Replacement housing.

CFR · 2024-01-01 · US · Title 7

Replacement housing applies only to existing, individual owner occupied housing. Replacement housing does (a) The HPG grantee: (1) Shall document the total costs for all repairs and rehabilitation of the existing housing; and (2) Shall document the basis for the determination that the costs for all repairs and rehabilitation for the existing housing are not economically feasible. (b) The individual homeowner: (1) Must meet all requirements of § 1944.661; (2) Must lack the income and repayment ability to replace their existing home without the assistance of the HPG grantee; (3) Must have been determined by the HPG grantee and RHS to be unable to afford a loan under section 502 for replacement housing; and (4) Must be able to afford the replacement housing on terms set forth by the HPG grantee. (c) The existing home: (1) Must be demolished as part of the process of providing replacement housing. It will be determined by the grantee and individual homeowner when is the best time for demolition; and (2) May not be sold to make way for the replacement housing. (d) The replacement housing: (1) May be either new housing or a dwelling brought onto the site of the existing housing; (2) May use no more than $15,000 in HPG funds; (3) Must meet all applicable requirements of 7 CFR 3550.57; and (4) May not be sold within 5 years of completion of the project. (e) Any moneys received by the homeowner from selling salvaged material after demolishing the existing home must be used towards the

official document · source cfr-2024 · id 7:§ 1944.659