§459e–3 Retention by owner of right of use and occupancy of improved property for residential purposes

Summary

When the Secretary buys improved property, the owner can keep the right to live on and use the place for noncommercial residential purposes for up to 25 years. The owner can pass that right to heirs or someone they assign it to. The Secretary pays less for the property because the value of that reserved right is taken off the purchase price. The Secretary can end that reserved right if the use does not follow the zoning rules the Secretary approved under the law. If the Secretary ends it early, the owner must be paid an amount equal to the fair market value of the unused part of the reserved right on the date it is ended.