[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: 24CFR906.45]



[Page 364-365]

 

                 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 E_Program Submission and Approval

 

Sec.  906.45  HUD criteria for reviewing a proposed homeownership program.



    HUD will use the following criteria in reviewing a homeownership 

program:

    (a) Feasibility. The program must be practically feasible, with 

sound potential for long-term success. Financial viability, including 

the capability of



[[Page 365]]



purchasers to meet the financial obligations of homeownership, is a 

critical requirement.

    (b) Legality. Counsel for the PHA shall certify that the 

homeownership program is consistent with applicable law, including the 

requirements of this part and any other applicable federal, state, and 

local statutes and regulations, including existing contracts, and HUD 

shall accept such certification unless HUD has information indicating 

that the certification is incorrect.

    (c) Documentation. The program must be clear and complete enough to 

serve as a working document for implementation, as well as a basis for 

HUD review.

    (d) PHA performance in homeownership. The PHA (and any other entity 

with substantial responsibility for implementing the homeownership 

program) must have demonstrated the commitment and capability to 

successfully implement the homeownership program based upon the criteria 

stated in Sec.  906.41(d).