Tenn. Comp. R. & Regs. 0770-01-03-.03

Current through October 22, 2024

Section 0770-01-03-.03 - CLASS I BUILDERS

To be qualified as a Class I Builder by the Agency, a builder must:

(1) Have a HUD rating of 100, current within two (2) years, or have met the performance goal standards under the most recent Reservation of Funds Program for builders.

(2) Have a previously reserved funds with the Agency

(3) Have previous FHA/VA building.

(4) Have a net worth of at least $200,000 supported by a current financial statement. This statement is subject to verification by the Agency which require an audit.

(5) Submit a current letter from a financial institution or institutions indicating construction funds will be made available to the Builder.

(6) Have been engaged in the shelter construction industry in the State of Tennessee as his primary business for the previous two (2) years.

Tenn. Comp. R. & Regs. 0770-01-03-.03

Original rule filed August 15, 1979, effective September 28, 1979. Amendment filed December 7, 1980; effective February 11, 1981.

Authority: T.C.A. §13-2315 (18).