CITM2120 - Accreditation of community development finance institutions (CDFIs): Withdrawal of accreditation - investment in residential property

SI2003/96 Regulation 15

Where a CDFI makes a direct or indirect investment in residential property (CITM2130) from its investment fund (see CITM3010) its accreditation is withdrawn unless:

• the CDFI can demonstrate that, to the best of its knowledge and belief, it had not invested in residential property, and
• the CDFI divests itself of the investment within three months of discovery, or being informed in writing by the Department for Business, Innovation & Skills (BIS), that an investment it has made is an investment in residential property.