24 CFR 5.701 – Applicability
(a) Scope. This subpart applies the national standards for the physical inspection of real estate standards to the following HUD programs:
Terms Used In 24 CFR 5.701
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Public housing: includes dwelling units in a mixed finance project that are assisted by a PHA with capital or operating assistance. See 24 CFR 5.100
(1) All Public Housing programs (programs for housing assisted under the U.S. Housing Act of 1937 other than section 8 of the Act);
(2) The Housing Choice Voucher program under section 8(o) of the U.S. Housing Act of 1937, part 982 of this title and the Project-Based Voucher program under section 8(o)(13) of the Act and the regulations at 24 CFR part 983 (referred to in this part as the HCV and PBV programs, or HCV and PBV housing);
(3) All project-based Section 8 programs;
(4) Section 202 Supportive Housing for the Elderly (Capital Advances);
(5) Section 811 Supportive Housing for Persons with Disabilities (Capital Advances);
(6) Section 202 direct loan program for projects for the elderly and persons with disabilities as it existed before October 1, 1991 (including 202/8 projects and 202/162 projects); and
(7) Housing with mortgages insured or held by HUD, or housing that is receiving assistance from HUD, under the following authorities:
(i) Section 207 of the National Housing Act (NHA) (12 U.S.C. § 1701 et seq.) (Rental Housing Insurance);
(ii) Section 213 of the NHA (Cooperative Housing Insurance);
(iii) Section 220 of the NHA (Rehabilitation and Neighborhood Conservation Housing Insurance);
(iv) Section 221(d)(3) of the NHA (Market Interest Rate (MIR) program);
(v) Section 221(d)(3) and (5) of the NHA (Below Market Interest Rate (BMIR) program);
(vi) Section 221(d)(4) of the NHA (Housing for Moderate Income and Displaced Families);
(vii) Section 231 of the NHA (Housing for Elderly Persons);
(viii) Section 232 of the NHA (Mortgage Insurance for Nursing Homes, Intermediate Care Facilities, Assisted Living Facilities, Board and Care Homes);
(ix) Section 234(d) of the NHA (Rental) (Mortgage Insurance for Condominiums);
(x) Section 236 of the NHA (Rental and Cooperative Housing for Lower Income Families);
(xi) Section 241 of the NHA (Supplemental Loans for Multifamily Projects). (Where, however, the primary mortgage of a Section 241 property is insured or assisted by HUD under a program covered in this part, the coverage by two HUD programs does not trigger two inspections); and
(xii) Section 542(c) of the Housing and Community Development Act of 1992 (12 U.S.C. § 1707 note) (Housing Finance Agency Risk Sharing program).
(b) Conflicts. The regulations in this subpart may be supplemented by the specific regulations for the HUD-assisted programs listed in paragraph (a) of this section. The program-specific regulations may address the frequency of inspections, who performs the inspections and whether alternative inspections are available given the statutory and regulatory framework for the program. When there is a conflict between the regulations of this subpart and the program-specific regulations, the program-specific regulations govern.
(c) HUD housing. For purposes of this subpart, the term “HUD housing” means the types of housing listed in paragraph (a) of this section.