24 C.F.R. PART 242—MORTGAGE INSURANCE FOR HOSPITALS
Title 24 - Housing and Urban Development
Authority: 12 U.S.C. 1715b, 1715n(t), 1715z–7; 42 U.S.C. 3535(d).
Source: 36 FR 24658, Dec. 22, 1971, unless otherwise noted.
Source: 61 FR 14407, Apr. 1, 1996, unless otherwise noted.
The requirements set forth in 24 CFR part 200, subpart A, apply to multifamily project mortgages insured under section 242 of the National Housing Act (12 U.S.C. 1715z–7), as amended. The Commissioner shall not insure any mortgage under this part unless the facility is regulated by the State, municipality or other political subdivision in which the facility is or is to be located, and the appropriate agency for such jurisdiction provides a license, certificate or other assurances the Commissioner considers necessary, that the facility complies with any applicable State or local standards and requirements for such facility. The hospital to be financed with a mortgage insured under this part shall involve one of the following: the construction and equipping of a new hospital, rehabilitation of a hospital, the addition of new facilities or equipment, or the rehabilitation or replacement of a portion of an existing hospital structure. All of the provisions of subpart B, part 207 of this chapter relating to mortgages insured under section 207 of the National Housing Act, apply to mortgages on hospitals insured under section 242 of the National Housing Act, except the following:
Sec. 207.258b—Partial payment of claims 207.259—Insurance benefits [50 FR 38787, Sept. 25, 1985] All of the provisions of §207.259 of this chapter relating to insurance benefits apply to mortgages on hospitals insured under this subpart, except that in a case where the mortgage involves the financing or refinancing of an existing hospital pursuant to §242.93 and the commitment for insuring such mortgage is issued on or after April 1, 1969, the insurance claim shall be paid in cash unless the mortgagee files a written request for payment in debentures. [59 FR 49817, Sept. 30, 1994] Where a portion of a mortgage insured under this subpart is guaranteed by the Department of Health and Human Services under title VII of the Public Health Service Act, the mortgage insurance premiums required in accordance with §207.252 of this chapter will be charged only on that portion of the mortgage not covered by the guarantee by HHS. [42 FR 59676, Nov. 18, 1977]
Title 24: Housing and Urban Development
PART 242—MORTGAGE INSURANCE FOR HOSPITALS
Section Contents
§ 242.1 Eligibility requirements.
§ 242.2 License.
§ 242.3 Eligible hospital.
§ 242.251 Cross-reference.
§ 242.260 Insurance benefits.
§ 242.261 Mortgage insurance premiums—insured mortgages guaranteed in part by the Department of Health and Human Services.
Subpart A—Eligibility Requirements
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§ 242.1 Eligibility requirements.
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§ 242.2 License.
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§ 242.3 Eligible hospital.
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Subpart B—Contract Rights and Obligations
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§ 242.251 Cross-reference.
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§ 242.260 Insurance benefits.
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§ 242.261 Mortgage insurance premiums—insured mortgages guaranteed in part by the Department of Health and Human Services.
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