[Code of Federal Regulations]
[Title 24, Volume 1]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR92.612]

[Page 640-641]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 92_HOME INVESTMENT PARTNERSHIPS PROGRAM--Table of Contents
 
             Subpart M_American Dream Downpayment Initiative
 
Sec. 92.612  Project requirements.

    The following project requirements contained in subpart F of this 
part apply to the ADDI:
    (a) Maximum per-unit subsidy amount and subsidy layering. The 
maximum per-unit subsidy limits and subsidy layering requirements 
contained in Sec. 92.250 apply to the total HOME and ADDI funds in a 
project.
    (b) Property standards. Housing assisted with ADDI funds must meet 
the property standards contained in Sec. 92.251.
    (c) Qualification as affordable housing. Housing assisted with ADDI 
funds must meet the affordability requirements contained in Sec. 
92.254(a) and (c). If a project receives both HOME and ADDI funds, the 
total of HOME and ADDI funds in the project is used for calculating the 
period of affordability described in Sec. 92.254(a)(4) and applied to

[[Page 641]]

resales (Sec. 92.254(a)(5)(i)) and recaptures (Sec. 92.254(a)(5)(ii)).
    (d) Faith-based organizations. Faith-based organizations are 
eligible to participate in the ADDI as subrecipients or contractors as 
provided in Sec. 92.257.