24 CFR 291.510 - Overview of the GNND Sales Program.

§ 291.510 Overview of the GNND Sales Program.

(a)General. The GNND Sales Program enables a full-time law enforcement officer, teacher, or firefighter/emergency medical technician to purchase a specifically designated HUD-acquired home located in a HUD-designated revitalization area:

(1) At a 50 percent discount from the list price; and

(2) With a downpayment of $100, but only if the law enforcement officer, teacher, or firefighter/emergency medical technician finances the home through a Federal Housing Administration (FHA) insured mortgage.

(b)Eligible properties. Under the GNND Sales Program, single-unit properties acquired by HUD located in HUD-designated revitalization areas (except occupied properties, those located in Asset Control Areas, or those that HUD has determined will be sold through an alternative sales method) will be made available to interested law enforcement officers, teachers, and firefighters/emergency medical technicians prior to listing the properties for sale to other purchasers.

(c)Multiple bids. In the event that several bids are received on a single property, HUD will randomly select a winning offer by lottery and will also randomly select two backup bids, to be utilized in the order selected, in the event the winning purchaser is unable to close on the property. If both of the backup purchasers are also unable to close on the property, the property will then be made available for sale to purchasers through other sales methods.

(d)Real estate brokers. Law enforcement officers, teachers, and firefighters/emergency medical technicians must submit bids through a participating real estate broker. Any real estate broker who has agreed to comply with HUD requirements may participate in the GNND Sales Program. Real estate brokers may submit unlimited numbers of bids on an individual property provided each bid is from a different prospective purchaser.

(e)Cap on sales. The number of HUD-acquired homes sold under the GNND Sales Program in a fiscal year shall not exceed 5 percent of the number of “Part A” mortgage insurance conveyance claims paid by HUD in the prior fiscal year. The cap shall apply on a national basis, but HUD reserves the right to geographically apportion the cap to address regional or local differences in the number of homes sold through the GNND Sales Program. Additionally, HUD may adjust the percentage of the cap for any fiscal year. Any HUD determination to geographically distribute the cap, change a current geographic distribution, or adjust the percentage of the cap will be announced by HUD through publication of a notice in the Federal Register at least 30 days before the revision takes effect.

[ 71 FR 64426, Nov. 1, 2006, as amended at 73 FR 1974, Jan. 11, 2008]

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

§ 1701 - Short title

§ 1701a - Short title of amendment of 1938

§ 1701b - Short title of amendment of 1942

§ 1701c - Secretary of Housing and Urban Development

§ 1701c-1

§ 1701d - Repealed. Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 655

§ 1701d-1

§ 1701d-3

§ 1701d-4

§ 1701e, 1701f - Repealed. Pub. L. 91–609, title V, § 503(1), Dec. 31, 1970, 84 Stat. 1785

§ 1701f-1

§ 1701g to 1701g–3 - Omitted

§ 1701g-4

§ 1701g-5

§ 1701g-5a

§ 1701g-5b

§ 1701g-5c

§ 1701h - Advisory committees; payment of transportation and other expenses

§ 1701h-1

§ 1701i, 1701i–1 - Omitted

§ 1701j - Repealed. Aug. 2, 1954, ch. 649, title VIII, § 813, 68 Stat. 647

§ 1701j-1

§ 1701j-2

§ 1701j-3

§ 1701k - Right to redeem property on which United States has lien

§ 1701l - Limitation on interest rates of insured mortgages; terms of sales

§ 1701l-1

§ 1701m - Credit and cancellation of notes transferred from Reconstruction Finance Corporation; net loss computation

§ 1701n - Reduction of vulnerability of congested urban areas to enemy attack

§ 1701o - Annual report of Secretary

§ 1701p - Contents of report to President and Congress

§ 1701p-1

§ 1701p-2

§ 1701q - Supportive housing for the elderly

§ 1701q-1

§ 1701q-2

§ 1701q-3

§ 1701r - Congressional findings respecting housing for senior citizens

§ 1701r-1

§ 1701s - Rent supplement payments for qualified lower income families

§ 1701t - Congressional affirmation of national goal of decent homes and suitable living environment for American families

§ 1701u - Economic opportunities for low- and very low-income persons

§ 1701v - Congressional findings and declaration for improved architectural design in Government housing programs

§ 1701w - Budget, debt management, and related counseling services for mortgagors; authorization of appropriations

§ 1701x - Assistance with respect to housing for low- and moderate-income families

§ 1701x-1

§ 1701x-2

§ 1701y - National Homeownership Foundation

§ 1701z - New technologies in the development of housing for lower income families

§ 1701z-1

§ 1701z-2

§ 1701z-3

§ 1701z-4

§ 1701z-5

§ 1701z-6

§ 1701z-7

§ 1701z-8

§ 1701z-9

§ 1701z-10

§ 1701z-10a

§ 1701z-11

§ 1701z-12

§ 1701z-13

§ 1701z-14

§ 1701z-15

§ 1701z-16

§ 1701z-17

§ 1709 - Insurance of mortgages

§ 1715b - Rules and regulations

§ 1751b


Title 24 published on 14-Jun-2017 03:56

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 291 after this date.

  • 2016-08-11; vol. 81 # 155 - Thursday, August 11, 2016
    1. 81 FR 52998 - Disposition of HUD-Acquired Single Family Properties; Updating HUD's Single Family Property Disposition Regulations
      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 12, 2016.
      24 CFR Part 291