[Code of Federal Regulations]

[Title 24, Volume 2]

[Revised as of April 1, 2005]

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

[CITE: 24CFR203.28]



[Page 160]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

 CHAPTER II--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 

        COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 203_SINGLE FAMILY MORTGAGE INSURANCE--Table of Contents

 

     Subpart A_Eligibility Requirements and Underwriting Procedures

 

Sec.  203.28  Economic soundness of projects.



    The mortgage must be executed with respect to a project which, in 

the opinion of the Commissioner, is economically sound, except that this 

section shall not apply in each of the following instances:

    (a) To a mortgage of the character described in Sec.  203.18(d) and 

with respect to such a mortgage, the Commissioner shall determine that 

the mortgage is an acceptable risk giving consideration to the need for 

providing adequate housing for families of low and moderate income, 

particularly in suburban and outlying areas or small communities.

    (b) To a mortgage of the character described in Sec.  203.18 (e).

    (c) To a mortgage of the character described in Sec.  203.43a.

    (d) To a mortgage in a federally impacted area described in Sec.  

203.43e.

    (e) To a rehabilitation loan of the character described in Sec.  

203.50.



[36 FR 24508, Dec. 22, 1971, as amended at 42 FR 57434, Nov. 2, 1977; 45 

FR 33966, May 21, 1980; 53 FR 8880, Mar. 18, 1988]



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