§ 880.506Default by owner (private-owner/HUD and PHA-owner/HUD projects).
The Contract will provide:
(a) That if HUD determines that the owner is in default under the Contract, HUD will notify the owner and the lender of the actions required to be taken to cure the default and of the remedies to be applied by HUD including specific performance under the Contract, reduction or suspension of housing assistance payments and recovery of overpayments, where appropriate; and
(b) That if the owner fails to cure the default, HUD has the right to terminate the Contract or to take other corrective action.
Title 24 published on 2014-04-01.
No entries appear in the Federal Register after this date, for 24 CFR Part 880.
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.