12 Pa. Code § 141.309 - Department approval
(a) The
Department may disapprove loan guarantees or may approve a guarantee for an
amount less than requested, for reasons including one or more of the following:
(1) The Department determines that the
guarantee in light of the financial condition of the applicant, the viability
of the project or the costs of the project, constitutes an unacceptable
financial risk.
(2) The requested
guarantee amount exceeds one or more of the limitations in this section and
§§
141.301-141.308 or in applicable Federal
regulations.
(3) Funds are not
available in the amount requested.
(4) The performance of the public entity
under §§ 141.61, 141.62, 141.81, 141.101, 141.102, 141.121-141.125
and 141.141-141.157 is unacceptable.
(5) The activities to be undertaken are
ineligible under State or Federal law or regulations.
(b) The Department will notify the public
entity in writing that the guarantee has been approved, reduced or disapproved.
If the guarantee is reduced or disapproved, the public entity will be informed
of the specific reasons for that action. If the guarantee is acceptable, the
Department will approve the application of the public entity to HUD for its
commitment.
Notes
The provisions of this § 141.309 issued under the Community Development Block Grant Entitlement Program for Nonurban Counties and Certain Other Municipalities (35 P. S. §§ 1751-1765).
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