Nonresidential Property Improvement Loan (only applicable to Title I)

Nonresidential Property Improvement Loan (only applicable to Title I)

A Nonresidential Property Improvement Loan refers to a Loan made to finance the construction of a new, exclusively nonresidential Structure or the alteration, repair, or improvement of an Existing Structure that is nonresidential. Such a Structure may be temporarily used for residential purposes while the Borrower constructs a new dwelling to replace a dwelling previously occupied by the Borrower that was destroyed or damaged by conditions determined by the President to warrant relief under the provisions of 42 U.S.C. Chapter 68, provided that the credit application is filed within one year from the date of such a determination.