§ 36-146. Loans
Except as otherwise provided in this chapter, money in the Fund shall be used to make loans to housing sponsors and to persons and families of low and moderate income to finance or refinance the acquisition, construction, improvement, ownership or occupancy of housing developments and residential housing for persons and families of low and moderate income.
Except as provided in this chapter, the Department of Housing and Community Development shall determine the terms and conditions of any loan from the Fund, including but not limited to the interest rate and repayment terms of each loan. All loans from the Fund shall be evidenced by appropriate notes of the loan recipient payable to the Fund. Any such loans made with respect to dwellings of residents of the Commonwealth shall be limited to dwellings occupied by persons or families of low and moderate income. The Director of the Department of Housing and Community Development is authorized to require in connection with any loan from the Fund any documents, instruments, certificates, legal opinions or other information it deems necessary or convenient.
(1988, c. 687.)
Sections: Previous 36-141 36-142 36-143 36-144 36-145 36-146 36-147 36-148 36-148.1 36-149 36-150 36-151 NextLast modified: April 3, 2009