Mich. Admin. Code R. 125.122 - Eligible applicants
Rule 122.
(1) A
development fund loan, mortgage loan, or part of a development fund loan or
mortgage loan, must not be made or disbursed to an applicant until the
applicant is an eligible applicant.
(2) An eligible applicant is an applicant
authorized by the act to receive a development fund loan or a mortgage loan. To
become an eligible applicant, an applicant shall obtain the authority's
approval of its organizational documents, where applicable, as provided in the
act.
Notes
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