1. (a) The board shall only make, or purchase, loans under this subchapter that are secured by tracts of land that meet all the requirements of §175.3 of this chapter (relating to Land Selection).
2. (b) For every loan made under this subchapter, the board must be furnished a survey and legal description for its review that satisfies all the requirements set forth in §175.4 of this chapter (relating to Land Description).
3. (c) For every loan made under this subchapter, the board must be furnished an appraisal that conforms to the requirements of §175.5 of this chapter (relating to Appraisal of Land).
4. (d) Notwithstanding the provisions of subsections (b) and (c) to the contrary, the board may, by resolution, establish requirements and specifications for surveys and appraisals that conform to the prudent lending practices prevalent in the mortgage lending industry.

Source Note:The provisions of this §175.53 adopted to be effective January 8, 2002, 27 TexReg 286; amended to be effective July 28, 2025, 50 TexReg 4969.