42 U.S.C. § 12877 — Exemption

submitted 36 years ago by Pub. L. 101-625 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 58 words · no verdicts yet

in plain englishAI-generated · not legal advice

Property covered by an approved homeownership program is exempt from two other housing laws. It doesn't have to follow the 1990 Preservation and Homeownership Act or a related foreclosure-sale rule.

Eligible property covered by an approved homeownership program does not have to follow: (1) the Low-Income Housing Preservation and Resident Homeownership Act of 1990, or (2) the rule in section 1701z-11 of title 12 that normally applies when the Secretary sells projects after foreclosure or after taking them over.

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

Eligible property covered by a homeownership program approved under this part shall not be subject to—

(1)

the Low-Income Housing Preservation and Resident Homeownership Act of 1990 [12 U.S.C. 4101 et seq.], or

(2)

the requirements of section 1701z–11 of title 12 applicable to the sale of projects either at foreclosure or after acquisition by the Secretary.

Source credit: (Pub. L. 101–625, title IV, § 427, Nov. 28, 1990, 104 Stat. 4171.)

history & why it existsrecord from the source credit

1990Enacted · Pub. L. 101-625 · 104 Stat. 4171

A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-625 on 1990-11-28.

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