Condominium-Cooperative Conversion Moratorium Act of 1979: For Tenant Protection and for the Preservation of Rental Housing

Summary

Condominium-Cooperative Conversion Moratorium Act of 1979: For Tenant Protection and for the Preservation of Rental Housing - Title I: Condominium-Cooperative Conversion Moratorium - Prohibits the use of federally related mortgage loans for condominium or cooperative conversions. Prohibits any Federal grant, loan, insurance, or other form of assistance from being utilized, directly or indirectly, with respect to condominium or cooperative conversions. Prohibits the use of any means or instruments of transportation or communication in interstate commerce or of the mails with respect to condominium or cooperative conversions and sets forth criminal penalties of not more than $50,000 in fines and/or not more than five years imprisonment for violations of such provisions. Specifies that the provisions of this title shall apply for three years following the date of enactment of this Act. Title II: Presidential Commission - Directs the President to establish a Commission on Problems Relating to Condominium-Cooperative Conversions which shall study the problems resulting from the conversion of residential rental units to units in condominium or cooperative projects. Requires the Commission to report its findings, conclusions, and recommendations concerning solutions to such problems to Congress. Title III: Assistance for Persons Displaced by Condominium-Cooperative Conversions and Restrictions on Community Development Block Grants - Prohibits any lender or Federal instrumentality, for three years after the date of enactment of this Act, from making a federally related loan, grant, insurance, or other form or assistance which is to be used, directly or indirectly, with respect to the conversion of residential rental units in a condominium or cooperative project, unless the person who is to carry out such conversions certifies to the lender that such person has entered into, or made an offer to enter into, a contract which obligates such person to pay such household for actual and reasonable moving expenses up to $400. Sets forth criminal penalties of not more than $50,000 in fines and/or not more than five years imprisonment for violations of such provisions. Amends the Housing and Community Development Act of 1974 to prohibit any unit of government from making any grants under this title unless the Secretary of Housing and Urban Development makes a determination that the unit of government does not permit the conversion of residential rental units for low- or moderate-income households to units for higher income persons in condominium or cooperative projects unless all the displaced persons are assured of obtaining decent, safe, and sanitary rental housing with rental charges similar to those units from which such persons are displaced. Title IV: Amendments of the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to provide that the gain from conversion of residential rental property into condominium or cooperative housing shall be treated as gain which is ordinary income.

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• Introduced in House

  summary · EN · 5 September 1979

  Open at official source

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