§ 245.419. Initial submission of materials to HUD: Major capital additions.
123 words·~1 min read·
/us/cfr/t24/s§ 245.419·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the case of major capital additions, the mortgagor must submit the following materials to the local HUD office:
(a)The general plans and sketches of the proposed capital additions;
(b)A statement describing the estimated effect of the proposed capital additions on the value of the project, the project income and expenses (including property taxes), and the project rent schedule;
(c)A statement describing how the proposed capital additions will be financed and the effect, if any, of that financing on the tenants;
(d)A statement assessing the compatibility of the proposed capital additions with the residential character of the project; and
(e)A copy of the notice to tenants. (Approved by the Office of Management and Budget under control number 2502-0310)