[Code of Federal Regulations]
[Title 24, Volume 2]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR291.400]

[Page 501]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
 CHAPTER II--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 
        COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 291--DISPOSITION OF HUD-ACQUIRED SINGLE FAMILY PROPERTY--Table of Contents
 
 Subpart E--Lease and Sale of HUD-Acquired Single Family Properties for 
                              the Homeless
 
Sec. 291.400  Purpose and scope.


    (a) Purpose. HUD seeks to assist individuals and families who are 
homeless by providing them with transitional housing and appropriate 
supportive services with the goal of helping them move to independent 
living. Therefore, HUD will make available, to applicants approved by 
HUD, certain HUD-acquired single family properties for use by the 
homeless.
    (b) Applicant preapproval. Before a field office may notify an 
applicant of eligible properties, the applicant must be preapproved by 
HUD, according to procedures available from the field office.
    (c) Property available for lease with option to purchase. HUD will 
make available up to 10 percent of its total inventory of properties, 
before or after they are listed for sale to the public.
    (d) Property available under a McKinney Act Supportive Housing 
program lease-option agreement. Eligible properties will be available 
under a lease-option to purchase agreement to Supportive Housing program 
applicants for acquisition grants under 24 CFR part 583.
    (e) Properties available for sale. Eligible properties will be 
available for competitive sale or direct sale for fair market value, 
less a discount determined appropriate by the Secretary but not less 
than 10 percent.
    (f) Concentration of properties. To the extent practicable and 
possible, HUD will avoid excessive concentration in a single 
neighborhood of properties leased or sold under this subpart.
    (g) Failure to comply with requirements. Failure to comply with this 
subpart, or a lease issued under this subpart, may result in termination 
from the program.

(Approved by the Office of Management and Budget under OMB control 
number 2502-0412)

[61 FR 55714, Oct 28, 1996]