Section 250.205  Commitments for Mortgage Loans

Upon receipt of the Notice of Acceptance, the Lender shall issue commitments to Eligible Borrowers to make Mortgage Loans.  The Authority may in its sole discretion, after consideration of such factors as, including but not limited to, financing requirements of the Program, preferences of bond rating agencies, financial risk to the Authority, and other financial factors relevant to the Program, require that commitments for non-Targeted Area Mortgage Loans be issued within six months from the date of the Notice of Acceptance, or within such shorter period as the Authority may require, and the Authority may require that disbursements of such Mortgage Loans be made by the Lender within three months of the date of the commitment, or within such shorter period as the Authority may require.