§ 3601. — Congressional findings and purpose.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC3601]
TITLE 15--COMMERCE AND TRADE
CHAPTER 62--CONDOMINIUM AND COOPERATIVE CONVERSION PROTECTION AND ABUSE
RELIEF
Sec. 3601. Congressional findings and purpose
(a) The Congress finds and declares that--
(1) there is a shortage of adequate and affordable housing
throughout the Nation, especially for low- and moderate-income and
elderly and handicapped persons;
(2) the number of conversions of rental housing to condominiums
and cooperatives is accelerating, which in some communities may
restrict the shelter options of low- and moderate-income and elderly
and handicapped persons;
(3) certain long-term leasing arrangements for recreation and
other condominium- or cooperative-related facilities which have been
used in the formation of cooperative and condominium projects may be
unconscionable; in certain situations State governments are unable
to provide appropriate relief; as a result of these leases, economic
and social hardships may have been imposed upon cooperative and
condominium owners, which may threaten the continued use and
acceptability of these forms of ownership and interfere with the
interstate sale of cooperatives and condominiums; appropriate relief
from these abuses requires Federal action; and
(4) there is a Federal involvement with the cooperative and
condominium housing markets through the operation of Federal tax,
housing, and community development laws, through the operation of
federally chartered and insured financial institutions, and through
other Federal activities; that the creation of many condominiums and
cooperatives is undertaken by entities operating on an interstate
basis.
(b) The purposes of this chapter are to seek to minimize the adverse
impacts of condominium and cooperative conversions particularly on the
housing opportunities of low- and moderate-income and elderly and
handicapped persons, to assure fair and equitable principles are
followed in the establishment of condominium and cooperative
opportunities, and to provide appropriate relief where long-term leases
of recreation and other cooperative- and condominium-related facilities
are determined to be unconscionable.
(Pub. L. 96-399, title VI, Sec. 602, Oct. 8, 1980, 94 Stat. 1672.)
Effective Date
Section 618 of title VI of Pub. L. 96-399 provided that: ``The
provisions of this title [enacting this chapter] shall become effective
upon enactment [Oct. 8, 1980], except that section 609 [section 3608 of
this title], and the prohibition included in section 610 [section 3609
of this title] as it relates to a lease with respect to which a cause of
action may be established under section 609, shall become effective one
year after enactment.''
Short Title
Section 601 of title VI of Pub. L. 96-399 provided that: ``This
title [enacting this chapter] may be cited as the `Condominium and
Cooperative Abuse Relief Act of 1980'.''
