Section 4232 - Low-income requirement and income targeting(a) In generalHousing 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) ExceptionNotwithstanding subsection (a), 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, §813, as added Pub. L. 106-568, title II, §203, Dec. 27, 2000, 114 Stat. 2888, and Pub. L. 106-569, title V, §513, Dec. 27, 2000, 114 Stat. 2982.EDITORIAL NOTES
CODIFICATION Pub. L. 106-568, §203, and Pub. L. 106-569, §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, §513.
- affordable housing
- The term "affordable housing" means housing that complies with the requirements for affordable housing under subchapter II. The term includes permanent housing for homeless persons who are persons with disabilities, transitional housing, and single room occupancy housing.
- family
- The term "family" includes a family with or without children, an elderly family, a near-elderly family, a disabled family, and a single person.
- nonprofit
- The term "nonprofit" means, with respect to an organization, association, corporation, or other entity, that no part of the net earnings of the entity inures to the benefit of any member, founder, contributor, or individual.