§4142 — Title 12 Banks and Banking | U.S. Code

Summary

Help residents of eligible low-income housing take part in decisions about preserving and shaping the future of their homes. Help local nonprofit housing groups and resident councils buy, fix up, and properly own and manage eligible buildings as rentals or co-ops for low- and moderate-income people. Help the Secretary meet the duty in section 4110 to notify potential qualified buyers when properties are for sale and to help coordinate and oversee the preservation program.

Title 12, §4142

Banks and Banking — Source: USLM XML via OLRC

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 11 See References in Text note below. 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