§ 4232. — Lowincome requirement and income targeting.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC4232]
TITLE 25--INDIANS
CHAPTER 43--NATIVE AMERICAN HOUSING ASSISTANCE AND SELF-DETERMINATION
SUBCHAPTER VIII--HOUSING ASSISTANCE FOR NATIVE HAWAIIANS
Sec. 4232. Low-income requirement and income targeting
(a) In general
Housing shall qualify for affordable housing for purposes of this
subchapter only if--
(1) each dwelling unit in the housing--
(A) in the case of rental housing, is made available for
occupancy only by a family that is a low-income family at the
time of the initial occupancy of that family of that unit; and
(B) in the case of housing for homeownership, is made
available for purchase only by a family that is a low-income
family at the time of purchase; and
(2) each dwelling unit in the housing will remain affordable,
according to binding commitments satisfactory to the Secretary,
for--
(A) the remaining useful life of the property (as determined
by the Secretary) without regard to the term of the mortgage or
to transfer of ownership; or
(B) such other period as the Secretary determines is the
longest feasible period of time consistent with sound economics
and the purposes of this subchapter, except upon a foreclosure
by a lender (or upon other transfer in lieu of foreclosure) if
that action--
(i) recognizes any contractual or legal rights of any
public agency, nonprofit sponsor, or other person or entity
to take an action that would--
(I) avoid termination of low-income affordability,
in the case of foreclosure; or
(II) transfer ownership in lieu of foreclosure; and
(ii) is not for the purpose of avoiding low-income
affordability restrictions, as determined by the Secretary.
(b) Exception
Notwithstanding subsection (a) of this section, housing assistance
pursuant to section 4228(a)(2)(B) of this title shall be considered
affordable housing for purposes of this subchapter.
(Pub. L. 104-330, title VIII, Sec. 813, as added Pub. L. 106-568, title
II, Sec. 203, Dec. 27, 2000, 114 Stat. 2888, and Pub. L. 106-569, title
V, Sec. 513, Dec. 27, 2000, 114 Stat. 2982.)
Codification
Pub. L. 106-568, Sec. 203, and Pub. L. 106-569, Sec. 513, enacted
identical sections 813 of Pub. L. 104-330. This section is based on the
text of section 813 of Pub. L. 104-330, as added by Pub. L. 106-569,
Sec. 513.
Section Referred to in Other Sections
This section is referred to in section 4234 of this title.
