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24 C.F.R. Appendix II to Subpart D of Part 904—Recognition Agreement Between Local Housing Authority and Homebuyers Association

Title 24 - Housing and Urban Development

Title 24: Housing and Urban Development
PART 904—LOW RENT HOUSING HOMEOWNERSHIP OPPORTUNITIES
Subpart D—Homebuyers Association (HBA)

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Appendix II to Subpart D of Part 904—Recognition Agreement Between Local Housing Authority and Homebuyers Association

(Subpart D)

WHEREAS, the __________ (“Authority”), a public body corporate and politic, has developed or acquired with the aid of loans and annual contributions from the Department of Housing and Urban Development (“HUD”), the following Development or Developments in its homeownership opportunity program (hereinafter referred to as the “Development”):¹

¹ List here the specific Development or Developments whose Homebuyers are represented by the Homebuyers Association with which this Agreement is entered into.

____________________
____________________

WHEREAS, an organization of residents (“Homebuyers”) is an essential element in such Development for purposes of effective participation of the Homebuyers in the management of the Development and representation of the Homebuyers in their relationships with the Authority, and for other purposes; and

WHEREAS, the __________ Homebuyers Association (“Association”) fully represents the Homebuyers of the Development;

NOW, THEREFORE, this agreement is entered into by and between the Authority and the Association and they do hereby agree as follows:

1. The Association, whose Articles of Incorporation are attached hereto and made a part hereof, is hereby recognized as the established representative of the Homebuyers of the Development and is the sole group entitled to represent them as tenants or Homebuyers before the Authority;

2. For each fiscal year, the Authority shall make available funds to the Association for its normal expenses, in such amounts as may be available to the Authority for such purposes and subject to whatever applicable HUD regulations;

3. The Association shall be entitled to the use of office space in _____ at the Development without charge by the Authority for such use;

4. The Authority and the officers of the Association shall meet at a location convenient to both parties on the _____ (day) of each month to discuss matters of interest to either party;

5. In the event the parties later agree that the Association should assume management responsibilities now held by the Authority, a contract for such purpose will be negotiated by __________ the Association;

__________ terminate upon dissolution of the Association.

IN WITNESS HEREOF, the parties have executed this Agreement on __________, 19__.

Local Housing Authority

By (Official Title)

Homebuyers Association

By (Official Title) WITNESSES: ____________

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