[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR92.255]



[Page 628]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 92_HOME INVESTMENT PARTNERSHIPS PROGRAM--Table of Contents

 

                     Subpart F_Project Requirements

 

Sec.  92.255  Converting rental units to homeownership units for existing 

tenants.



    The participating jurisdiction may permit the owner of HOME-assisted 

rental units to convert the rental units to homeownership units by 

selling, donating, or otherwise conveying the units to the existing 

tenants to enable the tenants to become homeowners in accordance with 

the requirements of Sec.  92.254. If no additional HOME funds are used 

to enable the tenants to become homeowners, the homeownership units are 

subject to a minimum period of affordability equal to the remaining 

affordable period if the units continued as rental units. If additional 

HOME funds are used to directly assist the tenants to become homeowners, 

the minimum period of affordability is the affordability period under 

Sec.  92.254(a)(4), based on the amount of direct homeownership 

assistance provided.