Individual owner applicant.
Individual owner applicant. Except as excluded pursuant to 42 U.S.C. 3543, 3544(a)(2), or paragraph (2) of this definition, this term means:
(1) An individual who seeks to participate as a private owner in any of:
(i) The project-based assistance programs under Section 8 of the 1937 Act; or
(ii) The programs in 24 CFR parts 215, 221, 235 (without homeownership assistance), or 236, including where the individual seeks to assume an existing mortgage; or
(2) An individual who:
(i) Either: (A) Applies for a mortgage or loan insured or coinsured under any of the programs referred to in paragraph (1)(iii) of the definition of “entity applicant” in this section; or
(B) Seeks to assume an existing mortgage or loan; and
(ii) Intends to hold the mortgaged property in his or her individual right.
24 CFR § 5.214
In addition to the definitions in 5.100, the following definitions apply to this subpart B: