(1) After making a low-income ADU loan, the lender shall monitor the activities of the borrower on a yearly basis during the term of the loan to ensure the borrower:
- (a) agrees in writing to participate in the pilot program;
- (b) constructs an accessory dwelling unit on the borrower's residential property within one year after the day on which the borrower receives the loan;
- (c) complies with Section R982-502-6; and
- (d) complies with any other term or condition of the loan.
- (2) The lender shall promptly notify the executive director in writing if the borrower fails to comply with any requirement in Subsection R982-502-5(1).
- (3) The lender shall perform all necessary and standard loan servicing activities for each loan secured by a low-income ADU loan guarantee.
KEY: Single family housing modifications, accessory dwelling units
Date of Last Change: February 22, 2022
Authorizing, and Implemented or Interpreted Law: 35A-8-504.5