
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.
