§ 1715z-1c. — Regulation of rents in insured projects.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1715z-1c]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER II--MORTGAGE INSURANCE
Sec. 1715z-1c. Regulation of rents in insured projects
After December 1, 1987, the Secretary of Housing and Urban
Development shall control rents and charges as they were controlled
prior to April 19, 1983, for any multifamily housing project insured
under the National Housing Act [12 U.S.C. 1701 et seq.] if--
(1) during the period of April 19, 1983, through December 1,
1987, the project owner and the Secretary have not executed, and the
project owner has not filed a written request with the Secretary to
enter into, an amendment to the regulatory agreement pursuant to
regulations published by the Secretary on April 19, 1983, or June 4,
1986, electing to deregulate rents or utilize an alternative formula
for determining the maximum allowable rents pursuant to regulations
published by the Secretary on April 19, 1983, or June 4, 1986; and
(2)(A) the project was, as of December 1, 1987, receiving a
housing assistance payment under a contract pursuant to section
1437f of title 42 (other than under the existing housing certificate
program of section 1437f(b)(1) of title 42); or
(B) not less than 50 percent of the units in the project are
occupied by lower income families (as defined in section 1437a(a)(2)
\1\ of title 42).
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\1\ Probably should be a reference to section 1437a(b)(2).
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(Pub. L. 100-242, title IV, Sec. 425, Feb. 5, 1988, 101 Stat. 1915.)
References in Text
The National Housing Act, as amended, referred to in text, is act
June 27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified
principally to this chapter (Sec. 1701 et seq.). For complete
classification of this Act to the Code, see section 1701 of this title
and Tables.
Codification
Section was enacted as part of the Housing and Community Development
Act of 1987, and not as part of the National Housing Act which comprises
this chapter.
