24 CFR Appendix IV to Subpart B of Part 904, Promissory Note for Payment upon Resale by Homebuyer at Profit

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Appendix IV to Subpart B of Part 904 - Promissory Note for Payment upon Resale by Homebuyer at Profit
(Subpart B)
(Homeowner) promises to pay to
(Authority) or order, the principal sum of __________ 1 Dollars ($____), without interest, on the date of resale by the Homeowner of the property conveyed by the Authority to the Homeowner.

1 Amount determined in accordance with section 19 of the Homebuyers Ownership Opportunity Agreement.

Such principal sum shall be reduced automatically by 20 percent of the initial amount at the end of each year of such residency, as a Homeowner, and this note shall terminate at the end of five years of such residency, as determined by the Authority; Provided, however, that the amount payable under this note shall in no event be more than the net profit on the resale, that is, the amount by which the resale price exceeds the sum of (1) the Homeowner's purchase price, (2) the costs incidental to his acquisition of ownership, (3) the costs of the resale, including commissions and mortgage prepayment penalties, if any, and (4) the increase in value of the Home, determined by appraisal, due to improvements paid for by the Homeowner whether as a Homebuyer (with funds from sources other than his Earned Home Payments Account or his Nonroutine Maintenance Reserve) or as a Homeowner.

If the Homeowner shall pay this note at the time and in the manner set forth above, or if, by its provisions, the amount of this note shall be zero, then the note shall terminate and the Authority shall, within thirty (30) days after written demand therefor by the Homeowner, execute a release and satisfaction of this note. The Homeowner hereby waives the benefits of all statutes or laws which require the earlier execution or delivery of such release and satisfaction by the Authority.

Presentment, protest, and notice are hereby waived.

Dated ____________, 19__
Local Housing Authority
By: __________(Homeowner)
__________ (Homeowner's Spouse)

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

§ 1437a-1

§ 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