[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: 24CFR904.102]



[Page 304-305]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

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

               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 904_LOW RENT HOUSING HOMEOWNERSHIP OPPORTUNITIES--Table of Contents

 

                Subpart B_Turnkey III Program Description

 

Sec.  904.102  Definitions.



    (a) The term common property means the nondwelling structures and 

equipment, common areas, community facilities, and in some cases certain 

component parts of dwelling structures, which are contained in the 

development: Provided, however, That in the case of a development that 

is organized as a condominium or a planned unit development (PUD), the 

term common property shall have the meaning established by the 

condominium or PUD documents and the State law pursuant to which the 

condominium or PUD is organized, under the terms common areas, common 

facilities, common elements, common estate, or other similar terms.

    (b) The term development means the entire undertaking including all 

real and personal property, funds and reserves, rights, interests and 

obligations, and activities related thereto.

    (c) The term EHPA means the Earned Home Payments Account established 

and maintained pursuant to Sec.  904.110.

    (d) The term homebuyer means the member or members of a low-income 

family who have executed a Homebuyers Ownership Opportunity Agreement 

with the LHA.

    (e) The term homebuyers association (HBA) means an organization as 

defined in Sec.  904.106.

    (f) The term homeowner means a homebuyer who has acquired title to 

his home.

    (g) The term homeowners association means an association comprised 

of homeowners, including condominium associations, having 

responsibilities with respect to common property.

    (h) The term LHA means the local housing authority which acquires or 

develops a low-rent housing development with financial assistance from 

HUD, owns the homes until title is transferred to the homebuyers, and is 

responsible for the management of the homeownership opportunity program.

    (i) The term NRMR means the Nonroutine Maintenance Reserve 

established and maintained pursuant to Sec.  904.111.

    (j) The term Project is used to refer to the development in relation 

to matters



[[Page 305]]



specifically related to the Annual Contributions Contract.



[39 FR 10966, Mar. 22, 1974, as amended at 61 FR 5214, Feb. 9, 1996]