12 U.S.C. § 4102 : US Code - Section 4102: Notice of intent

Search 12 U.S.C. § 4102 : US Code - Section 4102: Notice of intent

(a) Filing with Secretary
An owner of eligible low-income housing that intends to terminate
the low-income affordability restrictions through prepayment or
voluntary termination in accordance with section 4108 of this
title, extend the low-income affordability restrictions of the
housing in accordance with section 4109 of this title, or transfer
the housing to a qualified purchaser in accordance with section
4110 of this title, shall file with the Secretary a notice
indicating such intent in the form and manner as the Secretary
shall prescribe.
(b) Filing with State or local government, tenants, and mortgagee
The owner, upon filing a notice of intent under this section,
shall simultaneously file the notice of intent with the chief
executive officer of the appropriate State or local government for
the jurisdiction within which the housing is located and with the
mortgagee, and shall inform the tenants of the housing of the
filing.
(c) Ineligibility for filing
An owner shall not be eligible to file a notice of intent under
this section if the mortgage covering the housing -
(1) falls into default on or after November 28, 1990; or
(2)(A) fell into default before, but is current as of, November
28, 1990; and
(B) the owner does not agree to recompense the appropriate
Insurance Fund, in the amount the Secretary determines
appropriate, for any losses sustained by the Fund as a result of
any work-out or other arrangement agreed to by the Secretary and
the owner with respect to the defaulted mortgage.
The Secretary shall carry out this subsection in a manner
consistent with the provisions of section 1701z-11 of this title.