Eligible uses of loan proceeds.

CFR · 2024-01-01 · US · Title 7

Eligible uses of loan proceeds must conform with standards and conditions for housing and facilities contained in 7 CFR part 1924, subpart A or successor provision, except that the Agency, at its sole discretion, may approve, in advance, a higher level of amenities, construction, and fees for projects proposed for a guaranteed loan provided the costs and features are reasonable (a) (1) New construction costs of the project; (2) Moderate or substantial rehabilitation of buildings and acquisition costs when related to the rehabilitation of a building as described in paragraph (b) of this section; (3) Acquisition of existing buildings, when approved by the Agency, for projects that serve a special housing need; (4) Acquisition and improvement of land on which housing will be located; (5) Development of on-site and off-site improvements essential to the use of the property; (6) Development of related facilities such as community space, recreation, storage or maintenance structures, except that any high cost recreational facility, such as swimming pools and exercise clubs or similar facilities, must be specifically approved in advance by the Agency; (7) Construction of on-site management or maintenance offices and living quarters for operating personnel for the property being financed; (8) Purchase and installation of appliances and certain approved decorating items, such as window blinds, shades, or wallpaper; (9) Development of the surrounding grounds, including parking, signs,

official document · source cfr-2024 · id 7:§ 3565.205