Suitability determination.

CFR · 2024-01-01 · US · Title 7

As soon as real property is acquired, a determination must be made as to whether or not the property can be used for program purposes. The suitability determination will be recorded in the running record of the case file. (a) (b) (c) (1) A dwelling which has been enlarged or improved to the point where it is clearly above modest. (2) When a determination is made that the property should not have been financed originally. (3) A dwelling brought into the program as an existing dwelling which met program standards at the time it was originally financed by the Agency but which does not conform to current policies. This includes older and/or larger houses of a type which have proven to create excessive energy and/or maintenance costs to very-low and low-income borrowers. (4) A dwelling which is obsolete due to location, design, construction or age. (5) A dwelling which requires major redesign/renovation to be brought to program standards. (d) [Reserved]

official document · source cfr-2024 · id 7:§ 1955.63