§ 4232. Low-income requirement and income targeting
(a)
In general
Housing shall qualify for affordable housing for purposes of this subchapter only if—
(1)
each dwelling unit in the housing—
(2)
each dwelling unit in the housing will remain affordable, according to binding commitments satisfactory to the Secretary, for—
(A)
the remaining useful life of the property (as determined by the Secretary) without regard to the term of the mortgage or to transfer of ownership; or
(B)
such other period as the Secretary determines is the longest feasible period of time consistent with sound economics and the purposes of this subchapter, except upon a foreclosure by a lender (or upon other transfer in lieu of foreclosure) if that action—