Qualification as an eligible dwelling (Repealed)

(a) A CHFA mortgage loan shall be made only to finance the acquisition or rehabilitation of an eligible dwelling. An eligible dwelling is one that is located in the state, is structurally and functionally sound, meets all applicable zoning, building, health, and similar codes and requirements, and has a purchase price not in excess of any limits set by CHFA. A permanent certificate of occupancy shall have been issued for each eligible dwelling. An eligible dwelling may be a building consisting of one to four family dwelling units or may be an owner-occupied unit of a multi-unit complex such as a condominium, a planned unit development, etc., provided that such multi-unit complex has received CHFA's prior approval. A house that is an eligible dwelling may not be located on more than 2.1 acres of land, unless a written waiver has been granted by CHFA, and may not provide, other than incidentally, a source of income to the borrower. The participating lender shall make a preliminary determination as to whether a dwelling as to which a CHFA mortgage loan is requested is an eligible dwelling. (b) The sales contract for a newly-constructed house (one which was not occupied prior to the CHFA loan commitment) or a house to be constructed must provide for insulation of at least R30 in the ceiling and R11 in the walls (R38 in the ceiling and R19 in the walls and floors in the case of electric heat) and for double-glazed windows with wood or other thermal break (or storm windows in lieu thereof). If necessary, an amendment to the sales contract to provide for these will be required.