An existing mortgage insured under the Act, or an existing mortgage held by the Secretary that is subject to a mortgage restructuring and rental assistance sufficiency plan under the Multifamily Assisted Housing Reform and Affordability Act, 42 U.S.C. 1437f note (MAHRA), may be refinanced pursuant to section 223(a)(7) of the Act and such terms and conditions as may be established by the Commissioner. The term of such refinancing in connection with the implementation of an approved restructuring plan under section 401, subpart C of this title, may be up to, but not more than, 30 years.
[72 FR 66037, Nov. 26, 2007]
Terms Used In 24 CFR 200.20
- Act: means the National Housing Act, (12 U. See 24 CFR 200.3
- Commissioner: means the Federal Housing Commissioner. See 24 CFR 200.3
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Secretary: as used in this subpart A, shall have the meanings given these terms in 24 CFR part 5. See 24 CFR 200.3