24 CFR 242.43 - Application of cost savings.

Regulations last checked for updates: Nov 22, 2024

Title 24 - Housing and Urban Development last revised: Nov 13, 2024

View all text of Subpart D [§ 242.39 - § 242.43]

§ 242.43 - Application of cost savings.

At the sole discretion of HUD, any cost savings shall be used to:

(a) Reduce the principal amount of the mortgage and the mortgagor's cash equity contribution proportionally, unless the mortgagor elects to have a greater portion of the savings used to reduce the mortgage; and/or

(b) Fund any additional construction or substantial rehabilitation approved by HUD.

authority: 12 U.S.C. 1709,1710,1715b,1715n,and; 42 U.S.C. 3535(d)

source: 72 FR 67546, Nov. 28, 2007, unless otherwise noted.

cite as: 24 CFR 242.43