New construction.

New construction. Housing for which construction starts after execution of an Agreement, or housing which is already under construction when the Agreement is executed provided that:
(a) At the date an application is submitted to HUD, a substantial amount of construction (generally at least 25 percent) remains to be completed;
(b) At the date of application to HUD, the project cannot be completed and occupied by eligible families without assistance under this part; and
(c) At the time construction was initiated, all of the parties reasonably expected that the project would be completed without assistance under this part.

Source

24 CFR § 883.302


Scoping language

None
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