[Code of Federal Regulations]
[Title 7, Volume 11]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1822.275]

[Page 1180]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVIII--RURAL HOUSING SERVICE, RURAL BUSINESS-COOPERATIVE 
SERVICE, RURAL UTILITIES SERVICE, AND FARM SERVICE AGENCY, DEPARTMENT OF 
                               AGRICULTURE
 
PART 1822--RURAL HOUSING LOANS AND GRANTS--Table of Contents
 
      Subpart G--Rural Housing Site Loan Policies, Procedures, and 
                             Authorizations
 
Sec. 1822.275  Actions after sites are developed.

    The building sites will be sold on a nonprofit basis to eligible 
families or organizations as described in Sec. 1822.266(c).
    (a) An option, Form FmHA or its successor agency under Public Law 
103-354 440-34, ``Option to Purchase Real Property,'' will be executed. 
The site will be clearly identified by a land survey.
    (b) The sale price of each individual site will not be more than a 
sufficient amount to pay a proportionate part of the RHS loan and any 
other actual costs of buying, developing, and selling the building site.
    (c) The proceeds from sale of the building sites will be applied on 
the RHS loan and any prior lien or, with the prior approval of the 
National Office, used in a manner consistent with the purpose of the 
loan and the security interest of the Government. The sites will be 
released from the mortgage in accordance with Sec. 1965.110 of subpart C 
of part 1965 of this chapter or otherwise in accordance with prior 
approval of the National Office.

[35 FR 16087, July 1, 1970, as amended at 51 FR 4135, Feb. 3, 1986]

    Effective Date Note: At 67 FR 78326, Dec. 24, 2002, Sec. 1822.275 
was amended by revising the last sentence in paragraph (c) effective 
January 23, 2003. For the convenience of the user the revised text is 
set forth as follows:

Sec. 1822.275  Actions after sites are developed.

                                * * * * *

    (c) * * * The sites will be released from the mortgage in accordance 
with 7 CFR part 3550, subpart D or otherwise in accordance with prior 
approval of the National Office.