24 CFR 206.47 - Property standards; repair work.

§ 206.47 Property standards; repair work.

(a)Need for repairs. Properties must meet the applicable property requirements of the Commissioner in order to be eligible. Properties that do not meet the property requirements must be repaired in order to ensure that the repaired property will serve as adequate security for the insured mortgage.

(b)Assurance that repairs are made. The mortgage may be closed before the repair work is completed if the Commissioner estimates that the cost of the remaining repair work will not exceed 15 percent of the maximum claim amount and the mortgage contains provisions approved by the Commissioner concerning payment for the repairs.

(c)Reimbursement to contractor. When repair work is completed after closing by a contractor, the mortgagee shall cause one or more inspections of the property to be made by an inspector or other qualified individual acceptable to the Commissioner in order to ensure that the repair work is satisfactory, and prior to the release of funds from the Repair Set Aside. The mortgagee shall hold back a portion of the contract price attributable to the work done before each interim release of funds, and the total of the hold backs will be released after the final inspection and approval of the release by the mortgagee. The mortgagee shall ensure that all mechanics' and materialmen's liens are released of record.

(d)Reimbursement to borrower. The mortgagee shall not reimburse the borrower for any labor the borrower performed. The mortgagee may reimburse the borrower for the actual cost of repair materials from the Repair Set Aside, provided that the mortgagee causes one or more inspections of the property by an inspector or other qualified individual acceptable to the Commissioner and meets all reimbursement requirements established by the Commissioner.

(e)HECM for Purchase. For HECM for Purchase transactions, where major property deficiencies threaten the health and safety of the homeowner or jeopardize the soundness and security of the property, all repairs must be completed by the seller prior to closing. Appraisers shall complete the appraisal report as “Subject To” the completion of the repairs.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
U.S. Code: Title 12 - BANKS AND BANKING

§ 1715b - Rules and regulations

§ 1715z - Homeownership or membership in cooperative association for lower income families

§ 1715z-1 - Rental and cooperative housing for lower income families

§ 1715z-1a - Assistance for troubled multifamily housing projects

12 U.S. Code § 1715z–1b - Tenant participation in multifamily housing projects

12 U.S. Code § 1715z–1c - Regulation of rents in insured projects

12 U.S. Code § 1715z–2 - Repealed. Pub. L. 110–289, div. B, title I, § 2120(a)(6), July 30, 2008, 122 Stat. 2835

12 U.S. Code § 1715z–3 - Special Risk Insurance Fund

12 U.S. Code § 1715z–4 - Modifications in terms of mortgages covering multifamily projects; requests for extensions to cure defaults or for modification of mortgage terms; regulations

12 U.S. Code § 1715z–4a - Double damages remedy for unauthorized use of multifamily housing project assets and income

12 U.S. Code § 1715z–5 - Purchase of fee simple title from lessors

12 U.S. Code § 1715z–6 - Supplemental loans for multifamily projects

12 U.S. Code § 1715z–7 - Mortgage insurance for hospitals

12 U.S. Code § 1715z–8 - Mortgage assistance payments for middle-income families

12 U.S. Code § 1715z–9 - Co-insurance of eligible mortgage, advance, or loan

12 U.S. Code § 1715z–10 - Repealed. Pub. L. 110–289, div. B, title I, § 2120(a)(7), July 30, 2008, 122 Stat. 2835

12 U.S. Code § 1715z–11 - Sale to cooperatives of multifamily housing projects acquired by Secretary; acceptance of purchase money mortgage for sale or insurance of mortgage;...amount of mortgage; expenditures for repairs, etc., prior to sale

12 U.S. Code § 1715z–11a - Disposition of HUD-owned properties

12 U.S. Code § 1715z–12 - Single-family mortgage insurance on Hawaiian home lands

12 U.S. Code § 1715z–13 - Single family mortgage insurance on Indian reservations

12 U.S. Code § 1715z–13a - Loan guarantees for Indian housing

12 U.S. Code § 1715z–13b - Loan guarantees for Native Hawaiian housing

12 U.S. Code § 1715z–14 - Risk-sharing demonstration

12 U.S. Code § 1715z–15 - Limitation on prepayment of mortgages on multifamily rental housing

12 U.S. Code § 1715z–16 - Adjustable rate single family mortgages

12 U.S. Code § 1715z–17 - Shared appreciation mortgages for single family housing

12 U.S. Code § 1715z–18 - Shared appreciation mortgages for multifamily housing

12 U.S. Code § 1715z–19 - Equity skimming penalty

12 U.S. Code § 1715z–20 - Insurance of home equity conversion mortgages for elderly homeowners

12 U.S. Code § 1715z–21 - Delegation of insuring authority to direct endorsement mortgagees

§ 1715b-20

12 U.S. Code § 1715z–22 - Multifamily mortgage credit programs

12 U.S. Code § 1715z–22a - Definitions

12 U.S. Code § 1715z–23 - HOPE for Homeowners Program

12 U.S. Code § 1715z–24 - Pilot program for automated process for borrowers without sufficient credit history

12 U.S. Code § 1715z–25 - Mortgage modification data collecting and reporting

§ 1716 - Declaration of purposes of subchapter

12 U.S. Code §§ 1716–1, 1716a - Repealed. Aug. 2, 1954, ch. 649, title II, § 206, 68 Stat. 622

§ 1716b - Partition of Federal National Mortgage Association into Federal National Mortgage Association and Government National Mortgage Association; assets and liabilities; operations

§ 1717 - Federal National Mortgage Association and Government National Mortgage Association

§ 1717a - Prohibition against sale of obligations by Federal departments and agencies after June 30, 1966, without compliance with requirements of section 1717(c) of...title or without approval by Secretary of the Treasury; exemption

§ 1718 - Capitalization of Federal National Mortgage Association

§ 1719 - Secondary market operations

§ 1720 - Repealed. Pub. L. 98–181, title I [title IV, § 483(a)], Nov. 30, 1983, 97 Stat. 1240


Title 24 published on 09-Jun-2018 03:51

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 206 after this date.

  • 2017-01-19; vol. 82 # 12 - Thursday, January 19, 2017
    1. 82 FR 7094 - Federal Housing Administration: Strengthening the Home Equity Conversion Mortgage Program
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Housing—Federal Housing Commissioner
      Final rule.
      Effective Date: September 19, 2017.
      24 CFR Parts 30 and 206