---
kind: "section"
citation: "7 C.F.R. § 3560.571"
title: "7"
number: "3560.571"
heading: "Loan and grant closing."
url: "https://uscodex.org/cfr/7/3560.571"
---

# §3560.571. Loan and grant closing.


The requirements established in [§ 3560.72](/cfr/7/3560.72.md) apply to all applications for off-farm labor housing loans and grants. In addition, the following requirements apply.

- (a) A nonprofit organization will have its Board of Directors adopt an Agency-approved loan and/or grant resolution, which is required as part of the loan docket before loan and/or grant approval. All other loan applicants will execute an Agency-approved loan agreement.
- (b) For grants, an Agency approved grant agreement, must be executed by the applicant on the date of grant closing.
- (c) The obligations incurred by the applicant, as a condition of accepting the grant, will be in accordance with the off-farm labor housing grant agreement.
- (d) Off-farm labor housing loans used to build or acquire new units made pursuant to a contract entered into on or after the effective date of this regulation, will be subject to the restrictive-use provision stated in [§ 3560.72(a)(2)(ii)](/cfr/7/3560.72.md?p=a-2-ii). All other off-farm labor housing loans are subject to the restrictive-use provisions contained in their loan documents and as outlined in [subpart N](/cfr/7/subpartN.md) of this regulation. Such restrictions must be included in the mortgage and deed of trust.

## Notes

### Authority

Authority: 42 U.S.C. 1480.

### Source

Source: 69 FR 69106, Nov. 26, 2004, unless otherwise noted.