1、385 Office of Assistant Secretary for Housing, HUD Pt. 241 (3) The mortgagor may request, at any time, HUDs determination of whether a displacement is or would be covered by this section. (h) Definition of initiation of negotia-tions. For purposes of determining the formula for computing the replace
2、ment housing assistance to be provided to a residential tenant displaced as a direct result of privately undertaken rehabili-tation, demolition or acquisition of the real property, the term initiation of ne-gotiations means the mortgagors exe-cution of the agreement covering the rehabilitation, demo
3、lition or acquisi-tion. (Approved by Office of Management and Budget under OMB Control Number 2506 0121) 59 FR 29331, June 6, 1994 PART 241SUPPLEMENTARY FI-NANCING FOR INSURED PROJECT MORTGAGES Subpart AEligibility Requirements Sec. 241.1 Eligibility requirements. Subpart BContract Rights and Obliga
4、tions 241.251 Cross-reference. 241.260 Definitions. 241.261 Payment of insurance benefits. 241.265 Insurance of property against flood. 241.270 Refund upon termination of insur-ance. 241.275 No vested right in fund. Subpart CEligibility RequirementsSup-plemental Loans To Finance Purchase and Install
5、ation of Energy Conserving Improvements, Solar Energy Systems, and Individual Utility Meters in Multi-family Projects Without a HUD-Insured or HUD-Held Mortgage 241.500 Definitions. FEES AND CHARGES 241.505 Processing of applications and re-quired fees. 241.510 Commitments. 241.515 Inspection fee. 2
6、41.520 Fees on increases. 241.525 Refund of fees. 241.530 Maximum fees and charges by lend-er. ELIGIBLE SECURITY INSTRUMENTS 241.530a Note and security form. 241.535 Loan multiplesminimum principal. 241.540 Method of loan payment and amorti-zation period. 241.545 Covenant against liens. 241.550 Accu
7、mulation of next premium. 241.555 Security instrument and lien. 241.560 Agreed interest rate. 241.565 Maximum loan amount. 241.570 Insurance endorsement. 241.580 Application of payments. 241.585 Prepayment privilege and prepay-ment charge. 241.586 Minimum principal loan amount. PROPERTY REQUIREMENTS
8、 241.590 Eligibility of property. TITLE 241.595 Eligibility of title. 241.600 Title evidence. FORM OF CONTRACT 241.605 Contract requirements. 241.610 Assurance of completion. 241.615 Certification of cost requirements. ELIGIBLE BORROWERS 241.625 Eligible borrowers. 241.626 Disclosure and verificatio
9、n of Social Security and Employer Identification Numbers. SPECIAL REQUIREMENTS 241.630 Maximum insurance against loss. 241.635 Regulatory agreement. 241.640 Employment discrimination prohib-ited. 241.645 Labor standards and prevailing wage requirements. Subpart DContract Rights and Obliga-tionsMulti
10、family Projects Without a HUD-Insured or HUD-Held Mortgage 241.800 Definitions. PREMIUMS 241.805 Insurance premiums. 241.805a Mortgagees late charge. 241.815 Termination of insurance. 241.825 Pro rata refund of insurance pre-mium. RIGHTS AND DUTIES OF LENDER UNDER THE CONTRACT OF INSURANCE 241.830 D
11、efinition of default. 241.840 Date of default. 241.850 Notice of default. 241.860 Commissioners right to require ac-celeration. 241.865 Election by the lender. 241.875 Maximum claim period. VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00395 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WRe
12、ier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-386 24 CFR Ch. II (4111 Edition) 241.1 241.880 Items to be delivered on submitting claim. 241.885 Insurance benefits. 241.890 Characteristics of debentures. 241.893
13、Cash adjustment. ASSIGNMENTS 241.895 Assignment of insured loans. EXTENSION OF TIME 241.897 Actions to be taken by lender. RIGHTS IN HOUSING FUND 241.900 No vested right in fund. 241.905 Effect of amendments. Subpart EInsurance for Equity Loans and Acquisition LoansEligibility Requirements 241.1000
14、Purpose and scope. 241.1005 Definitions. 241.1010 Feasibility letter. 241.1015 Processing of applications and re-quired fees. 241.1020 Commitments. 241.1025 Refund of fees. 241.1030 Mortgage insurance premiums. 241.1035 Charges by lender. 241.1040 Eligible lenders. 241.1045 Note and security form. 2
15、41.1046 Rental assistance. 241.1050 Method of loan payment. 241.1055 Date of first payment to principal. 241.1060 Maturity. 241.1065 Maximum loan amountloans in-sured in connection with a plan of action under subpart C of part 248 of this chap-ter. 241.1067 Maximum loan amountloans in-sured in conne
16、ction with a plan of action under subpart B of part 248 of this chap-ter. 241.1068 Renegotiation of an equity loan. 241.1069 Escrow requirements. 241.1070 Agreed interest rate. 241.1080 Eligibility of title. 241.1085 Title evidence. 241.1090 Accumulation of next premium. 241.1095 Application of paym
17、ents. 241.1100 Prepayment privilege and charges. 241.1105 Late charges. 241.1120 Mortgagees consent. Subpart FInsurance for Equity Loans and Acquisition LoansContract Rights and Obligations 241.1200 Cross-references. 241.1205 Payment of insurance benefits. 241.1210 Condition for payment of insurance
