24 CFR 242.15
§ 242.15 Limitation on refinancing existing indebtedness.
United States · 24 CFR — Housing and Urban Development · Status: effective
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- Citation
- 24 CFR 242.15, § 242.15 Limitation on refinancing existing indebtedness, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/100191
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Full text
(a) Some existing capital debt may be refinanced with the proceeds of a section 242-insured loan; however, the hard costs of construction and equipment must represent at least 20 percent of the total mortgage amount.
(b) In the case of a loan insured under Section 242/223(f), there is no requirement for hard costs. However, if there are hard costs, such costs must total less than 20 percent of the total mortgage amount.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.