R982-502-5. Lender Responsibilities

(1) After making a low-income ADU loan, the lender shall monitor the activities of the borrower on a yearly basis during the term of the loan to ensure the borrower: (a) agrees in writing to participate in the pilot program; (b) constructs an accessory dwelling unit on the borrower's residential property within one year after the day on which the borrower receives the loan; (c) complies with Section R982-502-6; and (d) complies with any other term or condition of the loan. (2) The lender shall promptly notify the executive director in writing if the borrower fails to comply with any requirement in Subsection R982-502-5(1). (3) The lender shall perform all necessary and standard loan servicing activities for each loan secured by a low-income ADU loan guarantee.