La. Admin. Code tit. 16 § I-325

Current through Register Vol. 50, No. 11, November 20, 2024

Section I-325 - Determinations of Feasibility and Authorization of Loans

A. The agency shall review each analysis and recommendation and, if it determines that the application meets the requirements of the Act and these rules and is consistent with the agency's evaluation factors, by resolution, it may determine that the proposed housing project is a feasible project and a loan may be made to the lending institution to finance the same.

B. The resolution shall include determinations by the agency that:

1. the proposed housing project will provide housing for persons of low and moderate income;

2. the applicant has adequate security to secure repayment of the loan and the applicant reasonably expects the owner to achieve successful completion of the proposed housing project;

3. the proposed housing project will meet asocial need in the area in which it is to be located.

C. The resolution may include such conditions as the agency considers appropriate with respect to an application for an insured mortgage loan as to a feasible housing project.

La. Admin. Code tit. 16, § I-325

Promulgated by the Department of Urban and Community Affairs, Housing Finance Agency, LR 7:197 (April 1981).

AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.1 et seq.