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Code of Federal Regulations Title 24. Housing and Urban Development § 24.1006.305 Low-income requirement and income targeting

Current as of October 02, 2022 | Updated by FindLaw Staff

(a) In general. Housing qualifies as affordable housing for purposes of the Act and this part only if each dwelling unit in the housing:

(1) In the case of rental housing, is made available for occupancy only by a family that is a low-income family at the time of the initial occupancy of that family of that unit;  and

(2) In the case of housing for homeownership, is made available for purchase only by a family that is a low-income family at the time of purchase, or is an owner-occupied unit in which the family is low-income at the time it receives NHHBG assistance.

(b) NHHBG-assisted rental units must meet the affordability requirements for the remaining useful life of the property, as determined by HUD, or such other period as HUD determines in accordance with section 813(a)(2)(B) of the Act.

(c) Enforceable agreements.

(1) The DHHL, through binding contractual agreements with owners or other authorized entities, shall ensure long-term compliance with the provisions of this part.

(2) The agreements referred to in paragraph (c)(1) of this section shall provide for:

(i) To the extent allowable by Federal and State law, the enforcement of the provisions of the Act and this part by the DHHL and HUD;  and

(ii) Remedies for breach of the provisions of the Act and this part.

(d) Exception. Notwithstanding the requirements of this section, housing assisted with NHHBG funds pursuant to § 1006.301(b) shall be considered affordable housing for purposes of the Act and this part.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 24. Housing and Urban Development § 24.1006.305 Low-income requirement and income targeting - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-24-housing-and-urban-development/cfr-sect-24-1006-305/

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