42 U.S.C. § 12894 - U.S. Code - Unannotated Title 42. The Public Health and Welfare § 12894. Homeownership program requirements

(a)In general

A homeownership program under this part shall provide for acquisition by eligible families of ownership interests in, or shares representing, units in an eligible property under any arrangement determined by the Secretary to be appropriate, such as cooperative ownership (including limited equity cooperative ownership) and fee simple ownership (including condominium ownership), for occupancy by the eligible families.

(b)Affordability

A homeownership program under this part shall provide for the establishment of sales prices (including principal, insurance, taxes, and interest and closing costs) for initial acquisition of the property, and for sales to eligible families, such that the eligible family shall not be required to expend more than 30 percent of the adjusted income of the family per month to complete a sale under the homeownership program.

(c)Eligible property

A property may not participate in a homeownership program under this part unless all tenants or occupants of the property (at the time of  1 the application for the implementation grant covering the property is filed with the Secretary) participate in the homeownership program.

(d)Plan

A homeownership program under this part shall provide, and include a plan, for--

(e)Housing quality standards

The application shall include a plan ensuring that the unit--

(f)Preference for acquisition of vacant units

Each homeownership program under this part shall provide that, in making vacant units in eligible properties available for acquisition by eligible families, preference shall be given to eligible families who reside in public or Indian housing.