Source: https://www.law.cornell.edu/cfr/text/24/266.300
Timestamp: 2016-10-24 09:28:09
Document Index: 780828482

Matched Legal Cases: ['art 266', '§ 266', '§ 266', '§ 266', '§ 266', '§ 266', '§ 1707', 'art 266']

24 CFR 266.300 - HFAs accepting 50 percent or more of risk. | US Law | LII / Legal Information Institute
CFR › Title 24 › Subtitle B › Chapter II › Subchapter B › Part 266 › Subpart D › Section 266.300 24 CFR 266.300 - HFAs accepting 50 percent or more of risk.
§ 266.300 HFAs accepting 50 percent or more of risk.
Underwriting standards. An HFA electing to take 50 percent or more of the risk on loans may use its own underwriting standards and loan terms and conditions (as disclosed and submitted with its application) to underwrite and approve loans without further review by HUD. (b)
HFA responsibilities. The HFA is responsible for the performance of all functions except those HUD-retained functions specified in §§ 266.210 and 266.225(e). After acceptance of an application for a loan to be insured under this part, the HFA must: (1) Determine that a market for the project exists, taking into consideration any comments from the HUD Field Office relative to the potential adverse impact the project will have on existing or proposed Federally insured and assisted projects in the area. (2) Establish the maximum insurable mortgage and review plans and specifications for compliance with HFA standards; (3) Determine the acceptability of the proposed mortgagor and management agent; (4) Approve the Affirmative Fair Housing Marketing Plan; and (5) Make any other determinations necessary to ensure acceptability of the proposed project. (c)
HUD-retained reviews. After positive completion of the HUD-retained reviews specified in § 266.210(a), (b), and (c), the HUD Field Office will issue a firm approval letter. (d)
Inspections and other reviews. The HFA is responsible for inspections during construction, processing and approving advances of mortgage proceeds during construction, review and approval of cost certification, and closing of the loan. (e)
Endorsement of mortgage note for insurance. So long as the HFA is in good standing, and absent fraud or material misrepresentation on the part of the HFA, the Commissioner or designee will endorse the mortgage note for insurance upon presentation by the HFA of the Closing Docket and certifications required in § 266.420(b), subject to HUD's right to adjust under § 266.417. This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING§ 1707 - Definitions
Title 24 published on 2015-04-01The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 266 after this date.2015-12-07; vol. 80 # 234 - Monday, December 7, 201580 FR 75931 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards: Conforming Amendments