[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: 24CFR886.314]



[Page 152]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

  CHAPTER VIII--OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL 

 

PART 886_SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM_SPECIAL ALLOCATIONS

--Table of Contents

 

 Subpart C_Section 8 Housing Assistance Program for the Disposition of 

                           HUD-Owned Projects

 

Sec.  886.314  Financial default.



    In the event of a financial default under the project mortgage, HUD 

shall have the right to make subsequent housing assistance payments to 

the mortgagee until such time as the default is cured, or until some 

other time agreeable to the mortgagee and approved by HUD.