Low Income Housing Preservation Act of 1987 [formerly set out in a note under section 1715 of this title] (as such section existed before the date of the enactment of this Act []) or under section 212 of such Act [] (as amended by section 601(a)) may elect to be subject to (1) the provisions of such Act as in effect before the date of the enactment of this Act, or (2) the provisions of the Low-Income Housing Preservation and Resident Homeownership Act of 1990 [see Short Title note above], after the date of the enactment of this Act. The Secretary shall establish procedures for owners to make the election under the preceding sentence. An owner that elects to be subject to the provisions of the Emergency Low Income Housing Preservation Act of 1987 shall comply with section 212(b), section 217(a)(2), and section 217(c) of the Low-Income Housing Preservation and Resident Homeownership Act of 1990 [ and 4107(a)(2), (c)].

“(b)

Right of Conversion to New System .—

October 11, 1990Pub. L. 101–625Any owner who has filed a plan of action on or before , shall have the right to convert to the system of incentives and restrictions under this subtitle [subtitle A of title VI of , see Effective Date note above], with such adjustments as the Secretary determines to be appropriate to compensate for the value of any incentives the owner received under the Emergency Low Income Housing Preservation Act of 1987 [see Codification note preceding this section]. Owners filing plans after such date shall not have any right under this subsection.

“(c)

Effectiveness of Repealed Provisions .—

Nov. 28, 1990Notwithstanding the amendment made by section 601(a) [enacting this chapter], the provisions of the Emergency Low Income Housing Preservation Act of 1987 (as in effect immediately before the date of the enactment of this Act []) shall apply with respect to any housing for which the election under subsection (a)(1) is made. With respect to housing for which such an election is made—

“(1)

l in making incentives under section 224 of such Act [formerly set out in a note under section 1715 of this title] available to such housing, the Secretary—

“(A)

shall, for approvable plans of action, provide assistance sufficient to enable a nonprofit organization that has purchased or will purchase an eligible low income housing project to meet project oversight costs; and

“(B)

October 15, 1991 may not refuse to offer incentives referred to in such section to any owner who filed a notice of intent under section 222 of such Act before , based solely on the date of filing of the plan of action for the housing; and

“(2)

l12 U.S.C. 1715l42 U.S.C. 1437f12 U.S.C. 1701s the provisions of section 233(1)(A)(i) of such Act [formerly set out in a note under section 1715 of this title] shall not apply, and the term ‘eligible low income housing’ shall, for purposes of such Act, shall [sic] include housing financed by a loan or mortgage that is insured or held by the Secretary or a State or State agency under section 221(d)(3) of the National Housing Act [(d)(3)] and receiving loan management assistance under section 8 of the United States Housing Act of 1937 [] due to a conversion from section 101 of the Housing and Urban Development Act of 1965 [].

“(d)

Regulations .—

Nov. 28, 1990section 553 of title 5Not later than the expiration of the 90-day period beginning on the date of the enactment of this Act [], the Secretary of Housing and Urban Development shall, subject to the provisions of , United States Code, publish proposed rules to implement this subtitle and the amendments made by this subtitle. Not later than 45 days after the expiration of the period under the preceding sentence the Secretary shall issue interim or final rules to implement such provisions.”