Page:United States Statutes at Large Volume 94 Part 2.djvu/394

 94 STAT. 1672

Study, report to Congress. 42 USC 1472 note.

Condominium and Cooperative Abuse Relief Act of 1980.

PUBLIC LAW 96-399—OCT. 8, 1980

prepaid or refinanced on or after the date of enactment of the Housing and Community Development Act of 1980, and tenants of the housing and related facilities financed with such loan are displaced due to a change in the use of the housing, or to an increase in rental or other charges, as a result of such prepayment or refinancing, the Secretary shall provide such tenants a priority for relocation in alternative housing assisted pursuant to this title.". (b) The Secretary of Agriculture shall conduct a study of, and report to the Congress not later than 6 months after the date of enactment of this Act on, any adverse effects the amendments made by subsection (a) may have on housing, particularly for the elderly and persons of low income. TITLE VI—CONDOMINIUM AND COOPERATIVE CONVERSION PROTECTION AND ABUSE RELIEF SHORT TITLE

15 USC 3601 note.

SEC. 601. This title may be cited as the 'Condominium and Cooperative Abuse Relief Act of 1980". FINDINGS AND PURPOSE

15 USC 3601.

SEC. 602. (a) The Congress finds and declares that— (1) there is a shortage of adequate and affordable housing throughout the Nation, especially for low- and moderate-income and elderly and handicapped persons; (2) the number of conversions of rental housing to condominiums and cooperatives is accelerating, which in some communities may restrict the shelter options of low- and moderate-income and elderly and handicapped persons; (3) certain long-term leasing arrangements for recreation and other condominium- or cooperative-related facilities which have been used in the formation of cooperative and condominium projects may be unconscionable; in certain situations State governments are unable to provide appropriate relief; as a result of these leases, economic and social hardships may have been imposed upon cooperative and condominium owners, which may threaten the continued use and acceptability of these forms of ownership and interfere with the interstate sale of cooperatives and condominiums; appropriate relief from these abuses requires Federal action; and (4) there is a Federal involvement with the cooperative and condominium housing markets through the operation of Federal tax, housing, and community development laws, through the operation of federally chartered and insured financial institutions, and through other Federal activities; that the creation of many condominiums and cooperatives is undertaken by entities operating on an interstate basis. 0?) The purposes of this title are to seek to minimize the adverse impacts of condominium and cooperative conversions particularly on the housing opportunities of low- and moderate-income and elderly and handicapped persons, to assure fair and equitable principles are followed in the establishment of condominium and cooperative opportunities, and to provide appropriate relief where long-term leases of recreation and other cooperative- and condominium-related facilities are determined to be unconscionable.

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