Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 7 - Agriculture |
Subtitle B - Regulations of the Department of Agriculture |
Chapter XXXV - Rural Housing Service, Department of Agriculture |
Part 3550 - Direct Single Family Housing Loans and Grants |
Subpart B - Section 502 Origination |
§ 3550.72 - Community land trusts.
Latest version.
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§ 3550.72 Community land trusts.
Eligible dwellings located on land owned by a community land trust may be financed if:
(a) The loan meets all the requirements of this subpart; and
(b) Any restrictions, imposed by the community land trust on the property or applicant are:
(1) Reviewed and accepted by RHS before loan closing; and
(2) Automatically and permanently terminated upon foreclosure or acceptance by RHS of a deed in lieu of foreclosure.