Section 340.203  Lending Institution Approval

a)         Lending Institutions shall make a written proposal, with supporting documents, to the Director, containing information determined by the Director to be necessary for Lending Institution approval.

b)         In determining whether to approve a Lending institution for participation in the Program, the Authority shall consider, but shall not be limited to, the following criteria:

1)         The financial stability and integrity of the Lending Institution, as indicated by, but not limited to, the Lending Institution's financial resources, business obligations, other financial obligations, and financial soundness;

2)         Previous experience of the Lending Institution in the construction, acquisition, improvement or rehabilitation of developments of a size, scope and expense similar to the Development to be financed under this Program;

3)         The economic viability of the Lending Institution's proposal, as determined by the Authority with an economic, financial and business analysis;

4)         The need for decent, safe and sanitary housing, in accordance with locally approved building codes, for Persons or Families of Low or Moderate Income, Community Facilities and Housing Related Commercial Facilities, in the area proposed to be served by the Lending Institution's proposal, as determined by the Authority, based on census data, social surveys, published data, or on-site inspections.

c)         Each Lending Institution shall certify to the Authority the Lending Institution's compliance with the Act and this Part at the time of the disbursement of the loan.