§3550.72. Community land trusts.

7 C.F.R. § 3550.72

Eligible dwellings located on land owned by a community land trust may be financed if:

(a)

The loan meets all the requirements of this subpart; and

(b)

Any restrictions, imposed by the community land trust on the property or applicant are—

(1)

Reviewed and accepted by RHS before loan closing; and

(2)

Automatically and permanently terminated upon foreclosure or acceptance by RHS of a deed in lieu of foreclosure.

Notes, amendments, and revision history

Authority: 5 U.S.C. 301; 42 U.S.C. 1480.

Source: 61 FR 59779, Nov. 22, 1996, unless otherwise noted.