The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
During Fiscal Year 2007, HUD received 1305 filings, 846 Annual Reports of Activity, 36 requests for exemption from the registration requirements and 40 requests for Voluntary Suspension of existing registrations. Investigation of violators of the Act led to settlement agreements that are posted on web site. Projected program activity is expected to remain the same in FY 2008.
Uses and Use Restrictions
Developers that sell, lease, or offer to sell or lease land divided into 100 or more nonexempt lots, using any means or instruments of transportation or communication in interstate commerce or the mails must register with the Department of Housing and Urban Development.
The developers must provide all purchasers with a copy of a Property Report which sets forth important facts about the development and the developer.
Failure to provide a Property Report prior to the purchaser signing a purchase agreement subjects the developer to statutory and regulatory penalties.
Anti-fraud provisions of the Act are applicable to subdivisions of 25 lots or more.
Failure to comply with the anti-fraud provisions subjects developers to civil and criminal penalties.
Other consumer protection provisions include a seven-day cooling-off period and required contractual provisions.
The Act and regulations provide exemption from full disclosure where a subdivision meets certain requirements.
Certain land developers are required to submit a filing in compliance with specific registration requirements.
Any person who purchases a lot in a covered subdivision is entitled to certain rights and remedies.
None. This program is excluded from coverage under OMB Circular No. A-87.
Aplication and Award Process
This program is excluded from coverage under E.O.
Developers wishing to register a subdivision should contact the Office of RESPA and Interstate Land Sales, Department of Housing and Urban Development, 451 7th Street, S.W., Washington, DC 20410. Developers file an extensive statement of record (including the Property Report) disclosing all pertinent facts about the land, its ownership, control, amenities, restrictions, nature of purchase or lease transaction, and other required information. Specific requirements set forth in Federal Register, Title 24, Chapter X, Part 1710 as amended by Public Law 96-153. This program is excluded from coverage under OMB Circular Nos. A-102 and A-110.
An effective date is issued after all materials have been submitted and found to be in compliance with the registration requirements.
No deadlines. An effective date of registration must be issued by HUD before the developer commences any non-exempt sales or lease program.
Interstate Land Sales Full Disclosure Act, as amended, Public Law 90-448, Title XIV, 15 U.S.C. 1701; Public Law 96-153.
Range of Approval/Disapproval Time
Not applicable. The Federal government does not issue approval/disapproval of subdivision or offering. HUD must notify developers of deficiencies in disclosure materials within 30 days after receipt. Filings become effective at the end of 30 days or can be declared effective upon correction of deficiencies.
Any developer receiving a deficiency notice, notice of proceeding, suspension order, notice of exemption eligibility termination or notice of civil money penalties may request a formal hearing.
An annual report of activity accompanied by any applicable amendments and fees, must be submitted within 30 days of the annual anniversary of the effective date of the initial filing.
Formula and Matching Requirements
Length and Time Phasing of Assistance
Post Assistance Requirements
An annual report of activity within 30 days of the annual anniversary of the effective date of the filing.
Financial statements are due within 120 days after the close of the developer's fiscal year.
The developer must retain copies of Property Report receipts for a period of three years from the date of execution or the term of the contract, whichever is longer.
FY 07 $665,000; FY 08 est $650,000; and FY 09 est $650,000.
Range and Average of Financial Assistance
Regulations, Guidelines, and Literature
Regulations and Exemption Guidelines appear in 24 CFR Parts 1700, 1710, 1715, 1720, and 1730.
Regional or Local Office
Office of RESPA and Interstate Land Sales, Department of Housing and Urban Development, 451 7th Street, SW., Ivy M. Jackson, Room 9154, Washington, DC 20410. Telephone: (202) 708-0502.
Criteria for Selecting Proposals
The United Nations Intergovernmental Panel on Climate Change (IPCC) published the first of three volumes of its fifth Assessment Report (AR5). The findings of the report show that mainstream businesses have become greener, with an emphasis on reducing carbon emissions which are the key sectors for impact investment.