Acquisition Loan [HUD] Law and Legal Definition

Pursuant to 24 CFR 241.1005 [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 241 Supplementary Financing for Insured Project Mortgages; Subpart E Insurance for Equity Loans and Acquisition Loans Eligibility Requirements], the term Acquisition Loan means “a loan or advance of credit made to a purchaser of eligible low income housing which is made for the purpose of implementing a plan of action approved in accordance with part 248 of this chapter.”