[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: 24CFR968.102]



[Page 493]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

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

               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 968_PUBLIC HOUSING MODERNIZATION--Table of Contents

 

                            Subpart A_General

 

Sec.  968.102  Special requirements for Turnkey III developments.



    (a) Modernization Costs. Modernization work on a Turnkey III unit 

shall not increase the purchase price or amortization period of the 

home.

    (b) Eligibility of paid-off and conveyed units for assistance.--(1) 

Paid-off units. A Turnkey III unit that is paid off but has not been 

conveyed at the time the CIAP application or CGP Annual Submission is 

submitted, is eligible for any physical improvement under Sec.  

968.112(d).

    (2) Conveyed units. Where modernization work has been approved 

before conveyance, the PHA may complete the work even if title to the 

unit is subsequently conveyed before the work is completed. However, 

once conveyed, the unit is not eligible for additional or future 

assistance. A PHA shall not use funds provided under this part for the 

purpose of modernizing units if the modernization work was not approved 

before conveyance of title.

    (c) Other. The homebuyer family must be in compliance with its 

financial obligations under its homebuyer agreement in order to be 

eligible for non-emergency physical improvements, with the exception of 

work necessary to meet statutory and regulatory requirements, (e.g., 

accessibility for persons with disabilities and lead-based paint 

activities) and the correction of development deficiencies. 

Notwithstanding the above requirement, a PHA may, with prior HUD 

approval, complete non-emergency physical improvements on any 

homeownership unit where the PHA demonstrates that, due to economies of 

scale or geographic constraints, substantial cost savings may be 

realized by completing all necessary work in a development at one time.



[59 FR 44837, Aug. 30, 1994, as amended at 61 FR 8737, Mar. 5, 1996; 62 

FR 27126, May 16, 1997; 64 FR 50229, Sept. 15, 1999]