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U.S. Code as of:
01/19/04
Section 3601. Congressional findings and purpose
(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.
(b) The purposes of this chapter 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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