Maximum loan amount.

CFR · 2024-01-01 · US · Title 7

(a) (b) (i) The development costs of the housing and related facilities, or (ii) The lender's determination of value not to exceed the appraised value of the housing and facilities. (2) In the case of a borrower that is a for-profit entity or other entity not referred to in paragraph (b)(1) of this section, each guaranteed loan must involve a principal obligation that does not exceed the lesser of 90 percent of: (i) The development costs of the housing and related facilities, or (ii) The lender's determination of value not to exceed the appraised value of the housing and facilities. (3) To protect the interest of the Agency or to further the objectives of the program, the Agency may establish lower loan-to-value limits or further restrict the statutory maximum limits based upon its evaluation of the credit quality of the loan. (c) (2) Where the project financing combines a guaranteed loan with Low-Income Housing Tax Credits or other Federal assistance, the project must conform to the policies regarding necessary assistance in 7 CFR 3560.63 (d) or successor provision.

official document · source cfr-2024 · id 7:§ 3565.204