# 24 CFR § 248.1: Purpose

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/ecfr-24-248.1

## Section

- **Citation:** 24 CFR § 248.1
- **Heading:** Purpose
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** September 22, 2026
- **Source:** Publisher's official text
- **Location:** Title 24—Housing and Urban Development > Subtitle B—Regulations Relating to Housing and Urban Development > CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT > SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES > PART 248—PREPAYMENT OF LOW INCOME HOUSING MORTGAGES > Subpart A—General

## Text

The purpose of this part is to—
(a) Preserve and retain to the maximum extent practicable as housing affordable to low income families or persons those privately owned dwelling units that were produced for such purpose with Federal assistance, without unduly restricting the owners' prepayment rights;
(b) Minimize the involuntary displacement of tenants currently residing in such housing;
(c) Work in partnership with State and local government and the private sector in the provision and operation of housing that is affordable to very low, low and moderate income families; and
(d) Facilitate the sale of housing to residents under a resident homeownership program.

## Nearby sections

- [24 CFR § 248.1 § 248.1 Purpose.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.1.md)
- [24 CFR § 248.3 § 248.3 Applicability.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.3.md)
- [24 CFR § 248.5 § 248.5 Election to proceed under subpart B or subpart C of this part.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.5.md)
- [24 CFR § 248.101 § 248.101 Definitions.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.101.md)
- [24 CFR § 248.103 § 248.103 General prepayment limitation.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.103.md)
- [24 CFR § 248.105 § 248.105 Notice of intent.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.105.md)
- [24 CFR § 248.111 § 248.111 Appraisal and preservation value of eligible low income housing.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.111.md)
- [24 CFR § 248.121 § 248.121 Annual authorized return and aggregate preservation rents.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.121.md)
- [24 CFR § 248.123 § 248.123 Determination of Federal cost limit.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.123.md)
- [24 CFR § 248.127 § 248.127 Limitations on action pursuant to Federal cost limit.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.127.md)
- [24 CFR § 248.131 § 248.131 Information from the Commissioner.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.131.md)
- [24 CFR § 248.133 § 248.133 Second notice of intent.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.133.md)
- [24 CFR § 248.135 § 248.135 Plans of action.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.135.md)
- [24 CFR § 248.141 § 248.141 Criteria for approval of a plan of action involving prepayment and voluntary termination.](https://www.frixlaw.com/law-library/statutes/ecfr-24-248.141.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/ecfr-24-248.1. Check the current official text before relying on it. Not legal advice.