§1715z–1c — Title 12 Banks and Banking | U.S. Code

Summary

After December 1, 1987, HUD must limit rents and fees for any multifamily housing project insured under the National Housing Act the same way they were limited before April 19, 1983. That rule applies only if two things are true. Between April 19, 1983 and December 1, 1987, the owner did not sign and did not ask HUD in writing to sign an amendment under HUD rules from April 19, 1983 or June 4, 1986 that would remove rent limits or use a different rent formula. And, as of December 1, 1987, the project was either getting housing assistance payments under 42 U.S.C. 1437f (not the old certificate program at 1437f(b)(1)) or at least 50% of the units were occupied by lower income families under 42 U.S.C. 1437a(a)(2).

Title 12, §1715z–1c

Banks and Banking — Source: USLM XML via OLRC

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) 11 Probably should be a reference to section 1437a(b)(2). of title 42).

Notes & Related Subsidiaries

Editorial Notes

References in Text

The National Housing Act, as amended, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see section 1701 of this title and Tables. Codification Section was enacted as part of the Housing and Community Development Act of 1987, and not as part of the National Housing Act which comprises this chapter.

§1715z–1c Regulation of rents in insured projects

Summary

Title 12, §1715z–1c

Notes & Related Subsidiaries

Editorial Notes

References in Text

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