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 248 - Prepayment of Low Income Housing Mortgages |
Subpart D - State Preservation Project Assistance |
§ 248.315 - Preservation agreements.
Latest version.
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§ 248.315 Preservation agreements.
(a) Agreements required. Owners of projects with State assisted or subsidized mortgages whose plans of action have been approved under § 248.307 shall enter into agreements, contracts and/or mortgage modifications with the State agency or local housing authority to maintain the housing as affordable to tenants in accordance with § 248.145. Such agreements may provide for the renewal of any assistance made available under § 248.319(c).
(b) Term of agreement. Preservation agreements shall be coterminous with the expiration of any assistance provided under § 248.153 and made available in accordance with § 248.319(c).