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Residential areas. 


Directive Number: 203.672 


 
(a) For the purposes of occupied conveyance considerations, a
residential area is any area which constitutes a local economic market
for the purchase and sale of residential real estate. In making
determinations of residential areas, substantial weight shall be given to
delineations of such areas commonly used by persons active in the real
estate industry in the affected area.
 
(b) HUD shall establish such residential areas within six (6) months
of the publication of these regulations when HUD's current established
patterns of dealing with the disposition of its acquired home property
inventory and related recordkeeping does not coincide with paragraph (a)
of this section. Under such circumstances the Secretary shall apply such
established patterns in defining residential areas until the standards in
paragraph (a) of this section are implemented.
 
[45 FR 59563, Sept. 10, 1980]



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