[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: 24CFR941.401]

[Page 380]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 
               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 941--PUBLIC HOUSING DEVELOPMENT--Table of Contents
 
                     Subpart D--Project Development
 
Sec. 941.401  Site and property acquisition.

    Source: 61 FR 38020, July 22, 1996, unless otherwise noted.


    (a) Applicability. The provisions of this section apply to projects 
being developed under the conventional, acquisition, and force account 
methods, and may apply to other development methods, as deemed 
appropriate by HUD.
    (b) Purchase agreement. The purchase agreement shall reflect any 
conditions established by HUD, such as the site engineering studies that 
must be completed to determine whether the site is suitable for 
development of the project.
    (c) Title.--(1) General. After HUD approves the site or property 
acquisition contract and notifies the PHA that it is authorized to take 
title, the PHA shall obtain title in accordance with the following 
certification. The PHA shall certify to HUD that it obtained a title 
insurance policy that guaranteed that the title was good and marketable 
before taking title and that it promptly recorded the deed and 
declaration of trust in the form prescribed by HUD.
    (2) Limitation. After HUD notifies a PHA that has been determined to 
be troubled or modernization troubled in accordance with part 901 of 
this chapter, or a PHA that has for other reasons been notified in 
writing that it may not use the procedure specified in paragraph (c)(1) 
of this section, that the site or property acquisition contract has been 
approved, the PHA shall submit to HUD evidence that title to the site or 
property is good and marketable. If HUD approves the title evidence, it 
will inform the PHA that it is authorized to acquire title to the site 
or property. The PHA shall record promptly the deed and declaration of 
trust in the form prescribed by HUD, and HUD may require the PHA to 
submit evidence of such recordation.