734a

The Secretary of Housing shall establish through regulations the eligibility requirements for the families or persons who acquire a lot developed under this chapter. Without it being construed as a limitation, the regulations shall contain the following:(1) The maximum income and other qualifications which enable the families to acquire a lot and build a structure to be need a their dwelling on it.(2) In order to qualify, the families or persons shall not be owners of a lot or a housing unit.(3) Neither the purchaser of the lot nor the family may destine the lot to any use other than their habitual and permanent home.(4) The purchaser of the lot shall not mortgage, sell or dispose of it without the prior consent of the Housing Development and Improvements Administration and, for the time it prescribes, through regulations adopted to such effect by the Secretary of Housing.These restrictions shall be part of the conveyance documents and noncompliance therewith shall be sufficient cause to annul the transaction executed in violation of this provision and the same shall not confer any kind of right whatsoever. History —July 18, 1986, No. 4, p. 761, added as § 5 on Sept. 6, 1997, No.

to annul the transaction executed in violation of this provision and the same shall not confer any kind of right whatsoever. History —July 18, 1986, No. 4, p. 761, added as § 5 on Sept. 6, 1997, No. 118, § 5.