Section 125.181. Eligible applicants.

Rule 181. An applicant for a home improvement loan shall satisfy all of the following requirements:

(a)      An applicant shall be either an individual fee owner or purchaser under a land contract of the residential structure to be improved or an individ-ual member-shareholder in a nonprofit cooperative housing corpora-tion who has a proprietary interest in a residential structure. The residential structure may be subject to a  mortgage   or  other lien secur-ing a debt.

(b)     An applicant shall meet  credit  requirements  as  established by the authority.

(c)     The residential structure to be improved shall not be in violation of applicable zoning ordinances or other applicable land use guidelines.

(d)    The residential structure shall not contain more than 11 dwelling units.

(e)      The applicant shall use Home improvement loan proceeds to finance only new im-provements upon, or in connection with, existing structures and shall not be used for the refinancing of an existing mortgage or debt or for the completion of an unfinished residential structure.

(f)      All improvements shall be reasonably capable of being completed, except for causes beyond the applicant's reasonable control, within 6 months of  the date of the first

disbursement of funds  pursuant  to  the  home   improvement loan.  The authority may extend this period for good cause shown.

History: 1979 AC; 1980 AACS; 1982 AACS; 1983 AACS; 1991 AACS; 1998-2000 AACS.