Planning and performing construction and other development.

CFR · 2024-01-01 · US · Title 7

(a) (1) Direct FLP loan funds; or (2) Insurance or other proceeds resulting from damage or loss to direct loan security. (b) (1) Must provide the Agency with an estimate of the total cash cost of all planned development prior to loan approval; (2) Must show proof of sufficient funds to pay for the total cash cost of all planned development at or before loan closing; (3) Must not incur any debts for materials or labor or make any expenditures for development purposes prior to loan closing with the expectation of being reimbursed from Agency loan funds. (c) (1) Is responsible for scheduling and planning development work in a manner acceptable to the Agency and must furnish the Agency information fully describing the planned development, the proposed schedule, and the manner in which it will be accomplished; (2) Is responsible for obtaining all necessary State and local construction approvals and permits prior to loan closing; (3) Must ensure that all development work meets the environmental requirements established in part 799 of this chapter; (4) Must schedule development work to start as soon as feasible after the loan is closed and complete work as quickly as practicable; (5) Is responsible for obtaining any required technical services from qualified technicians, tradespeople, and contractors. (d) (2) All improvements to a property must conform to applicable laws, ordinances, codes, and regulations. (3) The applicant or borrower is responsible for selecting a design standard

official document · source cfr-2024 · id 7:§ 761.10