§200.53. Initial operating funds.
24 C.F.R. § 200.53
The mortgagor shall deposit cash with the mortgagee, or in a depository satisfactory to the mortgagee and under control of the mortgagee, in accordance with terms, conditions and standards established by the Commissioner for:
Accruals for taxes, ground rates, mortgage insurance premiums, and property insurance premiums, during the course of construction;
Meeting the cost of equipping and renting the project subsequent to its completion in whole or part; and
Allocation by the mortgagee for assessments required by the terms of the mortgage in an amount acceptable to the Commissioner.
Notes, amendments, and revision history
Source
Source: 61 FR 14399, Apr. 1, 1996, unless otherwise noted.
Authority
Authority: 12 U.S.C. 1702-1715z-21; 42 U.S.C. 3535(d).
Source
Source: 36 FR 24467, Dec. 22, 1971, unless otherwise noted.