Outstanding loans on the property to be rehabilitated, including the amount of the loan for rehabilitation, shall not exceed 95% of the anticipated after-rehabilitation fair market value of the property to be rehabilitated, as determined by the City Manager, except that the Loan Committee may authorize loans of up to 110% of the anticipated after-rehabilitation fair market value of the property if:
(A) There is demonstrated need for such higher limit; and
(B) There is a high probability that the value of the property will not be impaired during the term of the loan.
(1995 Code, § 11.20.010) (Ord. 99-1847, passed - -1999)