12 U.S.C. § 1715z–1c — Regulation of rents in insured projects

submitted 38 years ago by Pub. L. 100-242 to r/title-12-BANKS-AND-BANKING · 209 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section requires the Secretary to control rents and charges in certain insured multifamily projects as they were controlled before April 19, 1983. It applies only when the listed deregulation and project-status conditions are met.

After December 1, 1987, the Secretary must control rents and charges as before April 19, 1983, for an insured multifamily project if (1) during the period from April 19, 1983, through December 1, 1987, the owner and Secretary did not execute, and the owner did not request, an amendment under the cited regulations electing rent deregulation or an alternative maximum-rent formula; and (2) either (A) on December 1, 1987, the project received section 1437f project-based housing-assistance payments other than the existing-housing certificate program, or (B) at least 50 percent of its units were occupied by lower-income families. This section does not define “lower-income families”; it uses the definition in the cited provision.

the actual law source: uscode.house.gov ↗public domain

After December 1, 1987, the Secretary of Housing and Urban Development shall control rents and charges as they were controlled prior to April 19, 1983, for any multifamily housing project insured under the National Housing Act [12 U.S.C. 1701 et seq.] if—

(1)

during the period of April 19, 1983, through December 1, 1987, the project owner and the Secretary have not executed, and the project owner has not filed a written request with the Secretary to enter into, an amendment to the regulatory agreement pursuant to regulations published by the Secretary on April 19, 1983, or June 4, 1986, electing to deregulate rents or utilize an alternative formula for determining the maximum allowable rents pursuant to regulations published by the Secretary on April 19, 1983, or June 4, 1986; and

(2)

(A)

the project was, as of December 1, 1987, receiving a housing assistance payment under a contract pursuant to section 1437f of title 42 (other than under the existing housing certificate program of section 1437f(b)(1) of title 42); or

(B)

not less than 50 percent of the units in the project are occupied by lower income families (as defined in section 1437a(a)(2) 1 of title 42).

Source credit: (Pub. L. 100–242, title IV, § 425, Feb. 5, 1988, 101 Stat. 1915.)

history & why it existsrecord from the source credit

1988Enacted · Pub. L. 100-242 · 101 Stat. 1915

A history note hasn’t been published yet. The record shows enactment by Pub. L. 100-242 on 1988-02-05.

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