7-49-113. Eligible properties

7-49-113. Eligible properties. (1) Property which is the subject of mortgage insurance or a mortgage or rehabilitation loan must: (a) Meet the provisions of section 7-49-102 (2); (b) Be located in this state; (c) Be primarily residential in nature and use. (2) If the housing facility includes three or more units, the corporation or lending institution may require appraisal as an investment and include an income and operating statement. Approval may also be subject to satisfactory leases.