§ 4102. — Notice of intent.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4102]
TITLE 12--BANKS AND BANKING
CHAPTER 42--LOW-INCOME HOUSING PRESERVATION AND RESIDENT HOMEOWNERSHIP
SUBCHAPTER I--PREPAYMENT OF MORTGAGES INSURED UNDER NATIONAL HOUSING ACT
Sec. 4102. Notice of intent
(a) Filing with Secretary
An owner of eligible low-income housing that intends to terminate
the low-income affordability restrictions through prepayment or
voluntary termination in accordance with section 4108 of this title,
extend the low-income affordability restrictions of the housing in
accordance with section 4109 of this title, or transfer the housing to a
qualified purchaser in accordance with section 4110 of this title, shall
file with the Secretary a notice indicating such intent in the form and
manner as the Secretary shall prescribe.
(b) Filing with State or local government, tenants, and mortgagee
The owner, upon filing a notice of intent under this section, shall
simultaneously file the notice of intent with the chief executive
officer of the appropriate State or local government for the
jurisdiction within which the housing is located and with the mortgagee,
and shall inform the tenants of the housing of the filing.
(c) Ineligibility for filing
An owner shall not be eligible to file a notice of intent under this
section if the mortgage covering the housing--
(1) falls into default on or after November 28, 1990; or
(2)(A) fell into default before, but is current as of, November
28, 1990; and
(B) the owner does not agree to recompense the appropriate
Insurance Fund, in the amount the Secretary determines appropriate,
for any losses sustained by the Fund as a result of any work-out or
other arrangement agreed to by the Secretary and the owner with
respect to the defaulted mortgage.
The Secretary shall carry out this subsection in a manner consistent
with the provisions of section 1701z-11 of this title.
(Pub. L. 100-242, title II, Sec. 212, as added Pub. L. 101-625, title
VI, Sec. 601(a), Nov. 28, 1990, 104 Stat. 4249.)
Section Referred to in Other Sections
This section is referred to in sections 4103, 4106, 4107, 4108, 4113
of this title.
