§266.400. Property requirements—real estate.
24 C.F.R. § 266.400
The mortgage must be on real estate held:
In fee simple;
Under a renewable lease of not less than 99 years; or
Under a lease executed by a governmental agency, or other lessor approved by the HFA, that has a term at least 10 years beyond the end of the mortgage term.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1715z-22.; 42 U.S.C. 3535(d).
Source
Source: 59 FR 62524, Dec. 5, 1994, unless otherwise noted.