[Code of Federal Regulations]

[Title 24, Volume 4]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR1005.103]



[Page 805-806]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 

               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 1005_LOAN GUARANTEES FOR INDIAN HOUSING--Table of Contents

 

Sec.  1005.103  What definitions are applicable to this program?



    In addition to the definitions that appear in Section 184 of the 

Housing and Community Development Act of 1992, the following definitions 

are applicable to loan guarantees under Section 184--



[[Page 806]]



    Default means the failure by a borrower to make any payment or to 

perform any other obligation under the terms of a loan, and such failure 

continues for a period of more than 30 days.

    Holder means the holder of the guarantee certificate and in this 

program is variously referred to as the lender holder, the holder of the 

certificate, the holder of the guarantee, and the mortgagee.

    Indian means any person recognized as being Indian or Alaska Native 

by an Indian tribe, the Federal Government, or any State, and includes 

the term ``Native American''.

    Mortgage means:

    (1)(i) A first lien as is commonly given to secure advances on, or 

the unpaid purchase price of, real estate under the laws of the 

jurisdiction where the property is located and may refer to a security 

instrument creating a lien, whether called a mortgage, deed of trust, 

security deed, or another term used in a particular jurisdiction; or

    (ii) A loan secured by collateral as required by 24 CFR 1005.107; 

and

    (2) The credit instrument, or note, secured thereby.

    Mortgagee means the same as ``Holder.''

    Principal residence means the dwelling where the mortgagor maintains 

(or will maintain) his or her permanent place of abode, and typically 

spends (or will spend) the majority of the calendar year. A person may 

have only one principal residence at any one time.

    Property means the property constructed, acquired, or rehabilitated 

with the guaranteed loan, except when the context indicates that the 

term means other collateral for the loan.

    Section 184 means section 184 (entitled, ``Loan Guarantees for 

Indian Housing'') of the Housing and Community Development Act of 1992 

(12 U.S.C. 1515z-13a).

    Trust or restricted land has the meaning given to ``trust land'' in 

section 184(k)(9) of the Housing and Community Development Act of 1992.



[61 FR 9054, Mar. 6, 1996. Redesignated and amended at 63 FR 12349, 

12372, Mar. 12, 1998; 63 FR 48990, Sept. 11, 1998]