[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: 24CFR904.301]



[Page 340]

 

                 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 D_Homebuyers Association (HBA)

 

Sec.  904.301  Purpose.





    (a) It is essential that the homebuyers have an organized vehicle 

for pursuing their common interests, for effectively representing the 

needs of residents in dealing with the LHA, and for undertaking eventual 

management responsibility for the development. Although this 

organization, called the homebuyers association (HBA), shall be 

representative of the homebuyers and independent of the LHA, it shall be 

the responsibility of the LHA and the training and counseling staff to 

assist the homebuyers in their initial efforts at organization.

    (b) Except as noted in Sec.  904.307, each Turnkey III development 

shall have an HBA. There shall be a separate HBA for each development or 

developments where there is a physical and financial community of 

interest.