Code of Federal Regulations (Last Updated: May 6, 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 266 - Housing Finance Agency Risk-Sharing Program for Insured Affordable Multifamily Project Loans |
Subpart F - Project Management and Servicing |
§ 266.500 - General.
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§ 266.500 General.
the administration of the provisions of this subpart and for(a) HFA responsibility for monitoring project owners. The HFA will have full responsibility for
managing and servicing projects insured under this part (in accordance with procedures disclosed and submitted with its application and the requirements of this part). The HFA is responsible for monitoring and determining the compliance of the project owner in accordance with the provisions of this subpart. HUD will monitor the performance of the HFA, not the project owner, to determine its compliance with the provisions covered under this subpart.
(b) HUD review of procedures for HFAs with Level II approval. Asset management and servicing procedures of any HFA electing to take less than 50 percent of the risk on certain projects are subject to review, modification, and approval by HUD in accordance with § 266.100(b).
[85 FR 83444, Dec. 22, 2020]