Advance Conditional 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 upon completion by a qualified sponsor, developer, or builder of homes which meet the criteria of these rules 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 commit- ments herein reserved meet the requirements of rule 0770—4—2—.02 and associated underwriting criteria. This does not prohibit advance commitments by private lenders.