4 Tex. Admin. Code § 28.27
Eligible Uses of Loan Proceeds
Effective Jun 16, 199520 TexReg 4047Source Note: The provisions of this §28.27 adopted to be effective June 16, 1995, 20 TexReg 4047; transferred effective October 1, 2007, as published in the Texas Register September 28, 2007, 32 TexReg 6793.Texas Secretary of State
- (a) Eligible costs. Financing received under this Program may be used to finance costs incurred in connection with the purchase of farm or ranch land, including refinancing of an outstanding obligation, mortgage, or advance used for those purposes. The land to be purchased may have existing improvements including a home, but the cost of the construction of new improvements on the property is not an eligible cost.
- (b) Ineligible costs. Use of financing received under this program for any costs other than those described in subsection (a) of this section shall be considered ineligible costs. A loan may be declared in default by the Authority if the borrower uses loan proceeds for ineligible costs.
Source Note:The provisions of this §28.27 adopted to be effective June 16, 1995, 20 TexReg 4047; transferred effective October 1, 2007, as published in the Texas Register September 28, 2007, 32 TexReg 6793.