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 E - Technical Assistance and Capacity Building |
§ 248.401 - Purposes.
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§ 248.401 Purposes.
The purposes of this subpart are:
(a) To promote the ability of residents of eligible low income housing to participate meaningfully in the preservation process established by this part and affect decisions about the future of their housing;
(b) To promote the ability of community-based nonprofit organizations and resident councils to acquire, rehabilitate, and competently own and manage eligible housing as rental or cooperative housing for low and moderate income people; and
(c) To assist the Commissioner in discharging the obligation under § 248.157(b) to notify potential qualified purchasers of the availability of projects for sale and to otherwise facilitate the coordination and oversight of the preservation program established under this part.