A loan may be made to any eligible applicant for the purposes of:

1. (1) Financing a home constructed for use as the personal or family permanent residence of the applicant.
2. (2) Purchasing an existing building to be used as the personal or family permanent residence of the applicant.

3. (3) Purchasing an existing building which has been substantially rehabilitated by the owner of such substantially rehabilitated property or by any third party or business entity.

   1. (a) The owner of property may obtain a loan for the purposes of substantially rehabilitating said property provided that the requirements incident to the sale of bonds and notes of the agency are complied with if applicable.

Authority: Public Acts of 1986, Chapter 510. Administrative History: Original rule filed June 25, 1986; effective July 25, 1986.