Section R982-502-4 - Minimum Criteria(1) The executive director may not provide a loan guarantee for a low-income ADU loan under the pilot program unless the criteria set forth in this Section R982-502-4 are satisfied.(2) The lender: (a) must be a: (iii) savings and loan association;(vi) any other entity that provides low-income ADU loans directly to borrowers;(b) shall agree in writing, in a form determined by the Division, to participate in the pilot program; and(c) shall make available to prospective borrowers the option of receiving a low-income ADU loan that: (i) has a term of 15 years; and(ii) charges interest at a fixed rate;(d) shall determine whether to make a loan to an eligible borrower, including credit risk evaluations, based on generally accepted lending practices; and(e) shall assist the loan applicant in the preparation of the loan application and supporting documentation and in the determination of the financial feasibility of the loan.(3) The borrower: (a) must be a residential property owner;(b) shall agree in writing, in a form determined by the Division, to participate in the pilot program; and(c) shall satisfy the credit evaluation criteria of the lender.Utah Admin. Code R982-502-4
Adopted by Utah State Bulletin Number 2022-01, effective 12/22/2021