Application procedures for deferment of loan payments.

CFR · 2024-01-01 · US · Title 7

(a) A borrower applying for a deferment must: (1) Submit a certified board resolution to the Administrator requesting a deferment of principal and interest. The resolution must: (i) Be signed by the president or vice president of the borrower; (ii) Contain information on the total amount of deferment requested for each specific project; (iii) Contain information on the type of project and the length of deferment requested as defined in § 1703.309; and (iv) Specify which officer of the borrower has been given the authority to certify to those matters required in this section; (2) Submit certification by the appropriate officer to the Administrator that the proposed project will not violate the limitations set forth in § 1703.306 and disclose all information regarding any potential conflict of interest or appearance of a conflict of interest that would allow the Administrator to make an informed decision; (3) Submit certification by the appropriate officer to the Administrator that an investment in the rural development project will be made by the borrower in an amount equal to the deferred debt service payment; (4) Submit certification by the appropriate officer to the Administrator that the amount of the deferment will not exceed 50 percent of the total cost of the project for which the deferment is provided; (5) Submit certification by the appropriate officer to the Administrator that it will make a cushion of credit payment necessary to satisfy the requirement of § 1703.305

official document · source cfr-2024 · id 7:§ 1703.311