---
kind: "section"
citation: "24 C.F.R. § 241.1000"
title: "24"
number: "241.1000"
heading: "Purpose and scope."
url: "https://uscodex.org/cfr/24/241.1000"
---

# §241.1000. Purpose and scope.

- (a) Section 231 of the Emergency Low Income Housing Preservation Act of 1989 (“ELIHPA”) amended the National Housing Act by adding a new [subsection (f)](#f) to [section 241](/cfr/24/241.md). This section authorizes the Secretary to provide insurance for an equity loan as a vehicle for the owner of an eligible multifamily project to capture a portion of the project's equity, in connection with a plan of action approved by the Commissioner under ELIHPA.
- (b) [Section 602](/cfr/24/602.md) of the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (“LIHPRHA”) amended [section 241](/cfr/24/241.md) by expanding its scope to include both equity loans for owners, and acquisition loans for purchasers, under a plan of action approved under the provisions of the 1990 Act, and by making other changes. The provisions of [section 241(f)](/cfr/24/241.md?p=f) as amended by LIHPRHA are applicable to owners with plans of action being processed under [part 248](/cfr/24/part248.md), [subpart B](/cfr/24/subpartB.md) of this chapter, which implements LIHPRHA.
- (c) The provisions of section 241(f) of the Act as they were in effect prior to LIHPRHA remain in effect for owners with plans of action being processed under [part 248](/cfr/24/part248.md), [subpart C](/cfr/24/subpartC.md) of this chapter, which implements ELIHPA.
- (d) The insurance of an equity loan or acquisition loan under [subpart E](/cfr/24/subpartE.md) of this part may be provided only as a specific element of a plan of action approved by the Commissioner under [part 248](/cfr/24/part248.md) of this chapter and is not available under any other departmental program.
- (e) Unless otherwise indicated, the provisions of subparts [E](/cfr/24/subpartE.md) and [F](/cfr/24/subpartF.md) of this part are applicable to loans insured in connection with plans of action being processed under either subpart [B](/cfr/24/part248-subpartB.md) or [C](/cfr/24/part248-subpartC.md) of part 248 of this chapter.
- (f) An owner or purchaser may obtain both a rehabilitation loan under subpart A of this part and an equity loan or acquisition loan under subpart E of this part.

## Notes

### Source

Source: 57 FR 12037, Apr. 8, 1992, unless otherwise noted.

### Authority

Authority: 12 U.S.C. 1715b, 1715z-6, and 1735d; 42 U.S.C. 3535(d).

### Source

Source: 36 FR 24653, Dec. 22, 1971, unless otherwise noted.