Guarantee of social home ownership transactions
LexInter | November 22, 2006 | 0 Comments

Guarantee of social home ownership transactions

Chapter III: Guarantee of social home ownership transactions

Article L453-1

(Law nº 2000-1208 of December 13, 2000 art. 164 I Official Journal of December 14, 2000) 
(Law n ° 2006-872 of July 13, 2006 art. 34 I Official Journal of July 16, 2006)
   I. – The Guarantee Company for low-rent housing organizations against the risks of real estate transactions aims to guarantee low-rent housing organizations against the financial risks incurred by them in real estate development operations and sales of buildings to be constructed, improved or completed, with the exception of the sales transactions mentioned in Articles L. 443-7 et seq. and real estate transactions carried out by the real estate companies referred to in Article L. 443-6 -2 comprising dwellings that have already been occupied.
A low-rental housing organization, directly or indirectly, may not proceed with real estate acquisitions, contract a loan or carry out work relating to an operation mentioned in the first paragraph if it does not benefit from the guarantee of the company. The guarantee granted to the low-rental housing organization consists of the company’s commitment to pay to the latter, from a certain threshold, a fraction of the loss on equity recognized in respect of the transactions mentioned in first paragraph. This fraction is fixed by the guarantee agreement and cannot be less than 50% or more than 80%. The payment threshold as well as the other conditions of
II. – The company is a public limited company subject to the provisions of Book II of the Commercial Code, subject to the following provisions.
Its statutes are approved by decree.
The only shareholders of the company are the union and the federations grouping the organizations of low-rent housing. Its board of directors, attended by a government commissioner appointed by the minister responsible for housing, is made up of representatives of these shareholders and is chaired by one of these representatives.
The resources of the company are, in particular, capital allocations or other assistance paid by its shareholders and contributions paid by the organizations
carrying out the transactions mentioned in the first paragraph of I. It has access to all accounting and financial documents and reports. auditors of low-rental housing organizations who carry out the operations mentioned in I.

Article L453-2

(inserted by Law nº 2000-1208 of December 13, 2000 art. 164 I Official Journal of December 14, 2000)
   The sales activity defined in the first paragraph of Article L. 453-1 is subject to separate accounts in the accounts of each low-rental housing organization.NOTE: Law 2001-1168 of December 11, 2001 changes the date of entry into force created by article 164 of law 2000-1208 for articles L453-1 to L453-3 of the construction and construction code. dwelling.
NOTE: Law 2002-1575 of December 30, 2002 (art. 39) changes the date of entry into force created by article 164 of law 2002-1208 for articles L453-1 to L453-3 of the code of construction and housing.

Article L453-3

(inserted by Law nº 2000-1208 of December 13, 2000 art. 164 I Official Journal of December 14, 2000)
   Low-rent housing organizations, when they conclude a sale of a building in the future state of completion, are required to provide the building completion guarantee or the reimbursement of payments made provided for in d. of article L. 261-11.
NOTE: Law 2001-1168 of December 11, 2001 changes the date of entry into force created by article 164 of law 2000-1208 for articles L453-1 to L453-3 of the construction and construction code. dwelling.
NOTE: Law 2002-1575 of December 30, 2002 (art. 39) changes the date of entry into force created by article 164 of law 2002-1208 for articles L453-1 to L453-3 of the code of construction and housing.

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