[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: 24CFR904.306]



[Page 341-342]

 

                 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.  904.306  Performing management services.



    The LHA may also contract with the HBA to perform some or all of the 

functions of project management for which the HBA may be better suited 

or located than the LHA. Such functions may include security, 

maintenance of common property, or collection of monthly payments. For 

this purpose, the HBA may form a management corporation and the officers 

of the HBA



[[Page 342]]



shall be the directors of such corporation. This corporation and the LHA 

shall then negotiate a management services contract. Such arrangements 

are consistent with the objective of providing for maximum participation 

by residents in the management of their developments. As an alternative, 

the HBA and the LHA may elect to undertake any other arrangement 

approved by HUD.