12 U.S.C. § 4102 — Notice of intent

(a) Filing with Secretary. An owner of eligible low-income housing who plans to end the housing’s low-income affordability restrictions by prepayment or voluntary termination under section 4108, extend them under section 4109, or transfer the housing to a qualified purchaser under section 4110, must file a notice of that plan with the Secretary in the form and manner the Secretary requires. (b) Filing with State or local government, tenants, and mortgagee. At the same time, the owner must file the notice with the chief executive of the appropriate State or local government where the housing is located and with the mortgagee, and must tell the tenants that the notice was filed. (c) Ineligibility for filing. The owner may not file if the housing’s mortgage— (1) goes into default on or after November 28, 1990; or (2) went into default before that date but was current on that date, and the owner does not agree to repay the appropriate Insurance Fund, in the amount the Secretary decides is appropriate, for losses caused by a workout or other arrangement the Secretary and owner made about the defaulted mortgage. The Secretary must carry out this subsection consistently with section 1701z–11 of this title.