Project Completion; Property standards.

CFR · 2024-01-01 · US · Title 12

(a) Upon Project Completion, the Project must be placed into service by the date designated in the Assistance Agreement. Project Completion occurs, as determined by the CDFI Fund, when: (1) All necessary title transfer requirements and construction work have been performed; (2) The property standards of paragraph (b) of this section have been met; and (3) The final drawdown of the CMF Award has been made to the project sponsor or developer; (4) When a CMF Award is used for Preservation, Project Completion occurs when the refinance and/or Rehabilitation is completed in addition to the requirements set forth in this paragraph (a). (b) By the Project Completion date, the Project must meet the requirements of this part, including the following property standards (which must be met for a period of at least 10 years after the Project Completion date): (1) Projects that are constructed or Rehabilitated with a CMF Award must meet all applicable State and local codes, Rehabilitation standards, ordinances, and zoning requirements at the time of Project Completion or, in the absence of a State or local building code, the International Residential Code or International Building Code (as applicable) of the International Code Council. (2) In addition, Projects must meet the following requirements: (i) (ii) (iii) (3) (i) For rental Housing, if the remaining useful life of one or more major systems is less than the 10-year period of affordability, the Recipient must ensure that, at Project C

official document · source cfr-2024 · id 12:§ 1807.503