12 C.F.R. § 951.7 Modifications of applications prior to or after project completion.
Title 12 - Banks and Banking
(a) Modification procedure. If, prior to or after final disbursement of funds to a project from all funding sources, there is or will be a change in the project that would change the score that the project application received in the funding period in which it was originally scored and approved, had the changed facts been operative at that time, a Bank, in its discretion, may approve in writing a modification to the terms of the approved application, provided that: (1) The project, incorporating any such changes, would meet the eligibility requirements of §951.5(b); (2) The application, as reflective of such changes, continues to score high enough to have been approved in the funding period in which it was originally scored and approved by the Bank; and (3) There is good cause for the modification. (b) Modifications involving a subsidy increase. Modifications involving an increase in AHP subsidy shall be approved or disapproved by a Bank's board of directors. The authority to approve or disapprove such requests shall not be delegated to Bank officers or other Bank employees. [62 FR 41828, Aug. 4, 1997, as amended at 63 FR 27673, May 20, 1998; 65 FR 5419, Feb. 4, 2000; 65 FR 8263, Feb. 18, 2000; 67 FR 18804, Apr. 17, 2002; 70 FR 9511, Feb. 28, 2005]
Title 12: Banks and Banking
PART 951—AFFORDABLE HOUSING PROGRAM
§ 951.7 Modifications of applications prior to or after project completion.
