12 U.S.C. § 4142: Purposes

Summary

Helps low-income tenants join decisions about keeping their housing. It supports community nonprofit developers and resident groups to acquire, repair, and run eligible buildings for low- and moderate-income people, and helps the Secretary notify qualified buyers and oversee the preservation program.

Title 12, §4142

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The purposes of this subchapter are—

(1)to promote the ability of residents of eligible low-income housing to meaningfully participate in the preservation process established by this title and affect decisions about the future of their housing;

(2)to promote the ability of community-based nonprofit housing developers and resident councils to acquire, rehabilitate, and competently own and manage eligible housing as rental or cooperative housing for low- and moderate-income people; and

(3)to assist the Secretary in discharging the obligation under section 4110 of this title to notify potential qualified purchasers of the availability of properties for sale and to otherwise facilitate the coordination and oversight of the preservation program established under this title.1

Notes & Related Subsidiaries

Editorial Notes

References in Text

This title, referred to in pars. (1) and (3), means title II of Pub. L. 100–242, as amended by Pub. L. 101–625, title VI, § 601(a), Nov. 28, 1990, 104 Stat. 4249, known as the Low-Income Housing Preservation and Resident Homeownership Act of 1990, which is classified principally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 4101 of this title and Tables.

§4142 Purposes