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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 24 - Housing and Urban Development |
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Subtitle B - Regulations Relating to Housing and Urban Development |
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Chapter IX - Office of Assistant Secretary for Public and Indian Housing, Department of Housing and Urban Development |
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Part 904 - Low Rent Housing Homeownership Opportunities |
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Subpart D - Homebuyers Association (HBA) |
§ 904.301 - Purpose.
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§ 904.301 Purpose.
(a) It is essential that the homebuyers have an organized vehicle for pursuing their common interests, for effectively representing the needs of residents in dealing with the LHA, and for undertaking eventual management responsibility for the development. Although this organization, called the homebuyers association (HBA), shall be representative of the homebuyers and independent of the LHA, it shall be the responsibility of the LHA and the training and counseling staff to assist the homebuyers in their initial efforts at organization.
(b) Except as noted in § 904.307, each Turnkey III development shall have an HBA. There shall be a separate HBA for each development or developments where there is a physical and financial community of interest.