§ 1006.305. Low-income requirement and income targeting.
319 words·~1 min read·
/us/cfr/t24/s§ 1006.305·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general. Housing qualifies as affordable housing for purposes of the Act and this part, provided that the family occupying the unit is low-income at the following times:
(1)In the case of rental housing, at the time of the family's initial occupancy of such unit;
(2)In the case of housing for homeownership, at the time of purchase. When DHHL enters into a loan contract with the family for NHHBG assistance to purchase or construct a homeownership unit, the time of purchase means the time that loan contract is executed;
(3)In the case of owner-occupied housing units, at the time the family receives NHHBG assistance;
(4)In the case of a lease-purchase agreement for existing housing or for housing to be constructed, at the time the lease-purchase agreement is signed; and
(5)In the case of emergency assistance to prevent homelessness or foreclosure, at the time the family receives NHHBG assistance.
(b)Affordability requirements. NHHBG-assisted rental and homeownership units must meet the affordability requirements for the remaining useful life of the property, as determined by HUD, or such other period as HUD determines in accordance with section 813(a)(2)(B) of the Act.
(c)Enforceable agreements.
(1)The DHHL, through binding contractual agreements with owners or other authorized entities, shall ensure long-term compliance with the provisions of this part.
(2)The agreements referred to in paragraph (c)(1) of this section shall provide for:
(i)To the extent allowable by Federal and State law, the enforcement of the provisions of the Act and this part by the DHHL and HUD; and
(ii)Remedies for breach of the provisions of the Act and this part.
(d)Exception. Notwithstanding the requirements of this section, housing assisted with NHHBG funds pursuant to § 1006.301(b) shall be considered affordable housing for purposes of the Act and this part. \[67 FR 40776, June 13, 2002, as amended at 89 FR 9762, Feb. 12, 2024\]