24 CFR 1007.15 - Eligible uses.
(a) In general. A loan guaranteed under this part may only be used to construct, acquire, or rehabilitate eligible housing.
(1) The mortgagor and the mortgagee execute a building loan agreement, approved by HUD, setting forth the terms and conditions under which advances will be made;
(3) The principal amount of the mortgage is held by the mortgagee in an interest bearing account, trust, or escrow for the benefit of the mortgagor, pending advancement to the mortgagor or to his or her creditors as provided in the loan agreement; and
Title 24 published on 2014-04-01
no entries appear in the Federal Register after this date.