§242.43. Application of cost savings.
24 C.F.R. § 242.43
At the sole discretion of HUD, any cost savings shall be used to:
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
Fund any additional construction or substantial rehabilitation approved by HUD.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1709, 1710, 1715b, 1715n(f), and 1715u; 42 U.S.C. 3535(d).
Source
Source: 72 FR 67546, Nov. 28, 2007, unless otherwise noted.