§ 950.1018 - Submission and review of homeownership plan.

Whether to develop and submit a proposed homeownership plan is a matter within the discretion of each IHA. An IHA may initiate a proposal at any time, according to the following procedures:

(a) Preliminary consultation with HUD staff. Before submission of a proposed plan, the IHA shall consult informally with the appropriate HUD Area ONAP to assess feasibility and the particulars to be addressed by the plan.

(b) Submission to HUD. The IHA shall submit the proposed plan, together with supporting documentation, in a format prescribed by HUD, to the appropriate HUD Area ONAP.

(c) Conditional approval. Conditional approval may be given, at HUD discretion, when HUD determines that to be justified. For example, conditional HUD approval might be a necessary precondition for the IHA to obtain the funding commitments required to satisfy the requirements for final HUD approval of a complete homeownership plan. Where conditional approval is granted, HUD will specify the conditions in writing.

(Approved by the Office of Management and Budget under control number 2577-0201)