Reserve account.

CFR · 2024-01-01 · US · Title 7

(a) For new construction, to meet major capital expenses of a housing (b) For ownership transfers or sales, the requirements of § 3560.406(d)(5) will be met. (c) For other existing properties, at a minimum the borrower must agree to make monthly contributions to the reserve account at the rate of 1 percent annually of the amount of total development cost until the reserve account equals 10 percent of the total development cost. (d) The agency may establish an escrow account for the collection and disbursement of reserve account funds.

official document · source cfr-2024 · id 7:§ 3560.65