§ 906.45. HUD criteria for reviewing a proposed homeownership program.
162 words·~1 min read·
/us/cfr/t24/s§ 906.45·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
HUD will use the following criteria in reviewing a homeownership program:
(a)Feasibility. The program must be practically feasible, with sound potential for long-term success. Financial viability, including the capability of purchasers to meet the financial obligations of homeownership, is a critical requirement.
(b)Legality. Counsel for the PHA shall certify that the homeownership program is consistent with applicable law, including the requirements of this part and any other applicable federal, state, and local statutes and regulations, including existing contracts, and HUD shall accept such certification unless HUD has information indicating that the certification is incorrect.
(c)Documentation. The program must be clear and complete enough to serve as a working document for implementation, as well as a basis for HUD review.
(d)PHA performance in homeownership. The PHA (and any other entity with substantial responsibility for implementing the homeownership program) must have demonstrated the commitment and capability to successfully implement the homeownership program based upon the criteria stated in § 906.41(d).