For Project: P016450/001 - DOWNINGWOOD AT IRVINGTON CONDO
| Project currently has a negative cash flow; project does not have a history of maintaining ten percent reserve transfer; Leasing restictions are in violation of 24 CFR 203.41, Section 3 (iv) which states that legal restrictions on conveyance that attempts to cause a conveyance (including a lease) made by the mortgagor to be subject to the consent of a third party is unacceptable.The National Housing Act prohibits the use of the insurance programs for transient or Hotel purposes, leases for lessthan 30 days are prohibited. |
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