§4106 Information From Secretary

Summary

The Secretary must give owners who file a notice to end low-income affordability rules under section 4108 information within 6 months after getting that notice. The information must explain the rules for ending the affordability limits under section 4108 and list the documents the owner must provide. If an owner files a notice to extend the affordability rules under section 4109 or to transfer the housing to a qualified buyer under section 4110, the Secretary must give information within 9 months. That information must include what the owner needs to make a plan under section 4107, including a statement of the preservation value (see section 4103(b)), the preservation rent (see section 4104(b)), the Federal cost limits for the market area and how those limits affect assistance under sections 4109 and 4110, and whether the preservation rents exceed those cost limits and thus require filing a plan under section 4107 or sending a second notice under subsection (d). The Secretary must also make the information available to tenants along with other tenant rights information. Owners who choose to transfer under section 4110 must send a notice to the Secretary in the form the Secretary requires. If preservation rents exceed the Federal cost limits under section 4105(b), an owner must file such a notice to be eligible to prepay the mortgage or end mortgage insurance; sections 4111 and 4113 apply to that notice. A second notice must be filed no later than 30 days after the owner gets the Secretary’s information. If the owner misses that deadline, the original notice under section 4102 is void for this subchapter. When the owner files the second notice, they must also file it with the chief executive officer of the state or local government where the housing is, file it with the mortgagee, and tell the tenants.