§ 882.405. Financing.
124 words·~1 min read·
/us/cfr/t24/s§ 882.405·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Types. Any type of public or private financing may be utilized with the exception of the rehabilitation loan program under Section 312 of the Housing Act of 1964.
(b)Use of Contract as security for financing. An Owner may pledge, or offer as security for any loan or obligation, an Agreement or Contract entered into pursuant to this Program, Provided That
(1)such security is in connection with a unit(s) rehabilitated pursuant to this Program and
(2)the terms of the financing or any refinancing must be approved by the PHA in accordance with standards provided by HUD. Any pledge of the Agreement or Contract, or payments thereunder, will be limited to the amounts payable under the Contract in accordance with its terms.