Sec. 1932.2. Disbursements

(a) The corporation shall make payments for eligible acquisition, reconstruction, or rehabilitation costs on a project basis, conditioned upon the compliance with policies and procedures of the corporation and submission of satisfactory information by the eligible applicant. Where an eligible applicant has transferred ownership of a project and assigned the regulatory agreement with approval of the corporation, disbursements may be made directly to the assignee.

(b) The corporation may provide for the deposit of any payment or grant directly with a lending institution pursuant to an escrow agreement satisfactory to the corporation. The corporation shall take into consideration such factors as compliance with its investment policy and the needs of the project.