[Code of Federal Regulations]
[Title 24, Volume 1]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR92.255]

[Page 601]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 92--HOME INVESTMENT PARTNERSHIPS PROGRAM--Table of Contents
 
                     Subpart F--Project Requirements
 
Sec. 92.255  Converting rental units to homeownership units for existing tenants.

    The participating jurisdiction may permit the owner of HOME-assisted 
rental units to convert the rental units to homeownership units by 
selling, donating, or otherwise conveying the units to the existing 
tenants to enable the tenants to become homeowners in accordance with 
the requirements of Sec. 92.254. If no additional HOME funds are used to 
enable the tenants to become homeowners, the homeownership units are 
subject to a minimum period of affordability equal to the remaining 
affordable period if the units continued as rental units. If additional 
HOME funds are used to directly assist the tenants to become homeowners, 
the minimum period of affordability is the affordability period under 
Sec. 92.254(a)(4), based on the amount of direct homeownership 
assistance provided.