Qualification

2 rules

Housing that is for rental shall qualify as affordable housing under this subchapter only if the housing—

(A) bears rents not greater than the lesser of (i) the existing fair market rent for comparable units in the area as established by the Secretary under section 1437f of this title , or (ii) a rent that does not exceed 30 percent of the adjusted income of a family whose income equals 65 percent of the median income for the area, as determined by the Secretary, with adjustment for number of bedrooms in the unit, except that the Secretary may establish income ceilings higher or lower than 65 percent of the median for the area on the basis of the Secretary’s findings that such variations are necessary because of prevailing levels of construction costs or fair market rents, or unusually high or low family incomes;

(B) has not less than 20 percent of the units (i) occupied by very low-income families who pay as a contribution toward rent (excluding any Federal or State rental subsidy provided on behalf of the family) not more than 30 percent of the family’s monthly adjusted income as determined by the Secretary, or (ii) occupied by very low-income families and bearing rents not greater than the gross rent for rent-restricted residential units as determined under section 42(g)(2) of title 26 ;

(D) is not refused for leasing to a holder of a voucher or certificate of eligibility under section 1437f of this title because of the status of the prospective tenant as a holder of such voucher or certificate of eligibility;

(E) 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 Act, except upon a foreclosure by a lender (or upon other transfer in lieu of foreclosure) if such action (i) 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 (ii) is not for the purpose of avoiding low income affordability restrictions, as determined by the Secretary; and

(F) if newly constructed, meets the energy efficiency standards promulgated by the Secretary in accordance with section 12709 of this title .

name: rental_very_low_income_unit_minimum_rate kind: parameter dtype: Rate source: 42 USC 12745(a)(1)(B) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/42/12745 excerpt: not less than 20 percent of the units versions: - effective_from: '2024-01-01' formula: '0.20'

name: tenant_rent_contribution_income_limit_rate kind: parameter dtype: Rate source: 42 USC 12745(a)(1)(B)(i) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/42/12745 excerpt: not more than 30 percent of the family’s monthly adjusted income versions: - effective_from: '2024-01-01' formula: '0.30'

- name: rental_median_income_reference_rate kind: parameter dtype: Rate source: 42 USC 12745(a) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/42/12745 excerpt: 65 percent of the median income for the area versions: - effective_from: '2024-01-01' formula: '0.65'

- name: rental_very_low_income_unit_minimum_rate kind: parameter dtype: Rate source: 42 USC 12745(a)(1)(B) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/42/12745 excerpt: not less than 20 percent of the units versions: - effective_from: '2024-01-01' formula: '0.20'

- name: tenant_rent_contribution_income_limit_rate kind: parameter dtype: Rate source: 42 USC 12745(a)(1)(B)(i) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/42/12745 excerpt: not more than 30 percent of the family’s monthly adjusted income versions: - effective_from: '2024-01-01' formula: '0.30'

- name: tenant_income_increase_rent_limit_rate kind: parameter dtype: Rate source: 42 USC 12745(a)(3) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/42/12745 excerpt: 30 percent of the family’s adjusted monthly income versions: - effective_from: '2024-01-01' formula: '0.30'

- name: homeownership_initial_purchase_price_median_purchase_price_limit_rate kind: parameter dtype: Rate source: 42 USC 12745(b)(1) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/42/12745 excerpt: does not exceed 95 percent of the median purchase price for the area versions: - effective_from: '2024-01-01' formula: '0.95'

Qualification

2 rules

Official source

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Housing that is for rental shall qualify as affordable housing under this subchapter only if the housing—

(F) if newly constructed, meets the energy efficiency standards promulgated by the Secretary in accordance with section 12709 of this title .