24 CFR 266.505 - Regulatory agreement requirements.
(1) The HFA must execute a Regulatory Agreement, in recordable form, between the mortgagor and the HFA to be in force for the duration of the insured mortgage and note or bond. The Regulatory Agreement must include a description of the property. The Regulatory Agreement must be incorporated by reference into the mortgage and recorded with the mortgage.
(2) The Regulatory Agreement executed between the HFA and the mortgagor must be binding upon the mortgagor and any of its successors and assigns and upon the HFA and any of its successors for so long as the mortgage is insured by HUD or HUD holds an HFA debenture issued in connection with a claim arising from the insured mortgage. The HFA may not assign the Regulatory Agreement.
(3) The HFA will enforce the Regulatory Agreement and take actions against any mortgagors who violate its provisions. Such actions may involve a declaration of default and application to any court for specific performance of the agreement.
(b) Requirements. The Regulatory Agreement must require the mortgagor to comply with the provisions of this part and obligate the mortgagor, among other things, to:
(3) Maintain the project as affordable housing, as defined in § 266.5.
(5) Comply with such other requirements as may be established by the HFA and set forth in the Regulatory Agreement.
(8) Comply with the Affirmative Fair Housing Marketing Plan and all other fair housing and equal opportunity requirements.
(10) Make books and records available for HUD or General Accounting Office (GAO) review with appropriate notification.
Title 24 published on 2014-04-01
no entries appear in the Federal Register after this date.