15 U.S.C. § 3601 — Congressional findings and purpose
submitted 46 years ago by Pub. L. 96-399 to r/title-15-COMMERCE-AND-TRADE · 278 words · no verdicts yet
This chapter addresses housing shortages, harmful condominium and cooperative conversions and leases, and related federal involvement.
(a) Congress finds that (1) the Nation lacks enough adequate, affordable housing, especially for low- and moderate-income, elderly, and handicapped people; (2) rental-to-condominium and cooperative conversions are increasing and may reduce their shelter choices; (3) some long-term leases for recreation and related facilities used in cooperative and condominium projects may be unconscionable, States may be unable to provide proper relief, and the resulting hardship may threaten these ownership forms and interstate sales, so federal action is needed; and (4) the federal government is involved through tax, housing, community-development laws, federally chartered or insured financial institutions, and other activities, while many projects are created by entities operating across States. (b) The chapter seeks to reduce adverse conversion effects, especially on those groups; ensure fair and equitable condominium and cooperative opportunities; and provide relief when long-term related-facility leases are unconscionable.
The Congress finds and declares that—
there is a shortage of adequate and affordable housing throughout the Nation, especially for low- and moderate-income and elderly and handicapped persons;
the number of conversions of rental housing to condominiums and cooperatives is accelerating, which in some communities may restrict the shelter options of low- and moderate-income and elderly and handicapped persons;
certain long-term leasing arrangements for recreation and other condominium- or cooperative-related facilities which have been used in the formation of cooperative and condominium projects may be unconscionable; in certain situations State governments are unable to provide appropriate relief; as a result of these leases, economic and social hardships may have been imposed upon cooperative and condominium owners, which may threaten the continued use and acceptability of these forms of ownership and interfere with the interstate sale of cooperatives and condominiums; appropriate relief from these abuses requires Federal action; and
there is a Federal involvement with the cooperative and condominium housing markets through the operation of Federal tax, housing, and community development laws, through the operation of federally chartered and insured financial institutions, and through other Federal activities; that the creation of many condominiums and cooperatives is undertaken by entities operating on an interstate basis.
The purposes of this chapter are to seek to minimize the adverse impacts of condominium and cooperative conversions particularly on the housing opportunities of low- and moderate-income and elderly and handicapped persons, to assure fair and equitable principles are followed in the establishment of condominium and cooperative opportunities, and to provide appropriate relief where long-term leases of recreation and other cooperative- and condominium-related facilities are determined to be unconscionable.
Source credit: (Pub. L. 96–399, title VI, § 602, Oct. 8, 1980, 94 Stat. 1672.)
- 1980Enacted · Pub. L. 96-399 · 94 Stat. 1672
A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-399 on 1980-10-08.
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