Sec. 8. (a) The agency shall convey real property acquired for the purposes of this chapter to an individual qualified under section 7 of this chapter by using a method prescribed by subsection (b) or (c).
(b) The real property may be conveyed by a conditional sales contract, with title to remain in the agency until the individual receives the rehabilitation loan described in section 7(b)(1) of this chapter, subject to section 9 of this chapter.
(c) The title to real property may be conveyed as a determinable fee, with the language of the granting clause in the deed of conveyance providing that the real property is conveyed on the conditions that the purchaser:
(1) will apply for and receive a rehabilitation loan with respect to the real property not later than the period prescribed by the director of the agency in the rules and regulations described in section 11 of this chapter; and
(2) will comply with such additional terms, conditions, and requirements as the agency requires under this chapter.
As added by P.L.118-2013, SEC.16.
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