§ 248.301. Initial application.
151 words·~1 min read·
/us/cfr/t24/s§ 248.301·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A State agency shall make an initial application to the Commissioner which:
(a)Describes the manner by which the State housing program provides mortgage assistance or subsidy to private mortgagors to provide housing opportunities for low and moderate income families;
(b)Includes copies of the authorizing legislation, any implementing regulations and any administrative guidance provided to owners;
(c)Includes a comprehensive description of the terms and conditions under which a private owner may prepay the assisted or subsidized mortgage without the prior consent of the State agency;
(d)Includes a complete set of pro forma mortgage and/or regulatory documents which evidence an owner's ability to prepay the assisted or subsidized mortgage without the consent of the State agency;
(e)Includes a list of all properties assisted under the State or local housing program whose owners are eligible to prepay the assisted or subsidized mortgages without the consent of the State agency.