[Code of Federal Regulations]
[Title 24, Volume 3]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR585.311]

[Page 271-272]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
  CHAPTER V--OFFICE OF ASSISTANT SECRETARY FOR COMMUNITY PLANNING AND 
        DEVELOPMENT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 585_YOUTHBUILD PROGRAM--Table of Contents
 
               Subpart D_Youthbuild Implementation Grants
 
Sec. 585.311  Project-related restrictions applicable to Youthbuild 
homeownership housing.

    Where the award of a Youthbuild implementation grant includes the 
eligible activities of acquisition, architectural and engineering fees, 
construction, or rehabilitation of homeownership housing, and where the 
costs for these activities are to be funded, in whole or in part, with 
Youthbuild grant funds, the housing project shall be required to comply 
with the following Youthbuild project-related restrictions:
    (a) Program compliance. Each homeownership project meeting the 
requirements of this section shall comply with the requirements of the 
HOPE II or HOPE III program authorized under subtitle B or C 
respectively of title IV of the National Affordable Housing Act.
    (b) Restrictions on conveyance. Conveyance restrictions apply to 
Youthbuild homeownership housing projects meeting the requirements of 
this part. Ownership of the property may not be conveyed unless the 
instrument of conveyance requires a subsequent owner to comply with the 
same restrictions imposed upon the original

[[Page 272]]

owner for the balance of the 10 year period.
    (c) Ten year restriction. The restrictions listed in paragraphs (a) 
and (b) of this section shall remain in force for a period of not less 
than 10 years after construction completion and issuance of an occupancy 
permit for Youthbuild homeownership housing projects meeting the 
requirements of this part.