§3565.254. Property standards.
7 C.F.R. § 3565.254
Housing quality and site and neighborhood standards. The property must meet the site and neighborhood requirements established by the state or locality, and those standards contained under 7 CFR part 1924, subparts A and C or any successor regulations.
Third party assessments. As part of the application for a guaranteed loan, the lender must provide documentation of qualified third parties' assessments of the property's physical condition and any environmental conditions or hazards which may have a bearing on the market value of the property. These assessments must include:
An acceptable property appraisal.
A Phase I Environmental Site Assessment (American Society of Testing and Materials).
A Standard Flood Hazard Determination.
In the case of the purchase of an existing structure, rehabilitation or refinancing, a physical needs assessment.
Notes, amendments, and revision history
Authority
Authority: 5 U.S.C. 301; 7 U.S.C. 1989; 42 U.S.C. 1480.
Source
Source: 63 FR 39458, July 22, 1998, unless otherwise noted.