General prepayment limitation.

  1. Law
  2. CFR 24
  3. Housing and Urban Development
  4. Regulations Relating to Housing and Urban Development
  5. Office of Assistant Secretary for Housing - Federal Housing Commissioner, Department of Housing and Urban Development
  6. Mortgage and Loan Insurance Programs Under National Housing Act and Other Authorities
  7. Prepayment of Low Income Housing Mortgages
  8. Prepayment and Plans of Action Under the Emergency Low Income Preservation Act of 1987
  9. General prepayment limitation.

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§ 248.203 General prepayment limitation.

(a) An owner of eligible low income housing may prepay, and a mortgagee may accept prepayment of, a mortgage on such housing only in accordance with a plan of action approved by the Commissioner.

(b) A mortgage insurance contract with respect to eligible low income housing may be terminated pursuant to section 229 of the National Housing Act only in accordance with a plan of action approved by the Commissioner.

(c) A mortgagee's acceptance of a prepayment in violation of paragraph (a) or termination of a mortgage insurance contract in violation of paragraph (b) of this section is grounds for administrative action under parts 24 and 25 of this title, in addition to any other remedies available by law, including rescission of the prepayment or reinstatement on the insurance contract.


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