
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 25USC4135]

 
                            TITLE 25--INDIANS
 
  CHAPTER 43--NATIVE AMERICAN HOUSING ASSISTANCE AND SELF-DETERMINATION
 
              SUBCHAPTER II--AFFORDABLE HOUSING ACTIVITIES
 
Sec. 4135. Low-income requirement and income targeting


(a) In general

    Housing shall qualify as affordable housing for purposes of this 
chapter 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 their initial occupancy of such unit;
            (B) in the case of a contract to purchase existing housing, 
        is made available for purchase only by a family that is a low-
        income family at the time of purchase;
            (C) in the case of a lease-purchase agreement for existing 
        housing or for housing to be constructed, is made available for 
        lease-purchase only by a family that is a low-income family at 
        the time the agreement is entered into; and
            (D) in the case of a contract to purchase housing to be 
        constructed, is made available for purchase only by a family 
        that is a low-income family at the time the contract is entered 
        into; and

        (2) except for housing assisted under section 1437bb of title 42 
    (as in effect before the date of the effectiveness of this chapter), 
    each dwelling unit in the housing will remain affordable, according 
    to binding commitments satisfactory to the Secretary, for 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 for such other period that the Secretary determines 
    is the longest feasible period of time consistent with sound 
    economics and the purposes of this chapter, except upon a 
    foreclosure by a lender (or upon other transfer in lieu of 
    foreclosure) if such action--
            (A) recognizes any contractual or legal rights of public 
        agencies, nonprofit sponsors, or others to take actions that 
        would avoid termination of low-income affordability in the case 
        of foreclosure or transfer in lieu of foreclosure; and
            (B) 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 assisted 
pursuant to section 4131(b)(2) of this title shall be considered 
affordable housing for purposes of this chapter.

(Pub. L. 104-330, title II, Sec. 205, Oct. 26, 1996, 110 Stat. 4033; 
Pub. L. 105-276, title V, Sec. 595(e)(8), Oct. 21, 1998, 112 Stat. 
2657.)

                       References in Text

    Section 1437bb of title 42, referred to in subsec. (a)(2), was 
repealed by Pub. L. 104-330, title V, Sec. 501(a), Oct. 26, 1996, 110 
Stat. 4041, effective Oct. 1, 1997.
    For the date of the effectiveness of this chapter, referred to in 
subsec. (a)(2), as Oct. 1, 1997, except as otherwise expressly provided, 
see section 107 of Pub. L. 104-330, set out as an Effective Date note 
under section 4101 of this title.


                               Amendments

    1998--Subsec. (a)(1)(B) to (D). Pub. L. 105-276 added subpars. (B) 
to (D) and struck out former subpar. (B) which read as follows: ``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''.


                             Effective Date

    Section effective Oct. 1, 1997, except as otherwise expressly 
provided, see section 107 of Pub. L. 104-330, set out as a note under 
section 4101 of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 4139 of this title.
