(a) To be eligible as security for a loan, the property shall be both moderate cost housing and new housing construction and be designed for the accommodation of one family only, except that, if the property is to be owned by a cooperative, it may be designed to accommodate exactly the number of eligible buyers who are members of the cooperative.(b) Except to the extent waived by the commissioner in writing, the buildings on the mortgaged property shall conform to minimum property requirements established by the federal housing commissioner, or in the case of a first mortgage loan guaranteed by the administrator of veterans affairs to such property requirements as shall be established by said administrator.(c) The mortgaged property shall meet all requirements of local zoning regulations and building codes, except that such requirements may be waived by the commissioner with respect to any housing otherwise eligible under these regulations if said commissioner determines that the public interest will be served thereby.Conn. Agencies Regs. § 8-84-4