R 125.122 Eligible applicants.

Rule 122. (1) A development fund loan, mortgage loan, or part of a development fund loan or mortgage loan, must not be made or disbursed to an applicant until the applicant is an eligible applicant. (2) An eligible applicant is an applicant authorized by the act to receive a development fund loan or a mortgage loan. To become an eligible applicant, an applicant shall obtain authority staff’s approval of its organizational documents, where applicable, as provided in the act.