Sec. 05.04.10.11. Allocation of Funds

A. The Administration may, in its sole discretion, allocate funds in aggregate amounts to lenders, political subdivisions, or the Administration between loans for single family properties and loans for multifamily properties.

B. When applicable, funds will be allocated to targeted areas for the purposes of §103A of the Code.

C. The Administration may accept or reject an application, and may specify in its notice of acceptance a lesser aggregate amount of loans than the amount requested in the application.

D. All allocations will be made on the basis of need, population, demand for funds, and any other criteria that the Administration determines from time to time.

E. Allocation of funds available or expected to be available among lenders will also be based on factors including:

(1) Aggregate amounts and distribution by county of loans and commitments requested by all lenders and by each lender;

(2) Financial condition of each lender;

(3) Amount and number of property improvement loans made in the State by each lender in the 2-year period preceding the application; and

(4) Previous participation of the lender in housing programs of the State or its subdivisions.

F. The Administration will notify the lender of the aggregate principal amount of loans that the Administration will purchase from the lender; subject to the conditions of the loan purchase agreement and interest rate to be charged on the loans.