24 C.F.R. § 232.590 Eligibility of property.
Title 24 - Housing and Urban Development
(a) A loan to be eligible for insurance shall be on real estate held: (1) In fee simple; or (2) On the interest of the lessee under a lease for not less than ninety-nine years which is renewable; or (3) Under a lease having a period of not less than “twenty-five” years to run from the date the loan is executed. (b) The property constituting security for the loan transaction must be held by an eligible borrower as herein defined and must at the time the loan is insured be free and clear of all liens other than those specifically approved by the Commissioner. [39 FR 28966, Aug. 12, 1974; 39 FR 30349, Aug. 22, 1974]
Title 24: Housing and Urban Development
PART 232—MORTGAGE INSURANCE FOR NURSING HOMES, INTERMEDIATE CARE FACILITIES, BOARD AND CARE HOMES, AND ASSISTED LIVING FACILITIES
Subpart C—Eligibility Requirements—Supplemental Loans To Finance Purchase and Installation of Fire Safety Equipment
Property Requirements
§ 232.590 Eligibility of property.
