[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: 24CFR906.1] [Page 354-355] TITLE 24--HOUSING AND URBAN DEVELOPMENT CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PART 906_PUBLIC HOUSING HOMEOWNERSHIP PROGRAMS--Table of Contents Subpart A_General Sec. 906.1 Purpose. Subpart A_General Sec. 906.1 Purpose. 906.2 Definitions. 906.3 Requirements applicable to homeownership programs previously approved by HUD. Subpart B_Basic Program Requirements 906.5 Dwelling units and types of assistance that a PHA may make available under a homeownership program under this part. 906.7 Physical requirements that a property offered for sale under this part must meet. 906.9 Title restrictions and encumbrances on properties sold under a homeownership program. Subpart C_Purchaser Requirements 906.11 Eligible purchasers. 906.13 Right of first refusal. 906.15 Requirements applicable to a family purchasing a property under a homeownership program. 906.17 PHA handling of homeownership applications. 906.19 Requirements applicable to a purchase and resale entity (PRE). Subpart D_Program Administration 906.23 Protections available to non-purchasing public housing residents. 906.24 Protections available to non-purchasing residents of housing other than public housing. 906.25 Ownership interests that may be conveyed to a purchaser. 906.27 Limitations applicable to net proceeds on the sale of a property acquired through a homeownership program. 906.29 Below-Market sales and financing. 906.31 Requirements applicable to net proceeds resulting from sale. 906.33 Reporting and recordkeeping requirements. 906.35 Inapplicability of section 18 of the United States Housing Act of 1937. 906.37 Davis-Bacon and HUD wage rate requirements. [[Page 355]] Subpart E_Program Submission and Approval 906.38 Requirement of HUD approval to implement a homeownership program under this part. 906.39 Contents of a homeownership program. 906.40 Supporting documentation. 906.41 Additional supporting documentation for acquisition of non-public housing for homeownership. 906.43 Where a PHA is to submit a homeownership program for HUD approval. 906.45 HUD criteria for reviewing a proposed homeownership program. 906.47 Environmental requirements. 906.49 HUD approval; implementing agreements. Authority: 42 U.S.C. 1437z-4 and 3535(d). Source: 68 FR 1172, Mar. 11, 2003, unless otherwise noted. (a) This part states the requirements and procedures governing public housing homeownership programs involving sales of individual dwelling units to families or to purchase and resale entities (PREs) for resale to families carried out by public housing agencies (PHAs), as authorized by section 32 of the United States Housing Act of 1937 (42 U.S.C. 1437z-4) (1937 Act). A PHA may only transfer public housing units for homeownership under a homeownership program approved by HUD under this part, except as provided under Sec. 906.3. This section does not govern new construction or substantial rehabilitation of units sold under this part. Such construction or rehabilitation is governed by the public housing development and modernization regulations. (b) Under a public housing homeownership program, a PHA makes available for purchase by low-income families for use as their principal residences public housing dwelling units, public housing developments, and other housing units or developments owned, assisted, or operated, or otherwise acquired by the PHA for sale under a homeownership program in connection with the use of assistance provided under the 1937 Act (1937 Act funds). A PHA may sell all or a portion of a property for purposes of homeownership in accordance with a HUD-approved homeownership program, and in accordance with the PHA's annual plan under part 903 of this title.