99-346 C.M.R. ch. 7, § 8 - Construction Loans
Construction Loans shall be originated and administered by Lenders in accordance with their own prudent lending and loan administration guidelines as applicable to disbursements of Loan proceeds and the inspection of residential buildings except that, notwithstanding the Lender's guidelines, improvements must satisfy applicable local codes and ordinances and federal construction and habitability standards such as the BOCA Basic National Building Code and the federal Housing Quality Standards as set forth in 24 C.F.R. § 882.109.
Notes
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