Section 10-3-46 - Loan standardsLoans may be made to applicants who are residential lessees, based on the following criteria:
(1) Income ratio: the relation that gross monthly income bears to monthly payment of principal and interest;(2) Family size: each person supported from the. income of the lessee and co-applicant shall be counted as a family member for the purpose of computing and qualifying for a loan and term. The lessee shall submit to the department a notarized statement to this effect.(3) Applications for loans for any family receiving public assistance from the department of human services will be considered for approval if:(A) The monthly payment for the loan is within the amount that is available for housing--shelter allowance minus anticipated utilities-in accordance with current department of human services standards; and(B) The applicant is able to assume the financial obligation imposed by a loan;(4) Credit standing: the applicant shall have satisfactory credit standing in the community as determined by the department. The department may waive this requirement if upon consideration of all the circumstances surrounding the applicant's financial condition, it finds that the applicant will be able to repay the loan in accordance with the loan contract; and(5) If the loan applicant is found by the department to have sufficient resources or credit to secure financing from nondepartmental sources to undertake the purpose for which the loan is sought, no departmental loan shall be made.[Eff 7/30/81; am and comp 10/26/98] (Auth: HHC Act §222) (Imp: HHC Act §§213, 214)