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Title 24: Housing and Urban Development
Subtitle B: Regulations Relating to Housing and Urban Development (Continued)
CHAPTER II: OFFICE OF ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
SUBCHAPTER B: MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES
PART 241: SUPPLEMENTARY FINANCING FOR INSURED PROJECT MORTGAGES
Subpart B: Contract Rights and Obligations
241.261 - Payment of insurance benefits.
All of the provisions of ? 207.259 of this chapter relating to insurance benefits shall apply to multifamily loans insured under this subpart, except that, with respect to loans initially or initially and finally endorsed for insurance on or after July 15, 1978, insurance benefits shall be paid in cash if insurance benefits under the insured project mortgage are payable in cash, unless the mortgagee files a written request for payment in debentures. If such a request is made, payment will be made in debentures with a cash payment to adjust for any difference between the total amount of the insurance payment and the amount of the debentures issued.
[48 FR 57129, Dec. 28, 1983]
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