Land Sales-Certain Subdivided Land (Interstate Land Sales Registration) and Real Estate Settlement Procedures Act

 

To provide consumer protection by prohibiting fraudulent practices and requiring full disclosure of conditions surrounding the purchase of subdivided land covered by the Act.

General information about this opportunity
Last Known Status
Active
Program Number
14.168
Federal Agency/Office
Agency: Department of Housing and Urban Development
Office: Office of Housing-Federal Housing Commissioner
Type(s) of Assistance Offered
DISSEMINATION OF TECHNICAL INFORMATION; INVESTIGATION OF COMPLAINTS
Program Accomplishments
Fiscal Year 2009: No Current Data Available Fiscal Year 2010: No Current Data Available Fiscal Year 2011: No Current Data Available
Authorization
Interstate Land Sales Full Disclosure Act, as amended, Public Law 90-448, Title XIV, 15 U.S.C. 1701; Public Law 96-153.
Who is eligible to apply/benefit from this assistance?
Applicant Eligibility
Certain land developers are required to submit a filing in compliance with specific registration requirements.
Beneficiary Eligibility
Any person who purchases a lot in a covered subdivision is entitled to certain rights and remedies.
Credentials/Documentation
No Credentials or documentation are required. This program is excluded from coverage under OMB Circular No. A-87.
What is the process for applying and being award this assistance?
Pre-Application Procedure
Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
Application Procedure
This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Developers wishing to register a subdivision should contact the Office of RESPA and Interstate Land Sales, Department of Housing and Urban Development, 451 7th Street, S.W., Washington, DC 20410. Developers file an extensive statement of record (including the Property Report) disclosing all pertinent facts about the land, its ownership, control, amenities, restrictions, nature of purchase or lease transaction, and other required information. Specific requirements set forth in Federal Register, Title 24, Chapter X, Part 1710 as amended by Public Law 96-153.
Award Procedure
An effective date is issued after all materials have been submitted and found to be in compliance with the registration requirements.
Deadlines
Not Applicable.
Approval/Disapproval Decision Time
Not Applicable.
Appeals
Any developer receiving a deficiency notice, notice of proceeding, suspension order, notice of exemption eligibility termination or notice of civil money penalties may request a formal hearing.
Renewals
An annual report of activity accompanied by any applicable amendments and fees, must be submitted within 30 days of the annual anniversary of the effective date of the initial filing.
How are proposals selected?
Not Applicable.
How may assistance be used?
Developers that sell, lease, or offer to sell or lease land divided into 100 or more nonexempt lots, using any means or instruments of transportation or communication in interstate commerce or the mails must register with the Department of Housing and Urban Development. The developers must provide all purchasers with a copy of a Property Report which sets forth important facts about the development and the developer. Failure to provide a Property Report prior to the purchaser signing a purchase agreement subjects the developer to statutory and regulatory penalties. Anti-fraud provisions of the Act are applicable to subdivisions of 25 lots or more. Failure to comply with the anti-fraud provisions subjects developers to civil and criminal penalties. Other consumer protection provisions include a seven-day cooling-off period and required contractual provisions. The Act and regulations provide exemption from full disclosure where a subdivision meets certain requirements.
What are the requirements after being awarded this opportunity?
Reporting
Not Applicable.
Auditing
Not Applicable.
Records
The developer must retain copies of Property Report receipts for a period of three years from the date of execution or the term of the contract, whichever is longer.
Other Assistance Considerations
Formula and Matching Requirements
This program has no statutory formula.
Matching requirements are not applicable to this program.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Not applicable. See the following for information on how assistance is awarded/released: Not applicable.
Who do I contact about this opportunity?
Regional or Local Office
None.
Headquarters Office
Dennis Weipert, 451 7th Street, SW (Room 9154), Washington, District of Columbia 20410 Email: Dennis.J.Weipert@hud.gov Phone: (202) 402-3006.
Website Address
http://www.hud.gov/offices/hsg/ramh/ils/ilshome.cfm
Financial Information
Account Identification
86-5270-0-2-376.
Obligations
(Salaries) FY 09 $303,000; FY 10 est $540,000; and FY 11 est $540,000
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines and Literature
Regulations and Exemption Guidelines appear in 24 CFR Parts 1700, 1710, 1715, 1720, and 1730.
Examples of Funded Projects
Not Applicable.

 



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