Ill. Admin. Code tit. 47 § 340.205

Current through Register Vol. 48, No. 52, December 27, 2024

Section 340.205 - Loan Approval

A Loan Recipient must make application, in writing, submitting such information as is necessary for review by the Lending Institution. In determining whether to approve or reject a loan for such Loan Recipient, the Lending Institution, while exercising the standards and practices of a prudent lender, shall consider, but not be limited to, the following information:

a) the financial resources, financial statements, credit history, employment history, business experience, and credit worthiness of the Loan Recipient;

b) the type, scope, size and cost of the proposed new construction, acquisition, improvement or rehabilitation of the Development;

c) the requirements of State and federal laws applicable to Lending Institutions, as defined in the Act;

d) the applicability of local housing codes and zoning laws;

e) the Loan Recipient's past record and experience in successfully completing developments of a similar type, scope, size and cost;

f) whether the fair market value of the proposed Development as improved meets or exceeds the amount of the loan; and

g) the ability of the proposed Development to generate sufficient revenue to pay operation, maintenance and debt service costs, and other expenses directly related to the Development.

Ill. Admin. Code tit. 47, § 340.205