CITM2120 - Accreditation: Withdrawal of Accreditation - investment in residential property

SI2003/96 Regulation 15

Where a Community Development Finance Institution (CDFI) makes a direct or indirect investment in ‘residential property’ ( CITM2130) from its ‘investment fund’ (see CITM3010) its accreditation will be withdrawn unless: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 Trade & Industry, that an investment it has made is an investment in residential property.