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Outstanding loans on the property to be rehabilitated, including the amount of the loan for rehabilitation, shall not exceed 80 percent of the anticipated after-rehabilitation value of the property to be rehabilitated, as determined by the Chief Administrative Officer, except that the Chief Administrative Officer may authorize loans of up to 95 percent of the anticipated after-rehabilitation value of the property if:
(a) Such loans are made for the purpose of rehabilitating the property for residential purpose;
(b) There is demonstrated need for such higher limit; and
(c) There is a high probability that the value of the property will not be impaired during the term of the loan.
(Added by Ord. 482-80, App. 10/17/80)