[Code of Federal Regulations]
[Title 13, Volume 1]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 13CFR314.1]

[Page 511-512]
 
                TITLE 13--BUSINESS CREDIT AND ASSISTANCE
 
CHAPTER III--ECONOMIC DEVELOPMENT ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 314--PROPERTY--Table of Contents
 
                          Subpart A--In General
 
Sec. 314.1  Federal interest, applicability.


    (a) Property that is acquired or improved with EDA grant assistance 
shall be held in trust by the recipient for the benefit of the purposes 
of the project under which the property was acquired or improved. 
Limited exceptions to this requirement are listed in Sec. 314.7(c).
    (b) During the estimated useful life of the project, EDA retains an 
undivided equitable reversionary interest in property acquired or 
improved with EDA grant assistance, except for the exceptions listed in 
Sec. 314.7(c).
    (c) EDA may approve the substitution of an eligible entity for a 
recipient. The original recipient remains responsible for the period it 
was the recipient, and the successor recipient

[[Page 512]]

holds the project property with the responsibilities of an original 
recipient under the award.