24 CFR 280.50 - Loan requirements.
(a) Loan requirements. A loan made to a family purchasing a home constructed or substantially rehabilitated under the program:
(4) Is repayable to HUD upon the sale, lease, or other transfer of the property; except, as an alternative, the nonprofit organization may elect to provide the Homeowner Incentive under § 280.55(c) for subsequent sale or transfer of the property (the Homeowner Incentive is not available upon the lease of the property).
(6) May not be used by the family to provide the downpayment required under § 280.45.
(b) Reimbursement of recipient. Within 30 days after the date of purchase of a home with a loan under this part, HUD will provide the recipient with an amount equal to the amount of the loan.
[54 FR 22258, May 22, 1989, as amended at 58 FR 58282, Nov. 1, 1993. Redesignated and amended at 61 FR 42953, 42954, Aug. 19, 1996]
Title 24 published on 2014-04-01.
No entries appear in the Federal Register after this date, for 24 CFR Part 280.