R982-502-6. Borrower Responsibilities

After receipt of a low-income ADU loan, the borrower shall: (1) construct an accessory dwelling unit on the borrower's residential property within one year after the day on which the borrower receives the loan; (2) occupy the primary residence with which the accessory dwelling unit is associated: (a) after the accessory dwelling unit is completed; and (b) for the remainder of the term of the loan; and (3) rent the accessory dwelling unit to a low-income individual: (a) after the accessory dwelling unit is completed; and (b) for the remainder of the term of the loan. (4) If, during the term of the loan, the borrower sells or otherwise conveys or transfers the property with which the accessory dwelling unit is associated, the loan guarantee shall be extinguished at the time of the sale. If the purchaser assumes the loan at the time of sale, the purchaser shall be required to apply for and receive a new loan guarantee under this pilot program.