18、 benefits. 241.1215 Calculation of insurance benefits. 241.1220 Termination of insurance benefits. 241.1230 No vested right in fund. 241.1235 Cross default. 241.1245 Insurance endorsement. 241.1250 Effect of endorsement. AUTHORITY: 12 U.S.C. 1715b, 1715z6; 42 U.S.C. 3535(d). SOURCE: 36 FR 24653, Dec
19、. 22, 1971, unless otherwise noted. Subpart AEligibility Requirements 241.1 Eligibility requirements. The requirements set forth in 24 CFR part 200, subpart A, apply to multi-family project mortgages insured under section 241 of the National Housing Act (12 U.S.C. 1715z6), as amended. 61 FR 14407, A
20、pr. 1, 1996 Subpart BContract Rights and Obligations 241.251 Cross-reference. (a) Projects with a HUD-insured or HUD-held mortgage. All of the provi-sions of subpart B, part 207 of this chapter, covering mortgages insured under section 207 of the National Hous-ing Act, apply with full force and effe
21、ct to multifamily project and group prac-tice facility mortgages insured under section 241 of the National Housing Act, except the following provisions: Sec. 207.251 Definitions. 207.253a Termination of insurance contract. 207.259 Insurance benefits. 207.260 Protection of mortgage security. 207.262
22、No vested right in fund. (b) For the purposes of this subpart, the terms mortgagor, mortgagee and mortgage, as used in subpart B, part 207 of this chapter shall be construed to mean borrower, lender and supple-mentary loan (including the security in-strument), respectively. (c) Projects without a HU
23、D-insured or HUD-held mortgage. The provisions of subpart D of this part shall be applica-ble to a project without a HUD-insured or HUD-held mortgage that is receiving a loan insured under subpart A of this part in connection with a plan of ac-tion approved by the Commissioner under part 248 of this
24、 chapter. 36 FR 24653, Dec. 22, 1971, as amended at 37 FR 8664, Apr. 29, 1972; 48 FR 57129, Dec. 28, 1983; 57 FR 12037, Apr. 8, 1992 VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00396 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot f
25、or ResaleNo reproduction or networking permitted without license from IHS-,-,-387 Office of Assistant Secretary for Housing, HUD 241.500 241.260 Definitions. All of the definitions contained in 241.1 shall apply to this subpart. In ad-dition, the term contract of insurance, as used in this subpart,
26、means the agreement evidenced by endorsement of the credit instrument by the Com-missioner or his duly authorized rep-resentative, and includes the provi-sions of this subpart and of the Na-tional Housing Act. 241.261 Payment of insurance bene-fits. All of the provisions of 207.259 of this chapter r
27、elating to insurance ben-efits shall apply to multifamily loans insured under this subpart, except that, with respect to loans initially or initially and finally endorsed for insur-ance on or after July 15, 1978, insurance benefits shall be paid in cash if insur-ance benefits under the insured proje
28、ct mortgage are payable in cash, unless the mortgagee files a written request for payment in debentures. If such a re-quest is made, payment will be made in debentures with a cash payment to ad-just for any difference between the total amount of the insurance payment and the amount of the debentures
29、 issued. 48 FR 57129, Dec. 28, 1983 241.265 Insurance of property against flood. The mortgaged property shall be in-sured against flood as stipulated by the Federal Housing Commissioner. The mortgagee shall obtain such coverage in the event the mortgagor fails to do so. If the mortgagee fails to pay
30、 any premiums necessary to keep the mort-gaged premises so insured, the contract of mortgage insurance may be termi-nated at the election of the Commis-sioner. 39 FR 26023, July 16, 1974 241.270 Refund upon termination of insurance. Upon termination of the insurance contract by payment in full or by
31、 vol-untary termination, the Commissioner shall refund to the lender for the ac-count of the borrower an amount equal to the pro rata portion of the current annual loan insurance premium there-tofore paid, which is applicable to the portion of the year subsequent to (a) the date of the prepayment or
32、 (b) the effective date of the voluntary termi-nation of the contract of insurance. 241.275 No vested right in fund. Neither the lender nor the borrower shall have any vested or other right in the insurance fund under which the loan is insured. Subpart CEligibility Require-mentsSupplemental Loans To
33、 Finance Purchase and In-stallation of Energy Con-serving Improvements, Solar Energy Systems, and Indi-vidual Utility Meters in Multi-family Projects Without a HUD- Insured or HUD-Held Mort-gage SOURCE: 45 FR 57983, Aug. 29, 1980, unless otherwise noted. 241.500 Definitions. In addition to the defin
