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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 I: HUD-OWNED PROPERTIES
PART 290: DISPOSITION OF MULTIFAMILY PROJECTS AND SALE OF HUD-HELD MULTIFAMILY MORTGAGES
Subpart B: Sale of HUD-Held Multifamily Mortgages
290.35 - Sale of HUD-held mortgages securing unsubsidized projects.
HUD's policy for selling HUD-held mortgages securing unsubsidized projects is as follows:
(a) Current mortgages may be sold with or without FHA mortgage insurance.
(b) Delinquent mortgages may be sold without FHA mortgage insurance. However, delinquent mortgages will not be sold if:
(1) HUD believes that foreclosure is unavoidable; and
(2) The project securing the mortgage is occupied by very low-income tenants who are not receiving housing assistance and would be likely to pay rent in excess of 30 percent of their adjusted monthly income if HUD sold the mortgage.
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