24 CFR 280.40 - Eligible purchasers.

§ 280.40 Eligible purchasers.
(a) Income limitations.
(1) Each family purchasing a home constructed or substantially rehabilitated under a program must have a family income on the date of purchase that does not exceed the following limitations:
(i) For programs located in a metropolitan statistical area, the family income may not exceed the higher of:
(A) The median family income for the metropolitan statistical area in which the program is located. At any time during the development of the program, the recipient may request HUD to modify this family income requirement. To obtain a modification, the recipient must submit a request by a unit of general local government in which the program is located, and supporting documentation demonstrating to HUD that such action is necessary to achieve or maintain neighborhood stability. If a modification is granted, HUD may permit up to 15 percent of the families that purchase homes under this part, to have a family income on the date of purchase that is between 100 and 115 percent of the median family income for the metropolitan statistical area.
(B) The national median income.
(ii) For programs that are not located in a metropolitan statistical area, the family income may not exceed the national median income.
(2) For the purpose of determining the median family income for the nation and metropolitan statistical areas, the recipient must use the most recent median family incomes developed by HUD under Section 8 of the United States Housing Act of 1937. Family income is the annual income as computed in accordance with 24 CFR 813.106.
(b) Homeownership. No member of a family purchasing a home constructed or substantially rehabilitated under the program may have owned a home at any time during the three years before the date of purchase.
[54 FR 22258, May 22, 1989. Redesignated at 61 FR 42953, Aug. 19, 1996]

Title 24 published on 2014-04-01

no entries appear in the Federal Register after this date.

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United States Code
U.S. Code: Title 12 - BANKS AND BANKING
U.S. Code: Title 42 - THE PUBLIC HEALTH AND WELFARE
Public Laws