--- kind: "section" citation: "24 C.F.R. § 248.5" title: "24" number: "248.5" heading: "Election to proceed under subpart B or subpart C of this part." url: "https://uscodex.org/cfr/24/248.5" --- # §248.5. Election to proceed under subpart B or subpart C of this part. - (a) Any owner who has not submitted a notice of intent prior to January 1, 1991, pursuant to either [§ 248.211](/cfr/24/248.211.md) or [§ 248.105](/cfr/24/248.105.md), shall proceed under [subpart B](/cfr/24/subpartB.md) of this part. - (b) Any owner who has filed a plan of action with the Commissioner on or before October 11, 1990 pursuant to [subpart C](/cfr/24/subpartC.md) of this part, regardless of whether or not the Commissioner has approved such plan of action or whether the owner has received incentives thereunder, may proceed under [subpart B](/cfr/24/subpartB.md) of this part by submitting a notice of intent to the Commissioner in accordance with [§ 248.105](/cfr/24/248.105.md) within 30 days after publication of revised Appraisal Guidelines or within thirty days after the Commissioner notifies the owner of HUD's final approval of the plan of action, whichever is later. The notice of intent shall state that the owner is exercising its conversion right pursuant to this section. If the owner fails to file a notice of intent within that period, the owner forfeits its right of conversion. In awarding incentives to an owner who elects to proceed under [subpart B](/cfr/24/subpartB.md) of this part in accordance with this section, the Commissioner shall take into consideration any incentives which the owner has already received under [subpart C](/cfr/24/subpartC.md) of this part. - (c) Any owner of housing that becomes eligible low income housing, as defined in [subpart B](/cfr/24/subpartB.md) of this part, before January 1, 1991, and who before such date, filed a notice of intent under [§ 248.211](/cfr/24/248.211.md) of [subpart C](/cfr/24/subpartC.md) of this part, may, unless a plan of action was submitted after October 11, 1990, elect to proceed under [subpart B](/cfr/24/subpartB.md) or under [subpart C](/cfr/24/subpartC.md) of this part. An owner must indicate its election by submitting to the Commissioner, within 30 days of the effective date of this part, a notice of election to proceed indicating whether it wishes to proceed under [subpart B](/cfr/24/subpartB.md) or [subpart C](/cfr/24/subpartC.md) of this part, or proceed under [subpart B](/cfr/24/subpartB.md) of this part until completion of the appraisals and then elect either [subpart B](/cfr/24/subpartB.md) or [subpart C](/cfr/24/subpartC.md) of this part. An owner who chooses to retain its option until after the completion of the appraisals under [§ 248.111](/cfr/24/248.111.md) must submit a new notice of intent to the Commissioner within 30 days after receipt of the information provided by the Commissioner under [§ 248.131](/cfr/24/248.131.md). The notice of intent shall be submitted in accordance with either [§ 248.105](/cfr/24/248.105.md) (for owners electing to proceed under [subpart B](/cfr/24/subpartB.md) of this part) or [§ 248.211](/cfr/24/248.211.md) (for owners electing to proceed under [subpart C](/cfr/24/subpartC.md) of this part). Any owner who fails to file a notice of intent within the 30-day period may not proceed under [subpart C](/cfr/24/subpartC.md) of this part, but may proceed under [subpart B](/cfr/24/subpartB.md) of this part by filing a new notice of intent thereafter. If an owner who has filed a notice of intent before January 1, 1991 elects under this paragraph to proceed under [subpart C](/cfr/24/subpartC.md) of this part, it may change its election within 30 days after receipt of the information provided by the Commissioner under [§ 248.131](/cfr/24/248.131.md) by filing a new notice of intent under [§ 248.211](/cfr/24/248.211.md). For purposes of calculating any time periods or deadlines under this part for actions following the filing of the notice of intent, the date on which the owner submits the new notice of intent under this paragraph shall be deemed the date of the filing of the notice of intent. Any owner who, exercising its option under [paragraph (c)](#c) of this section, submits a notice of intent under [§ 248.211](/cfr/24/248.211.md) after the Commissioner has incurred the cost of having an appraisal, or appraisals, performed pursuant to [§ 248.111](/cfr/24/248.111.md) of [subpart A](/cfr/24/subpartA.md) of this part, shall reimburse the Commissioner for these expenses within 30 days of receipt of a bill covering these expenses. - (d) For an owner who has elected under [paragraph (c)](#c) of this section to proceed under [subpart C](/cfr/24/subpartC.md) of this part, the Commissioner shall provide sufficient assistance to enable a nonprofit organization that has purchased, or will purchase, eligible low income housing to meet project oversight costs, as that term is defined in [§ 248.201](/cfr/24/248.201.md). - (e) The Commissioner shall not refuse to offer incentives under [§ 248.231](/cfr/24/248.231.md) to any owner who filed a notice of intent under [§ 248.211](/cfr/24/248.211.md) before October 15, 1991, based solely on the date of filing of the plan action. - (f) An owner who has filed a plan of action after October 11, 1990, pursuant to [§ 248.213](/cfr/24/248.213.md), may not elect to proceed under [subpart B](/cfr/24/subpartB.md) of this part. ## Notes ### Amendments [57 FR 12041, Apr. 8, 1992, as amended at 58 FR 37814, July 13, 1993] ### Source Source: 57 FR 12041, Apr. 8, 1992, unless otherwise noted. ### Authority Authority: 12 U.S.C. 17151 note, 4101 note, and 4101-4124; 42 U.S.C. 3535(d). ### Amendments [57 FR 12041, Apr. 8, 1992, as amended at 58 FR 37814, July 13, 1993]