24 CFR 904.115 - Achievement of ownership by subsequent homebuyers.

§ 904.115 Achievement of ownership by subsequent homebuyers.

(a)Definition. In the event the initial homebuyer and his family vacate the home before having acquired ownership, a subsequent occupant who enters into a Homebuyer's Ownership Opportunity Agreement and who is not a successor pursuant to § 904.107(l)(2) is herein called a “subsequent homebuyer.”

(b)Determination of initial purchase price. The initial purchase price for a subsequent homebuyer shall be an amount equal to (1) the purchase price shown in the initial homebuyer's Purchase Price Schedule as of the date of this Agreement with the subsequent homebuyer plus (2) the amount, if any, by which the appraised fair market value of the home, determined or approved by HUD as of the same date, exceeds the purchase price specified in paragraph (b)(1) of this section.

(c)Purchase price schedule. The subsequent homebuyer's Purchase Price Schedule shall be the same as the unexpired portion of the initial homebuyer's Purchase Price Schedule except that where his purchase price includes an additional amount as specified in paragraph (b)(2) of this section, the initial homebuyer's Purchase Price Schedule shall be followed by an Additional Purchase Price Schedule for such additional amount based upon the same monthly debt service and the same interest rate as applied to the initial homebuyer's Purchase Price Schedule.

(d)Residual receipts. After payment in full of the LHA's debt, if there are any subsequent homebuyers who have not acquired ownership of their homes, the LHA shall continue to pay to HUD all residual receipts from the operation of the Project, including payments received on account of any Additional Purchase Price Schedules applicable to the homes, provided the aggregate amount of such payments of residual receipts does not exceed the aggregate amount of annual contributions paid by HUD with respect to the Project.

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