Initial operating capital.

CFR · 2024-01-01 · US · Title 7

(a) (b) (c) (1) The initial operating capital was provided from the borrower's own funds; (2) The borrower requests the withdrawal after the second year of housing project operations and prior to the 7th year of operations; (3) The housing project has had a 90 percent occupancy rate for a period of 12 months prior to the withdrawal request; (4) The withdrawal will not affect the financial viability of the housing project; (5) Contributions to the reserve account are at authorized levels; (6) The withdrawal request will not result in rent increases; and (7) There are no outstanding deficiencies in management's physical maintenance of the housing project.

official document · source cfr-2024 · id 7:§ 3560.304