§ 904.102. Definitions.
306 words·~1 min read·
/us/cfr/t24/s§ 904.102·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The term common property means the nondwelling structures and equipment, common areas, community facilities, and in some cases certain component parts of dwelling structures, which are contained in the development: Provided, however, That in the case of a development that is organized as a condominium or a planned unit development (PUD), the term common property shall have the meaning established by the condominium or PUD documents and the State law pursuant to which the condominium or PUD is organized, under the terms common areas, common facilities, common elements, common estate, or other similar terms.
(b)The term development means the entire undertaking including all real and personal property, funds and reserves, rights, interests and obligations, and activities related thereto.
(c)The term EHPA means the Earned Home Payments Account established and maintained pursuant to § 904.110.
(d)The term homebuyer means the member or members of a low-income family who have executed a Homebuyers Ownership Opportunity Agreement with the LHA.
(e)The term homebuyers association
(HBA)means an organization as defined in § 904.106.
(f)The term homeowner means a homebuyer who has acquired title to his home.
(g)The term homeowners association means an association comprised of homeowners, including condominium associations, having responsibilities with respect to common property.
(h)The term LHA means the local housing authority which acquires or develops a low-rent housing development with financial assistance from HUD, owns the homes until title is transferred to the homebuyers, and is responsible for the management of the homeownership opportunity program.
(i)The term NRMR means the Nonroutine Maintenance Reserve established and maintained pursuant to § 904.111.
(j)The term Project is used to refer to the development in relation to matters specifically related to the Annual Contributions Contract. \[39 FR 10966, Mar. 22, 1974, as amended at 61 FR 5214, Feb. 9, 1996\]