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Printable Form 12203 Broken Arrow Oklahoma: What You Should Know

Title: Title III of Housing and Urban Development Act (42 U.S.C. 3601 et seq.), Public Housing Act, as Amended Section 33 of the United States Housing Act (42 U.S.C. 1437f et seq.), State Public and Tribal Housing Act of 1968, as Amended Subtitle A of title VII of the Housing Act of 1949 (40 U.S.C. 1437 et seq.), as Amended, is amended by adding at the end the following: ``Sec. 811. Prohibition on loan or lease under Section 811. No owner or person in charge of any property described in subsection (a)(3) of this section shall give, sell, or convey, or authorize any person to give, sell, or convey, to, or to any person under the age of 26 years to take or have in the possession or under the control of such person, any realty subject to a mortgage or mortgage note issued, sold, or conveyed by the owner or persons in charge or under their charge pursuant to section 221, 232, or 233 of the National Housing Act (42 U.S.C. 1437n et seq.), unless such realty is the subject of, and the mortgage is secured by, an open or valid loan or lease agreement. If the realty so described does not otherwise have sufficient equity to pay the principal balance of the loan or lease payment, then, in addition to any other penalty provided there for, the person who violated this section shall be jointly and severally liable with such owner for any deficiency in the payment of principal of and interest on mortgage, interest, and other obligations on such loan or lease, and for such reasonable attorney's fees and costs as may be incurred in resolving the action brought by the Secretary of Housing and Urban Development under section 811.”; and Sec. 811.

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