Current through May 31, 2024
Section 242.43 - Application of cost savingsAt the sole discretion of HUD, any cost savings shall be used to:
(a) Reduce the principal amount of the mortgage and the mortgagor's cash equity contribution proportionally, unless the mortgagor elects to have a greater portion of the savings used to reduce the mortgage; and/or(b) Fund any additional construction or substantial rehabilitation approved by HUD.