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25 U.S.C. 4101 et seq.; 42 U.S.C. 3535(d).
63 FR 12349, Mar. 12, 1998, unless otherwise noted.
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(a) Housing qualifies as affordable housing, provided that the family occupying the unit is low-income at the following times:
(1) In the case of rental housing, at the time of the family's initial occupancy of such unit;
(2) In the case of a contract to purchase existing housing, at the time of purchase;
(3) In the case of a lease-purchase agreement for existing housing or for housing to be constructed, at the time the agreement is signed; and
(4) In the case of a contract to purchase housing to be constructed, at the time the contract is signed.
(b) Families that are not low-income as described in this section may be eligible under § 1000.104 or § 1000.110.
[63 FR 12349, Mar. 12, 1998. Redesignated at 77 FR 71526, Dec. 3, 2012]