[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: 24CFR904.103]



[Page 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.  904.103  Development.



    (a) Financial framework. The LHA shall finance development or 

acquisition by sale of its notes (bond financing shall not be used) in 

the amount of the Minimum Development Cost. Payment of the debt service 

on the notes is assured by the HUD commitment to provide annual 

contributions.

    (b) Maximum total development cost. The maximum total development 

cost stated in the ACC is the maximum amount authorized for development 

of a project and shall not exceed the amount approved in accordance with 

Sec.  941.406(a) of this chapter.

    (c) Contractual framework. There are three basic contracts:

    (1) An Annual Contributions Contract containing ``Special Provisions 

For Turnkey III Homeownership Opportunity Project,'' Form HUD-53010C 

(see Appendix I);

    (2) A Homebuyers Ownership Opportunity Agreement (see Appendix II) 

which sets forth the respective rights and obligations of the low-income 

occupants and the LHA, including conditions for achieving homeownership; 

and

    (3) A Recognition Agreement (see Appendix II of Subpart D of this 

part) between the LHA and the HBA under which the LHA agrees to 

recognize the HBA as the established representative of the homebuyers.

    (d) Community Participation Committee (CPC). In the necessary 

development of citizens' participation in and understanding of the 

Turnkey III program, the LHA should consider formation and use of a CPC 

to assist the community and the LHA in the development and support of 

the Turnkey III program. The CPC shall be a voluntary group comprised of 

representatives of the low-income population primarily and may also 

include representatives of community service organizations.



[39 FR 10966, Mar. 22, 1974. Redesignated at 40 FR 15580, Apr. 7, 1975, 

and amended at 47 FR 39482, Sept. 8, 1982. Redesignated at 49 FR 6714, 

Feb. 23, 1984, and amended at 53 FR 41598, Oct. 24, 1988]