Advance Conditional Loan Commitments

To stimulate the development, construction, and sale of low and moderate income housing, the Executive Director may issue advance conditional commitments to make mortgage loans to qualified mortgagors upon completion by a qualified sponsor, developer, or builder of homes which meet the criteria of Rule 0770—1—2—.05 and the accompanying Rules of Practice, whether or not construction costs are financed by an Agency mortgage loan; provided that individual mortgage applicants for the commitments herein reserved meet the requirements of Rule 0770—1—2—.04 and associated underwriting criteria.