24 CFR 280.5 - Definitions.

§ 280.5 Definitions.
As used in this part:
Assistance means grants to recipients for the purpose of providing loans to families purchasing homes constructed or substantially rehabilitated in accordance with an approved program.
Date of purchase means the date that a family executes a sales contract for the purchase of a home under this part.
Home means a one- to four-family dwelling. The term includes dwelling units in a condominium project that consists of not more than four dwelling units, dwelling units in a cooperative project that consists of not more than four dwelling units, townhouses, and manufactured homes.
Metropolitan statistical area means a metropolitan statistical area or a primary metropolitan statistical area established by the Office of Management and Budget.
Neighborhood means an area that is distinguishable from other areas on the basis of one or more significant features such as:
(a) Natural or man-made boundaries;
(b) A locally recognized name, formal or informal;
(c) An identity as a residential subdivision;
(d) An identity as an elementary school district; or
(e) Distinctive population, social, or housing characteristics.
Nonprofit organization means a private nonprofit corporation or other private nonprofit legal entity. No part of the net earnings of the organization may inure to the benefit of any member, founder, contributor, or individual. The organization (a) may not be controlled by, or be under the direction of, persons or firms seeking to derive profit or gain from the organization; (b) must have a voluntary board; and (c) must have a tax exemption ruling from the Internal Revenue Service under section 501(c) of the Internal Revenue Code of 1986. Nonprofit organization does not include a public body or the instrumentality of any public body.
Program means the undertaking by a recipient with HUD assistance under this part for the construction or substantial rehabilitation of homes in accordance with the requirements of this part.
Recipient means an applicant that HUD approves as to financial responsibility and that executes a grant agreement with HUD to carry out a program under this part.
Rehabilitation means labor, materials, tools and other costs of improving buildings, including repair directed toward an accumulation of deferred maintenance; replacement of principal fixtures and components of existing buildings; installation of security devices; and improvement through alterations or incidental additions to, or enhancement of, existing buildings, including improvements to increase the efficient use of energy in buildings.
State means any of the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, the Northern Mariana Islands, the Trust Territory of the Pacific Islands, and any other territory or possession of the United States.
Substantial rehabilitation means: (a) Rehabilitation involving costs in excess of 60 percent of the maximum sales price of a home assisted under this part after rehabilitation; or (b) the rehabilitation of a vacant, uninhabitable structure.
Unit of general local government means a borough, city, county, parish, town, township, village, or other general purpose political subdivision of a State.
[54 FR 22258, May 22, 1989, as amended at 61 FR 5208, Feb. 9, 1996; 61 FR 42953, Aug. 19, 1996]

Title 24 published on 2015-04-01.

No entries appear in the Federal Register after this date, for 24 CFR Part 280.

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