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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 950 - INDIAN HOUSING PROGRAMS |
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Subpart P - Section 5(h) Homeownership Program |
§ 950.1012 - Purchase prices and financing.
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(a)
Below-market terms . To ensure affordability by eligible purchasers, bythe standard adopted under § 906.8(e) of this chapter, a homeownership plan may provide for below-market purchase prices or below-market financing, or a combination of the two. Discounted purchase prices may be determined on a unit-by-unit basis, based on the particular purchaser's ability to pay, or may be determined by any other fair and reasonable method (e.g., uniform prices for a group of comparable dwellings, within a range of affordability by a group of potential purchasers). (b)
Types of financing . Any type of private or public financing may be used (e.g., conventional, Federal Housing Administration (FHA), Department of Veterans Affairs (VA), Farmers’ Home Administration (FmHA), or a tribal, State, or local program). An IHA may finance or assist in financing purchase by any methods it may choose, such as purchase-money mortgages, guarantees of mortgage loans from other lenders, shared equity, or lease-purchase arrangements.