24 CFR 290.23 : Housing And Urban Development (§ 0.1 To Parts 4101-4199) — (§ 200.1 To Parts 403-499) — Regulations Relating To Housing And Urban Development (Continued) (§ 200.1 To Parts 403-499) — Office Of Assistant Secretary For Housing - Federal Housing Commissioner, Department Of Housing And Urban Development (§ 200.1 To Parts 292-299) — Hud-Owned Properties (§ 290.1 To Parts 292-299) — Disposition Of Multifamily Projects And Sale Of Hud-Held Multifamily Mortgages (§ 290.1 To § 290.39) — Disposition Of Multifamily Projects (§ 290.1 To § 290.27) — Rebuilding.

HUD may provide project-based assistance to support the rebuilding of a HUD-owned multifamily housing project only. The required determination that rebuilding the project would be less expensive than substantial rehabilitation means that the costs to HUD for rebuilding are such that the monthly debt service needed to amortize the cost of relocating tenants, demolition, site preparation, rebuilding, operating expenses, and a reasonable return to the purchaser cannot be provided with rents that are within 120 percent of the most recently published Section 8 Fair Market Rents for Existing Housing (24 CFR part 888, subpart A), and would be less expensive than rehabilitation.