24 CFR 880.506
§ 880.506 Default by owner (private-owner/HUD and PHA-owner/HUD projects).
United States · 24 CFR — Housing and Urban Development · Status: effective
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- Citation
- 24 CFR 880.506, § 880.506 Default by owner (private-owner/HUD and PHA-owner/HUD projects), United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/101199
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Full text
The Contract will provide:
(a) That if HUD determines that the owner is in default under the Contract, HUD will notify the owner and the lender of the actions required to be taken to cure the default and of the remedies to be applied by HUD including specific performance under the Contract, reduction or suspension of housing assistance payments and recovery of overpayments, where appropriate; and
(b) That if the owner fails to cure the default, HUD has the right to terminate the Contract or to take other corrective action.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.