256.10—When do I qualify for Category C assistance?
(a)
You qualify for replacement housing assistance under Category C if you meet one of the four sets of requirements in the following table.
| You qualify for Category C assistance if * * * | And * * * | And * * * |
|---|---|---|
| You own the dwelling in which you are living | The dwelling cannot be brought up to applicable building code standards and to standard housing condition for $35,000 or less | |
| You lease the dwelling in which you are living | Your leasehold is undivided and for not less than 25 years at the time that you receive assitance | The dwelling cannot be brought up to applicable building code standards and to standard housing condition for $35,000 or less. |
| You do not own a dwelling | You own land that is suitable for housing | The land has adequate ingress and egress rights and economical access to utilities. |
| You do not own a dwelling | You have a leasehold on land that is suitable for housing and the leasehold is undivided and for not less than 25 years at the time you receive assistance | The land has adequate ingress and egress rights and economical access to utilities. |
|
Code of Federal Regulations
791
|
||
(b)
If you qualify for assistance under paragraph (a) of this section, you must sign a written grant agreement stating that, if you sell the dwelling within 10 years of assuming ownership:
(c)
If you sell the dwelling more than 10 years after you assume ownership, the following conditions apply:
(1)
You may retain 10 percent of the original cost of the dwelling per year, beginning with the eleventh year.