S.D. Admin. R. 12:22:02:11
Current through Register Vol. 51, page 67, December 16, 2024
Within six months after the official loan approval by the VAFA and the agency, the applicant must accept the approval in writing or the approval may be withdrawn at the discretion of the VAFA. Within six months after written acceptance, the applicant must begin the project. Final disbursement of the loan proceeds must be made within one year after approval by the VAFA, unless the VAFA pursuant to prior written consent extends the time. The request for extension must be submitted at a regularly scheduled meeting before the expiration of the six-month period. The VAFA shall decide the length of the extension period.
S.D. Admin. R. 12:22:02:11
General Authority: SDCL 1-16E-24.
Law Implemented: SDCL 1-16E-8.