Shares of the Government Fund are intended to qualify as eligible investments for federally chartered credit unions pursuant to Sections 107(7), 107(8) and 107(15) of the Federal Credit Union Act, Part 703 of the National Credit Union Administration ("NCUA") Rules and Regulations and NCUA Letter Number 155.
Credit unions shall comply with the member business lending provisions found in NCUA Rules and Regulations Part 723 when lending to mortgage loan pools.
This commentary is the means by which the staff of the Office of General Counsel of the National Credit Union Administration issues official staff in- terpretations of Part 707 of the NCUA Rules and Regulations.
Any references to NCUA Rules and Regula- tions, the NCUA Standard FCU Bylaws, or the NCUA Accounting Manual for FCUs, are pro- vided for guidance and as a point of reference for credit unions.
Further, the appraisal must consider an analysis of appropriate deductions and discounts for unsold units, including Footnote 3 -- NCUA Rules and Regulations Part 723 (Member Business Loans) has specific LTV requirements that vary from these guidelines.