Sec. 05.06.02.04. Amount of Insured Loan

A. Except as provided in §B of this regulation, the insured amount of the bridge loan, when added to the amount of any superior liens on the project, may not exceed 95 percent of the project's appraised value as of completion of the improvements, taking into consideration the value of the tax credits.

B. The insured amount of the bridge loan may exceed the limit set forth in §A of this regulation if 100 percent of the tax credit units in the project are subsidized as to rental payments by the United States Department of Housing and Urban Development for the term of the bridge loan.

C. The insured amount of the bridge loan may not exceed the amount of the investor's capital contributions.