§4106 Information From Secretary

Summary

The Secretary must give owners who say they want to end the low‑income rules for their housing (under section 4108) written details within 6 months of getting that notice. The details must tell the owner the rules they must meet to end the restrictions and the papers they must file. For owners who want to keep the low‑income rules longer (under section 4109) or sell to a qualified buyer (under section 4110), the Secretary must send needed information within 9 months. That information will help an owner make a plan of action (under section 4107) and will include the housing’s preservation value, the preservation rent, the Federal cost limits for the area and how those limits affect possible assistance, and whether the total preservation rents go over the Federal cost limits and require further action. The Secretary must also make the same information available to tenants and give other facts about their rights. If an owner must file a second notice of intent (for transfers under section 4110 or when preservation rents exceed Federal cost limits and the owner wants to prepay or end mortgage insurance), the owner must send that second notice in the Secretary’s required form within 30 days after getting the Secretary’s information. If the owner misses the 30 days, the first notice under section 4102 becomes void for this subchapter. When filing the second notice, the owner must also send it at the same time to the chief executive of the local or State government, to the mortgagee, and must inform the tenants.