1、453 Office of Assistant Secretary for Housing, HUD Pt. 248 tenant shall contain appropriate provi-sions implementing this subpart. Subpart BHUD-Owned Projects 247.8 Incorporation by reference. All of the provisions of subpart A of this part covering certain multifamily projects (excepting 247.5) app
2、ly with full force to the property described in 247.9 and they are hereby incorporated by reference. 247.9 Applicability of procedures. The procedures outlined in this subpart apply to all decisions to terminate the occupancy of a tenant by the termi-nation of a lease prior to the end of its term or
3、 at the end of a term where the tenant resides in any multifamily project which is presently owned by HUD, regardless of whether said project was a subsidized project prior to the acquisition of title by HUD. 247.10 Inapplicability to substantial rehabilitation or demolition; right of disposition un
4、impaired. This subpart shall not apply in any case in which HUD terminates the oc-cupancy of a tenant as a direct result of a determination by HUD to substan-tially rehabilitate or demolish the project or to dispose of the project to a purchaser who purchases for the pur-pose of substantial rehabili
5、tation or demolition. Nothing in this subpart should be construed to affect in any way the right of HUD to exercise its full statutory authority and discretion to dispose of property acquired pursu-ant to the National Housing Act. PART 248PREPAYMENT OF LOW INCOME HOUSING MORTGAGES Subpart AGeneral S
6、ec. 248.1 Purpose. 248.3 Applicability. 248.5 Election to proceed under subpart B or subpart C of this part. Subpart BPrepayments and Plans of Ac-tion Under the Low Income Housing Preservation and Resident Homeown-ership Act of 1990 248.101 Definitions. 248.103 General prepayment limitation. 248.105
7、 Notice of intent. 248.111 Appraisal and preservation value of eligible low income housing. 248.121 Annual authorized return and aggre-gate preservation rents. 248.123 Determination of Federal cost limit. 248.127 Limitations on action pursuant to Federal cost limit. 248.131 Information from the Comm
8、issioner. 248.133 Second notice of intent. 248.135 Plans of action. 248.141 Criteria for approval of a plan of ac-tion involving prepayment and voluntary termination. 248.145 Criteria for approval of a plan of ac-tion involving incentives. 248.147 Housing standards. 248.149 Timetable for approval of
9、 a plan of action. 248.153 Incentives to extend low income use. 248.157 Voluntary sale of housing not in ex-cess of Federal cost limit. 248.161 Mandatory sale of housing in excess of the Federal cost limit. 248.165 Assistance for displaced tenants. 248.169 Permissible prepayment or vol-untary termin
10、ation and modification of commitments. 248.173 Resident homeownership program. 248.175 Resident homeownership program limited equity cooperative. 248.177 Delegated responsibility to State agencies. 248.179 Consultation with other interested parties. 248.181 Notice to tenants. 248.183 Preemption of S
11、tate and local laws. Subpart CPrepayment and Plans of Ac-tion Under the Emergency Low Income Preservation Act of 1987 248.201 Definitions. 248.203 General prepayment limitation. 248.211 Notice of intent to prepay. 248.213 Plan of action. 248.215 Notification of deficiencies. 248.217 Revisions to pla
12、n of action. 248.218 Tenant notice and opportunity to comment. 248.219 Notification of approval. 248.221 Approval of a plan of action that in-volves termination of low income afford-ability restrictions. 248.223 Alternative State strategy. 248.231 Incentives to extend low income use. 248.233 Approva
13、l of a plan of action that in-cludes incentives. 248.234 Section 8 rental assistance. 248.241 Modification of existing regulatory agreements. 248.251 Consultation with other interested parties. 248.261 Agreements implementing plans of action and State strategies. VerDate Mar2010 10:21 May 10, 2011 J
14、kt 223078 PO 00000 Frm 00463 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-454 24 CFR Ch. II (4111 Edition) 248.1 Subpart DState Preservation Project Assistance 248.3
15、00 General. 248.301 Initial application. 248.303 Approval of a State agencys initial application. 248.305 Applicability of subpart B of this part. 248.307 Authority to process and approve no-tices of intent and plans of action. 248.311 Notice of intent. 248.315 Preservation agreements. 248.319 Appli
16、cation for assistance. Subpart ETechnical Assistance and Capacity Building 248.401 Purposes. 248.405 Grants for building resident capacity and funding predevelopment costs. 248.410 Grants for other purposes. 248.415 Delivery of assistance through inter-mediaries. 248.420 Definitions. AUTHORITY: 12 U
17、.S.C. 17151 note, 4101 note, and 41014124; 42 U.S.C. 3535(d). Subpart AGeneral SOURCE: 57 FR 12041, Apr. 8, 1992, unless otherwise noted. 248.1 Purpose. The purpose of this part is to (a) Preserve and retain to the max-imum extent practicable as housing af-fordable to low income families or per-sons
