Restrictive-use provisions and agreements.

CFR · 2024-01-01 · US · Title 7

All restrictions require Agency approval and must be in accordance with the following restrictions: (a) The undersigned, and any successors in interest, agree to use the property (described herein) in compliance with 42 U.S.C. 1484 or 1485, whichever is applicable, and applicable regulations and the subsequent amendments, for the purpose of housing: (1) Very low-, or low-income households when required by § 3560.658(a)(2), or (2) Very low-, low-, or moderate-income households. (b) The period of the restriction will be inserted in accordance with the following: (1) 10 years if required by § 3560.658(a)(1); (2) The last existing tenant (that occupied the property on the date of prepayment) voluntarily vacates if required by § 3560.658(b)(3); (3) 30 years if required by § 3560.406(g); (4) Remaining period of existing restrictive-use provisions and any agreed extension if required by § 3560.655 or § 3560.658 (b)(1); (5) The remaining useful life of the housing and related facilities if required by § 3560.658(a)(2); and (6) 20 years in all other cases. (c) When required by § 3560.658(a)(1) or (a)(2), the undersigned agrees that at the end of the expiration of the period described in paragraph (b) of this section, the property will be offered for sale to a qualified nonprofit organization or public body, in accordance with previously cited statutes and regulations. (d) The Agency and eligible tenants or applicants may enforce these restrictions. (e) The undersigned also agrees to:

official document · source cfr-2024 · id 7:§ 3560.662