[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR882.405]

[Page 77-78]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
  CHAPTER VIII--OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL 
 
PART 882--SECTION 8 MODERATE REHABILITATION PROGRAMS--Table of Contents
 
    Subpart D--Special Procedures for Moderate Rehabilitation--Basic 
                                Policies
 
Sec. 882.405  Financing.

    (a) Types. Any type of public or private financing may be utilized 
with the exception of the rehabilitation loan program under Section 312 
of the Housing Act of 1964.
    (b) Use of Contract as security for financing. An Owner may pledge, 
or offer as security for any loan or obligation, an Agreement or 
Contract entered into

[[Page 78]]

pursuant to this Program, Provided That (1) such security is in 
connection with a unit(s) rehabilitated pursuant to this Program and (2) 
the terms of the financing or any refinancing must be approved by the 
PHA in accordance with standards provided by HUD. Any pledge of the 
Agreement or Contract, or payments thereunder, will be limited to the 
amounts payable under the Contract in accordance with its terms.