Occupancy (Repealed)

(a) Owner-occupancy is a condition of CHFA home mortgage loans. As a part of the application process, each applicant for a CHFA home mortgage loan shall sign a certificate on a form provided by CHFA, attesting to applicant's intent to live in the housing to be financed. At the closing of such loan, each borrower shall execute a CHFA Owner-Occupancy Certificate attesting that the housing to be financed is being purchased as the permanent primary residence of the borrower. The borrower shall occupy the housing within sixty (60) days of the closing. No later than sixty (60) days after the closing of a loan, the participating lender shall verify owner-occupancy by means of a physical inspection of the mortgaged property. (b) Extensions of the deadline for taking occupancy may be granted by CHFA, in its sole discretion, upon a showing of good cause therefor. No extension shall be granted if, prior to closing, the borrower knew or had reason to know of the barrier to occupancy. (c) CHFA shall declare the failure to occupy to be a default of the mortgage loan and may pursue all remedies available under the note and mortgage, the CHFA Owner-Occupancy Certificate, or otherwise available at law or in equity, if during the period of sixty (60) days from the closing the borrower does not occupy the mortgaged housing as a permanent primary residence, unless CHFA has extended the time for occupancy. (d) No tenant selection plan shall be required of borrowers in connection with CHFA home mortgage loans.