24 CFR 904.101 - Introduction.

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§ 904.101 Introduction.

(a)Purpose. This subpart sets forth the essential elements of the HUD Homeownership Opportunities Program for Low-Income Families (Turnkey III).

(b)Applicability. This subpart is applicable to Turnkey III developments operated by LHA. For Turnkey III developments operated by an Indian Housing Authority, applicable provisions are found at 24 CFR part 905, subpart G.

(1) With respect to any development to be operated as Turnkey III, the Annual Contributions Contract (ACC) shall contain the “Special Provisions for Turnkey III Homeownership Opportunity Project” as set forth in Appendix I. A Turnkey III development may include only units which are to be operated as such under Homebuyers Ownership Opportunity Agreements. If for any reason it is determined that certain units should be operated as conventional rental units, such units must comprise or be made part of a conventional rental project.

(2) With respect to Turnkey III developments pursuant to an executed ACC where no Agreements with Homebuyers have been signed, the ACC shall be amended (i) to include the “Special Provisions” set forth in Appendix I, (ii) to extend its term to 30 years, and (iii) to reduce its Maximum Contribution Percentage to a rate that will amortize the debt in 30 years at the minimum Loan Interest Rate specified in the ACC for the specific Turnkey III project involved. Further development and operation shall be in accordance with this subpart including use of the form of Homebuyers Ownership Opportunity Agreement set forth in Appendix II.

(3) With respect to developments where Agreements with homebuyers have been signed, the following steps shall be taken:

(i) The ACC shall be amended to include the Special Provisions” set forth in Appendix I; further development and operation of the Project shall be in accordance with this subpart.

(ii) The LHA shall offer all qualified homebuyers in the development a new Homebuyers Ownership Opportunity Agreement as set forth in Appendix II with an amendment to section 16a to refer to “the latest approved Development Cost Budget, or Actual Development Cost Certificate if issued,” in lieu of “the Development Cost Budget in effect upon award of the Main Construction Contract or execution of the Contract of Sale,” and, if the ACC for the Project has a term of 25 years, an amendment to section 16(b) to refer to a term of 25 years, instead of 30, for the Purchase Price Schedule. Each Purchase Price Schedule shall commence with the first day of the month following the effective date of the initial Agreement. No other modification in the new Agreement may be made. In the event the homebuyer refuses to accept the new Agreement, no modifications may be made in the old Agreement and the matter shall be referred to HUD.

(4) With respect to Projects which were under ACC on the effective date of this subpart, the Total Development Cost Budget shall be revised, if financially feasible, to include the cost of the appraisals which are necessary for computation of the initial purchase prices pursuant to § 904.113. In the event this is not financially feasible, the matter shall be referred to HUD, which may, if necessary, authorize a different method for computation of such initial purchase prices on an equitable basis.

(5) With respect to all developments which were completed by the effective date of this subpart, the appraisals which are necessary for computation of the initial purchase prices pursuant to § 904.113 shall be made as of the date of completion of the development.

[ 39 FR 10966, Mar. 22, 1974. Redesignated at 40 FR 15580, Apr. 7, 1975, and 49 FR 6714, Feb. 23, 1984, and amended at 56 FR 922, Jan. 9, 1991]

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

§ 1437 - Declaration of policy and public housing agency organization

§ 1437a - Rental payments

42 U.S. Code § 1437a–1 - Repealed. Pub. L. 105–276, title V, § 582(a)(1), Oct. 21, 1998, 112 Stat. 2643

§ 1437b - Loans and commitments to make loans for low-income housing projects

§ 1437c - Contributions for low-income housing projects

§ 1437c-1

§ 1437d - Contract provisions and requirements; loans and annual contributions

§ 1437e - Designated housing for elderly and disabled families

§ 1437f - Low-income housing assistance

§ 1437g - Public housing Capital and Operating Funds

§ 1437h - Implementation of provisions by Secretary

§ 1437i - Obligations of public housing agencies; contestability; full faith and credit of United States pledged as security; tax exemption

§ 1437j - Labor standards and community service requirement

§ 1437j-1

§ 1437k - Consortia, joint ventures, affiliates, and subsidiaries of public housing agencies

§ 1437l - Repealed. Pub. L. 105–276, title V, § 522(a), Oct. 21, 1998, 112 Stat. 2564

§ 1437m - Payment of non-Federal share

§ 1437n - Eligibility for assisted housing

§ 1437o - Repealed. Pub. L. 101–625, title II, § 289(b), Nov. 28, 1990, 104 Stat. 4128

§ 1437p - Demolition and disposition of public housing

§ 1437q - Financing limitations

§ 1437r - Public housing resident management

§ 1437s - Public housing homeownership and management opportunities

§ 1437t - Authority to convert public housing to vouchers

§ 1437u - Family Self-Sufficiency program

§ 1437v - Demolition, site revitalization, replacement housing, and tenant-based assistance grants for projects

§ 1437w - Transfer of management of certain housing to independent manager at request of residents

§ 1437x - Environmental reviews

§ 1437y - Provision of information to law enforcement and other agencies

§ 1437z - Exchange of information with law enforcement agencies

§ 1437z-1

§ 1437z-2

§ 1437z-3

§ 1437z-4

§ 1437z-5

§ 1437z-6

§ 1437z-7

§ 1437z-8

§ 1437ee

§ 3535 - Administrative provisions

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