LAC 16:I.333. Authorization of Purchase of Insured Mortgage Loans for Housing Projects

A. The agency shall review each analysis and recommendation and if it determines that the application meets the requirements of the Act and these rules and is consistent with the agency's evaluation factors, by resolution, it may authorize the purchase of an insured mortgage loan made to the applicant. B. The resolution shall include determinations by the agency that: 1. the applicant is an eligible applicant; 2. the proposed housing project will provide housing for persons or families of low or moderate income; 3. the applicant is reasonably expected to be able to achieve successful completion of the proposed housing project; 4. the proposed housing project will meet a social need in the area in which it is to be located; 5. the proposed housing project may reasonably be expected to be marketed successfully; 6. all elements of the proposed housing project, including, without limitation, the ownership, design, construction, occupancy, management and operation thereof, have been established in a manner consistent with the agency evaluation except as to any such elements as are the subject of conditions as to the authorization of the insured mortgage loan as provided in §333; 7. in light of the estimated project cost of the proposed housing project, the amount of the insured mortgage loan authorized by such resolution is consistent with such maximum limitations on the ratio of mortgage loan amount to estimated project cost as the agency by resolution may establish.