38 U.S. Code § 2052. Requirements
(a)A loan referred to in section 2051 of this title meets the requirements of this subchapter if each of the following requirements is met:
(1) The loan—
(A) is for—
refinancing of an existing loan for such a project; and
(B) may also include additional reasonable amounts for—
(3) The maximum loan amount does not exceed the lesser of—
that amount generally approved (utilizing prudent underwriting principles) in the consideration and approval of projects of similar nature and risk so as to assure repayment of the loan obligation; and
The loan is of sound value, taking into account the creditworthiness of the entity (and the individual members of the entity) applying for such loan.
(b) For purposes of this subchapter, a multifamily transitional housing project referred to in subsection (a)(1) is a project that—
provides supportive services and counselling services (including job counselling) at the project site with the goal of making such veterans self-sufficient;
requires that each such veteran seek to obtain and maintain employment;
(c) Such a project—
may include space for neighborhood retail services, other commercial activities, or job training programs; and
(2) may provide transitional housing to veterans who are not homeless and to homeless individuals who are not veterans if—
the provisions of paragraphs (4) and (5) of subsection (b) are met.
(d) In determining whether to guarantee a loan under this subchapter, the Secretary shall consider—
the availability of Department of Veterans Affairs medical services to residents of the multifamily transitional housing project; and
References in Text
2004—Subsec. (c)(1). Pub. L. 108–454 substituted “services, other commercial activities,” for “services”.