GroundRules
24 CFR 242.43: Application of cost savings.
Where this section sits in the code
- Title 24—Housing and Urban Development
- Subtitle B—Regulations Relating to Housing and Urban Development
- CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
- SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES
- PART 242—MORTGAGE INSURANCE FOR HOSPITALS
- Subpart D—Endorsement for Insurance
At the sole discretion of HUD, any cost savings shall be used to:
(a) Reduce the principal amount of the mortgage and the mortgagor's cash equity contribution proportionally, unless the mortgagor elects to have a greater portion of the savings used to reduce the mortgage; and/or
(b) Fund any additional construction or substantial rehabilitation approved by HUD.
Collected 2026-08-27T02:24:55Z. Source file · JSON