Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 7 - INDIAN HOUSING MORTGAGE INSURANCE PROGRAM RULE
Section 346-7-8 - Construction Loans
Universal Citation: 99 ME Code Rules ยง 346-7-8
Current through 2024-52, December 25, 2024
Construction Loans shall be originated and administered by Lenders in accordance with their own prudent lending and loan administration guidelines as applicable to disbursements of Loan proceeds and the inspection of residential buildings except that, notwithstanding the Lender's guidelines, improvements must satisfy applicable local codes and ordinances and federal construction and habitability standards such as the BOCA Basic National Building Code and the federal Housing Quality Standards as set forth in 24 C.F.R. § 882.109.
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