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4.1 Fair Market Value—property Transferred By Habitat For Humanity

In This Volume

4.1 For the purposes of sections 5, 6 and 8, the fair market value of the fee simple interest in property transferred by Habitat for Humanity to a transferee in an eligible transaction is deemed to be the lesser of

  • (a) the fair market value, as determined in accordance with paragraph (a) of the definition of “fair market value” in section 1(1), and
  • (b) the principal amount secured by the first ranking of the mortgages that
    • (i) secure financing applied to a transfer effected by an eligible transaction, and
    • (ii) are between the transferee and Habitat for Humanity.

2007-1-16, effective February 21, 2007; 2008-10-89, effective February 20, 2008.