3617.1 The Executive Director may, from time to time, establish the type and amount of collateral or other security to be provided by borrowers necessary to ensure repayment of permanent loans, repayment of construction loans, or successful completion of the proposed Housing projects.

3617.2 Collateral and security may be in the form of letters of credit, guarantees, cash benefit or other insurance, payment bonds, performance bonds, or other types approved by the Executive Director.

3617.3 The requirements for collateral and security shall be set forth in the Agency procedures, guidelines, and loan contract forms.

SOURCE: Final Rulemaking published at 28 DCR 4544, 4551 (October 23, 1981); as amended by Final Rulemaking published at 61 DCR 4156 (April 25, 2014).