Experience and capacity of borrower.

At the time of application, the lender must certify that the borrower: (a) Has the ability and experience to construct or rehabilitate multifamily housing that meets the requirements established by the Agency, the lender and the loan agreement; (b) Has the legal and financial capacity to meet all of the obligations of the loan; and (c) Has the ability and experience to meet the property management requirements established by the Agency, the lender, and the loan agreement.