18、 those privately owned dwelling units that were produced for such pur-pose with Federal assistance, without unduly restricting the owners prepay-ment rights; (b) Minimize the involuntary dis-placement of tenants currently resid-ing in such housing; (c) Work in partnership with State and local govern
19、ment and the private sector in the provision and operation of housing that is affordable to very low, low and moderate income families; and (d) Facilitate the sale of housing to residents under a resident homeowner-ship program. 248.3 Applicability. The requirements of subparts B and C of this part
20、apply to any project that is eligible low income housing, as defined in subparts B and C of this part respec-tively, on or after November 1, 1987, ex-cept that such requirements shall not apply to a project which receives as-sistance under title IV, subtitle B of the Cranston-Gonzalez National Affor
21、d-able Housing Act in connection with a homeownership program approved by the Commissioner thereunder. 248.5 Election to proceed under sub-part B or subpart C of this part. (a) Any owner who has not submitted a notice of intent prior to January 1, 1991, pursuant to either 248.211 or 248.105, shall p
22、roceed under subpart B of this part. (b) Any owner who has filed a plan of action with the Commissioner on or be-fore October 11, 1990 pursuant to sub-part C of this part, regardless of wheth-er or not the Commissioner has ap-proved such plan of action or whether the owner has received incentives th
23、ereunder, may proceed under subpart B of this part by submitting a notice of intent to the Commissioner in accord-ance with 248.105 within 30 days after publication of revised Appraisal Guide-lines or within thirty days after the Commissioner notifies the owner of HUDs final approval of the plan of
24、ac-tion, whichever is later. The notice of intent shall state that the owner is ex-ercising its conversion right pursuant to this section. If the owner fails to file a notice of intent within that period, the owner forfeits its right of conver-sion. In awarding incentives to an owner who elects to p
25、roceed under sub-part B of this part in accordance with this section, the Commissioner shall take into consideration any incentives which the owner has already received under subpart C of this part. (c) Any owner of housing that be-comes eligible low income housing, as defined in subpart B of this p
26、art, before January 1, 1991, and who before such date, filed a notice of intent under 248.211 of subpart C of this part, may, unless a plan of action was submitted after October 11, 1990, elect to proceed under subpart B or under subpart C of this part. An owner must indicate its election by submitt
27、ing to the Commis-sioner, within 30 days of the effective date of this part, a notice of election to proceed indicating whether it wishes to proceed under subpart B or subpart C of this part, or proceed under subpart B VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00464 Fmt 8010 Sfmt 80
28、10 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-455 Office of Assistant Secretary for Housing, HUD 248.101 of this part until completion of the ap-praisals and then elect either subpar
29、t B or subpart C of this part. An owner who chooses to retain its option until after the completion of the appraisals under 248.111 must submit a new notice of intent to the Commissioner within 30 days after receipt of the information provided by the Commissioner under 248.131. The notice of intent
30、shall be submitted in accordance with either 248.105 (for owners electing to proceed under subpart B of this part) or 248.211 (for owners electing to proceed under subpart C of this part). Any owner who fails to file a notice of intent within the 30-day period may not proceed under subpart C of this
31、 part, but may proceed under subpart B of this part by filing a new notice of intent thereafter. If an owner who has filed a notice of in-tent before January 1, 1991 elects under this paragraph to proceed under sub-part C of this part, it may change its election within 30 days after receipt of the i
32、nformation provided by the Com-missioner under 248.131 by filing a new notice of intent under 248.211. For pur-poses of calculating any time periods or deadlines under this part for actions following the filing of the notice of in-tent, the date on which the owner sub-mits the new notice of intent u
33、nder this paragraph shall be deemed the date of the filing of the notice of in-tent. Any owner who, exercising its op-tion under paragraph (c) of this sec-tion, submits a notice of intent under 248.211 after the Commissioner has in-curred the cost of having an appraisal, or appraisals, performed pur
