12 U.S.C. § 202

FINDINGS AND PURPOSE.

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“(a)Findings.—The Congress finds that—“(1) in the next 15 years, more than 330,000 low income housing units insured or assisted under sections 221(d)(3) and 236 of the National Housing Act [12 U.S.C. 1715l(d)(3), 1715z–1] could be lost as a result of the termination of low income affordability restrictions;“(2) in the next decade, more than 465,000 low income housing units produced with assistance under section 8 of the United States Housing Act of 1937 [42 U.S.C. 1437f] could be lost as a result of the expiration of the rental assistance contracts;“(3) some 150,000 units of rural low income housing financed under section 515 of the Housing Act of 1949 [42 U.S.C. 1485] are threatened with loss as a result of the prepayment of mortgages by owners;“(4) the loss of this privately owned and federally assisted housing, which would occur in a period of sharply rising rents on unassisted housing and extremely low production of additional low rent housing, would inflict unacceptable harm on current tenants and would precipitate a grave national crisis in the supply of low income housing that was neither anticipated nor intended when contracts for these units were entered into;“(5) the loss of this affordable housing, to encourage the production of which the public has provided substantial benefits over past years, would irreparably damage hard-won progress toward such important and long-established national objectives as—“(A) providing a more adequate supply of decent, safe, and sanitary housing that is affordable to low income Americans;“(B) increasing the supply of housing affordable to low income Americans that is accessible to employment opportunities; and“(C) expanding housing opportunities for all Americans, particularly members of disadvantaged minorities;“(6) the provision of an adequate supply of low income housing has depended and will continue to depend upon a strong, long-term partnership between the public and private sectors that accommodates a fair return on investment;“(7) recent reductions in Federal housing assistance and tax benefits related to low income housing have increased the incentives for private industry to withdraw from the production and management of low income housing;“(8) efforts to retain this housing must take account of specific financial and market conditions that differ markedly from project to project;“(9) a major review of alternative responses to this threatened loss of affordable housing is now being undertaken by numerous private sector task forces as well as State and local organizations; and“(10) until the Congress can act on recommendations that will emerge from this review, interim measures are needed to avoid the irreplaceable loss of low income housing and irrevocable displacement of current tenants.“(b)Purpose.—It is the purpose of this title—“(1) to preserve and retain to the maximum extent practicable as housing affordable to low income families or persons those privately owned dwelling units that were produced for such purpose with Federal assistance;“(2) to minimize the involuntary displacement of tenants currently residing in such housing; and“(3) to continue the partnership between all levels of government and the private sector in the production and operation of housing that is affordable to low income Americans.

Notes of Decisions

Cited in 2 cases, 1948–1948 · leading case: Vermilya-Brown Co. v. Connell

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Vermilya-Brown Co. v. Connell (1948) scotus · cites it 2× “2 , § 202, 12 U. S. C. § 202 (1933) (“. . . the term ‘State’ means any State, Territory, or possession of the United States, and the Canal Zone.”

Vermilya-Brown Co. v. Connell (1948) scotus · cites it 2× “2 , § 202, 12 U.S.C. § 202 (1933) (". . . the term `State' means any State, Territory, or possession of the United States, and the Canal Zone.”

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