34、itions con-tained in subpart A of this part, incor-porated herein by reference, except 241.1(f), (h) and (i), the following terms, as used in 241.500 et seq., shall have the meaning indicated: (a) Approved lender means a financial institution or other mortgagee ap-proved by the Commissioner as eligi
35、ble for insurance under section 2 of the Na-tional Housing Act, or a mortgagee ap-proved under section 203(b)(1) of the National Housing Act, or a state hous-ing agency approved pursuant to 24 CFR 883.102. (b) Borrower means the owner of a project held in fee simple or of a lease-hold interest which
36、 is not now covered by a mortgage insured or held by the Secretary. (c) Energy saving loan means any form of secured obligation used in con-nection with the purchase and installa-tion of energy conserving improve-ments. (d) Multifamily project means a project which consists of not less than five dwe
37、lling units on one site, each such unit providing complete living facili-ties including provisions for cooking, eating, and sanitation within the unit VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00397 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRPr
38、ovided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-388 24 CFR Ch. II (4111 Edition) 241.505 and which is not now covered by a mortgage insured or held by the Sec-retary. FEES AND CHARGES 241.505 Processing of applications and required fees. (a) Preapplica
39、tion conference. The local HUD Office will determine wheth-er participation in a preapplication conference is required as a condition to submission of an initial application for a firm commitment for insurance of an energy savings improvement loan on a project. An application for a firm com-mitment
40、for insurance must be sub-mitted by both the project sponsor and an approved lender. Applications shall be submitted to the local HUD Office on HUD-approved forms. No applica-tion will be considered unless accom-panied by all exhibits required by the form and program handbooks. (b) Application for f
41、irm commitment. An application for a firm commitment shall be accompanied by the payment of an application fee of $5 per thousand dollars of the requested loan amount to be insured. (c) Cross-reference. The provisions of paragraphs (e) (Inspection fee), (f)(1) (Fee on increases), (g) (Reopening of e
42、xpired commitments), (i) (Refund of fees), and (j) (Fees not required) of 200.40 of this chapter apply to applica-tions submitted under subpart E of this part. 61 FR 14416, Apr. 1, 1996 241.510 Commitments. (a) Firm commitment. The issuance of a firm commitment indicates the Com-missioners approval
43、of the application for insurance and sets forth the terms and conditions upon which the loan will be insured. (b) Types of firm commitment. (1) Where the amount of the loan is $250,000 or more, the firm commitment may provide for the insurance of ad-vances of loan money made during con-struction or
44、may provide for the insur-ance of the loan after completion of the improvements. (2) Where the amount of the loan is less than $250,000, the firm commit-ment shall provide for insurance of the loan after completion of the improve-ments. (c) Term of commitment. (1) A firm commitment to insure advance
45、s shall be effective for a period of not more than 60 days from the day of issuance. (2) A firm commitment to insure upon completion shall be effective for a designated term within which the bor-rower is required to begin construc-tion, and if construction is begun as re-quired, the commitment shall
46、 be effec-tive for such additional period, esti-mated by the Commissioner, as will allow for completion of construction. (3) The term of a firm commitment may be extended in such a manner as the Commissioner may prescribe. 61 FR 14417, Apr. 1, 1996 241.515 Inspection fee. The firm commitment may pro
47、vide for the payment of an inspection fee in an amount not to exceed $5 per thou-sand dollars of the commitment. If an inspection fee is required, it shall be paid as follows: (a) If the case involves the insurance of advances, it shall be paid at the time of initial endorsement. (b) If the case inv
48、olves insurance upon completion, it shall be paid prior to the date construction is begun. 241.520 Fees on increases. (a) Increase in firm commitment prior to endorsement. An application filed prior to initial endorsement (or prior to en-dorsement in a case involving insur-ance upon completion), for
49、 an increase in the amount of an outstanding firm commitment shall be accompanied by a combined additional application and commitment fee. This combined addi-tional fee shall be in an amount which will aggregate $3 per thousand dollars of the amount of the requested in-crease. if an inspection fee was re-quired in the original commitment, an additional inspection fee shall be paid in an amount computed at the same dollar ra
