24 CFR § 248.401 - Purposes.

---
identifier: "/us/cfr/t24/s248.401"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "24 CFR § 248.401 - Purposes."
title_number: 24
title_name: "Housing and Urban Development"
section_number: "248.401"
section_name: "Purposes."
chapter_name: "OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT"
subchapter_number: "B"
subchapter_name: "MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES"
part_number: "248"
part_name: "PREPAYMENT OF LOW INCOME HOUSING MORTGAGES"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 17151 note, 4101 note, and 4101-4124; 42 U.S.C. 3535(d)."
cfr_part: "248"
---


# 248.401 Purposes.

The purposes of this subpart are:

(a) To promote the ability of residents of eligible low income housing to participate meaningfully in the preservation process established by this part and affect decisions about the future of their housing;

(b) To promote the ability of community-based nonprofit organizations and resident councils to acquire, rehabilitate, and competently own and manage eligible housing as rental or cooperative housing for low and moderate income people; and

(c) To assist the Commissioner in discharging the obligation under § 248.157(b) to notify potential qualified purchasers of the availability of projects for sale and to otherwise facilitate the coordination and oversight of the preservation program established under this part.