§3560.663. Post-payment responsibilities for loans subject to continued restrictive-use provisions.
7 C.F.R. § 3560.663
If a borrower prepays a loan and the housing project remains subject to restrictive-use provisions, the requirements of this section apply after prepayment.
Owners of prepaid housing projects will be responsible for ensuring that the restrictive-use provisions agreed to as a condition of prepayment are observed.
Owners must maintain appropriate documentation to demonstrate compliance with the restrictive-use provisions and must make the documentation and the housing project site available for Federal Government inspection upon request.
Owners must document rent increases in accordance with subpart G of this part.
Owners must document tenant eligibility in accordance with § 3560.152.
In an Agency approved format, owners must provide the agency with a signed and dated certification within 30 days of the beginning of each calendar year for the full period of the restrictive-use provisions establishing that the restrictive-use provisions are being met.
Owners must observe Agency policies on tenant grievances as described in § 3560.160. The Agency may enforce restrictive-use provisions through administrative and legal actions. Tenants may enforce the restrictive-use provisions by contacting the Agency or through legal action. The Agency will release the restrictive-use provisions when the Agency conditions have been met.
Notes, amendments, and revision history
Authority
Authority: 42 U.S.C. 1480.
Source
Source: 69 FR 69106, Nov. 26, 2004, unless otherwise noted.