The definitions contained in the Act (at 12 U.S.C. § 3702) shall apply to this subpart, in addition to and as further clarified by the following definitions. As used in this subpart:

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Terms Used In 24 CFR 27.3

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

General Counsel means the General Counsel of the Department of Housing and Urban Development;

Multifamily mortgage does not include a mortgage covering a property on which there is located a one- to four-family residence, except when the one- to four-family residence is subject to a mortgage pursuant to section 202 of the Housing Act of 1959 (12 U.S.C. § 1701q), or section 811 (42 U.S.C. § 8013) of the National Affordable Housing Act. The definition of multifamily mortgage also includes a mortgage taken by the Secretary in connection with the previous sale of the project by the Secretary (purchase money mortgage).