Current through Register Vol. 41, No. 25, June 23, 2022
proceeds of all housing loans authorized by
et seq., and amendments thereto, may
be used for building newly constructed residential structures or rehabilitating
existing residential structures.
"residential structure" shall mean an improvement to real property that is
intended to be used or occupied as a single-family residential dwelling or a
mul-tifamily residential dwelling of four attached living units or
(2) A "newly constructed
residential structure" shall mean a residential structure that has never been
occupied for any purpose and initially sells or is appraised by an independent
certified real estate appraiser or an independent licensed real estate
appraiser for less than $287,434 for a single-family residence, $367,975 for a
two-family residence, $444,751 for a three-family residence, and $552,757 for a
four-family residence. The value of the property shall include the value of the
land upon which the improvement is located only if the cost of the land is
included in the housing loan.
Each loan for rehabilitating a residential structure shall be at least $15,000,
and the value of the property upon completion of the project shall be estimated
to be less than the amounts listed in paragraph (a)(2) using either an
appraisal by an independent certified real estate appraiser or an independent
licensed real estate appraiser or the most recent county appraisal of the
property plus the cost of the rehabilitation project.
(b) Loans to savings banks and savings and
loan associations statewide may be made by the treasurer.
Kan. Admin. Regs. §
Authorized by K.S.A. 2009
Supp. 75-4278; implementing K.S.A. 2009
Supp. 75-4277(e), as
amended by L. 2010, ch. 113, sec. 1(e), and K.S.A. 2009 Supp.
amended by L. 2010, ch. 113, sec. 2(g); effective, T-3-6-25-08, July 1, 2008;
effective Oct. 24, 2008; amended, T-3-5-12-10, May 12, 2010; amended Jan. 21,