Reservation of Funds for Construction of Qualified Dwellings

Section 366 Section 366.402  Reservation of Funds for Construction of Qualified Dwellings The Authority may make Reservations for prospective HomeBuilders from which the Authority has received timely HomeBuilder Participation Agreements and Commitment Fees (if required). In making such Reservations, the Authority shall consider with respect to each such prospective HomeBuilder the number of residential homes and other structures constructed by the HomeBuilder in the State within the 24 month period prior to the date of its HomeBuilder Participation Agreement; the Reservations requested by all prospective HomeBuilders for the Series Program; and the participation of the HomeBuilder in the Authority's previous Series Programs.  Reservations shall be conclusive, subject to the adjustments permitted in Section 366.405 of this Part.