Secondary Residence [HUD] Law and Legal Definition

Pursuant 24 CFR 81.2 [Title 24 Housing and Urban Development; Subtitle A Office of the Secretary, Department of Housing and Urban Development; Part 81 Regulations Implementing the Authority of the Secretary of the Department of Housing and Urban Development over the Conduct of the Secondary Market Operations of the Federal National Mortgage Association (FNMA); Subpart A General], the term Secondary Residence means “a dwelling where the mortgagor maintains (or will maintain) a part-time place of abode and typically spends (or will spend) less than the majority of the calendar year. A person may have more than one secondary residence at a time.”