R 125.181 Eligible applicants.

Rule 181. An applicant for a property improvement loan shall satisfy all of the following requirements: (a) An applicant shall be an individual fee owner of the residential structure to be improved or an individual member-shareholder in a nonprofit cooperative housing corporation who has a proprietary interest in a residential structure. The residential structure may be subject to a mortgage or other lien securing a debt. (b) An applicant shall meet the credit requirements as established by the authority. (c) The residential structure to be improved must not be in violation of applicable zoning ordinances or other applicable land use guidelines. (d) The residential structure may not contain more than 24 dwelling units. (e) The applicant shall use property improvement loan proceeds to finance only new improvements upon, or in connection with, existing structures and may not use the property loan proceeds to refinance an existing mortgage or debt, or to complete an unfinished residential structure. (f) All improvements must be reasonably capable of being completed, except for causes beyond the applicant's reasonable control, within 6 months after the date of the first disbursement of funds pursuant to the property improvement loan. The authority’s executive director may extend this period for good cause shown.