Conn. Agencies Regs. § 32-13-11 - Adjustment resulting from cost certification
Upon receipt of mortgagor's affidavit of actual cost, there shall be added to the total amount thereof the commission's estimate of the fair market value of any land and existing improvements prior to the construction, repair or rehabilitation included in the mortgage security. If the land is held under a leasehold or other interest less than a fee, the cost, if any, of acquiring the leasehold or other interest is considered an allowable expense which may be added to actual cost, provided such amount shall not be in excess of the fair market value of such leasehold or other interest exclusive of proposed improvements. If the principal of the mortgage committed by the commission exceeds ninety per cent of this total amount, the commitment shall be reduced by the amount of such excess and the mortgage shall be similarly restricted in amount for insurance.
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