[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: 24CFR941.401]



[Page 379]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 

               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 941_PUBLIC HOUSING DEVELOPMENT--Table of Contents

 

                      Subpart D_Project Development

 

Sec.  941.401  Site and property acquisition.



    Source: 61 FR 38020, July 22, 1996, unless otherwise noted.





    (a) Applicability. The provisions of this section apply to projects 

being developed under the conventional, acquisition, and force account 

methods, and may apply to other development methods, as deemed 

appropriate by HUD.

    (b) Purchase agreement. The purchase agreement shall reflect any 

conditions established by HUD, such as the site engineering studies that 

must be completed to determine whether the site is suitable for 

development of the project.

    (c) Title.--(1) General. After HUD approves the site or property 

acquisition contract and notifies the PHA that it is authorized to take 

title, the PHA shall obtain title in accordance with the following 

certification. The PHA shall certify to HUD that it obtained a title 

insurance policy that guaranteed that the title was good and marketable 

before taking title and that it promptly recorded the deed and 

declaration of trust in the form prescribed by HUD.

    (2) Limitation. After HUD notifies a PHA that has been determined to 

be troubled or modernization troubled in accordance with part 901 of 

this chapter, or a PHA that has for other reasons been notified in 

writing that it may not use the procedure specified in paragraph (c)(1) 

of this section, that the site or property acquisition contract has been 

approved, the PHA shall submit to HUD evidence that title to the site or 

property is good and marketable. If HUD approves the title evidence, it 

will inform the PHA that it is authorized to acquire title to the site 

or property. The PHA shall record promptly the deed and declaration of 

trust in the form prescribed by HUD, and HUD may require the PHA to 

submit evidence of such recordation.