34、suant to 248.111 of subpart A of this part, shall reimburse the Commissioner for these expenses within 30 days of receipt of a bill covering these expenses. (d) For an owner who has elected under paragraph (c) of this section to proceed under subpart C of this part, the Commissioner shall provide su
35、ffi-cient assistance to enable a nonprofit organization that has purchased, or will purchase, eligible low income housing to meet project oversight costs, as that term is defined in 248.201. (e) The Commissioner shall not refuse to offer incentives under 248.231 to any owner who filed a notice of in
36、-tent under 248.211 before October 15, 1991, based solely on the date of filing of the plan action. (f) An owner who has filed a plan of action after October 11, 1990, pursuant to 248.213, may not elect to proceed under subpart B of this part. 57 FR 12041, Apr. 8, 1992, as amended at 58 FR 37814, Ju
37、ly 13, 1993 Subpart BPrepayments and Plans of Action Under the Low Income Housing Preservation and Resident Homeownership Act of 1990 SOURCE: 57 FR 12041, Apr. 8, 1992, unless otherwise noted. 248.101 Definitions. Acquisition Loan. A loan or advance of credit made to a qualified purchaser of eligibl
38、e low income housing and in-sured by the Commissioner under part 241, subpart E of this chapter. Adjusted Income. Annual income, as specified in part 5 of this title, less al-lowances specified in the definition of Adjusted Income in part 5 of this title. Aggregate Preservation Rent. The ex-tension
39、preservation rent or transfer preservation rent, as defined under this section. Annual Authorized Return. That amount an owner of an eligible low in-come housing project may receive in distributions from the project each year, plus debt service payments pay-able each year attributable to the eq-uity
40、 take-out portion of any loan ap-proved under the plan of action, ex-pressed as a percentage of the projects extension preservation equity. Bona Fide Offer. A certain and unam-biguous offer to purchase an eligible low income housing project pursuant to subpart B of this part made in good faith by a
41、qualified purchaser with the intent that such offer result in the exe-cution of an enforceable, valid and binding contract. A bona fide offer shall include, for purposes of subpart B of this part, a contract of sale and an earnest money deposit, as set forth in 248.157(g). For mandatory sales under
42、248.161, the offer must include a con-tract of sale, an earnest money deposit VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00465 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted withou
43、t license from IHS-,-,-456 24 CFR Ch. II (4111 Edition) 248.101 and also be for a purchase price which equals the transfer preservation value. Capital Improvement Loan. A direct loan originated by the Commissioner under part 219, subpart C of this chap-ter. Community-Based Nonprofit Organiza-tion. A
44、 private nonprofit organization that (1) Is organized under State or local laws; (2) Has no part of its net earnings in-uring to the benefit of any member, founder, contributor, or individual; (3) Is neither controlled by, nor under the direction of, individuals or entities seeking to derive profit
45、or gain from the organization. (4) Has applied for, or has a tax ex-emption ruling from the Internal Rev-enue Service under section 501(c) of the Internal Revenue Code of 1986; (5) Does not include a public body (in-cluding the participating jurisdiction) or an instrumentality of a public body. An o
46、rganization that is State or lo-cally chartered may qualify as a com-munity-based nonprofit organization; however, the State or local government may not have the right to appoint more than one-third of the membership of the organizations governing body and no more than one-third of the board members
47、 can be public officials; (6) Has standards of financial ac-countability that conform to Attach-ment F of OMB Circular No. A110 (Rev.) Standards for Financial Man-agement Systems; (7) Has among its purposes the provi-sion of decent housing that is afford-able to low-income and moderate-in-come perso
48、ns, as evidenced in its char-ter, articles of incorporation, resolu-tions or by-laws; (8) Maintains accountability to low income community residents by (i) Maintaining at least one-third of its governing boards membership for low-income neighborhood residents, other low-income community resi-dents,
49、or elected representatives of low-income neighborhood organiza-tions. For urban areas, community may be a neighborhood or neighbor-hoods, city, county, or metropolitan area; for rural areas, community may be a neighborhood or neighbor-hoods, town, village, county, or multi- county area (but not the entire State); and (ii) Providing a formal process for low-income, program beneficiaries to advise the organization on its d
