[The latest news for rehabilitation and community development partners]
Emergency & Accessibility Loan Program Procedural Manual Revisions
The Board of Directors has approved revisions to the Emergency & Accessibility Loan Program Procedural Manual. Revisions include two exceptions to the combined loan to value (CLTV) requirement. The changes align with the Rehabilitation Loan Program Procedural Manual language and are reflected in Chapter 3: Credit Requirements. The changes are effective as of November 1, 2020:
Adds language to include an exception to the CLTV requirement for loans for accessibility-only improvements.
Adds language to include an exception to the CLTV requirement for loans for manufactured homes taxes as personal property. The same exception is included in the RLP Procedural Manual.