Nature of development activity.

(a) Purpose of development activity. An owner may undertake development activity, as defined at § 983.3, for the purpose of: (1) Placing a newly constructed or rehabilitated project under a HAP contract; or (2) For a rehabilitated project that will undergo development activity after HAP contract execution, completing the requirements of the rider in accordance with § 983.157. (b) Development requirements. Development activity must comply with the requirements of §§ 983.153 through 983.157.