Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 24 - Housing and Urban Development |
Subtitle B - Regulations Relating to Housing and Urban Development |
Chapter II - Office of Assistant Secretary for Housing - Federal Housing Commissioner, Department of Housing and Urban Development |
SubChapter B - Mortgage and Loan Insurance Programs Under National Housing Act and Other Authorities |
Part 234 - Condominium Ownership Mortgage Insurance |
Subpart A - Eligibility Requirements - Individually Owned Units |
§ 234.17 - Mortgagor and mortgagee requirements for maintaining flood insurance coverage.
Latest version.
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§ 234.17 Mortgagor and mortgagee requirements for maintaining flood insurance coverage.
The maintenance of flood insurance coverage on the project by the condominium association will satisfy the requirements of § 203.16a of this chapter if such coverage protects the interest of the mortgagor in the family unit. For this purpose, “the interest of the mortgagor” is defined as insurance coverage equal to the replacement cost of the project less land costs.