8.111.506 HMF LOAN TERMS AND CONDITIONS (1) An HMF loan shall: (a) provide for complete amortization at maturity through substantially equal monthly payments of principal and interest; (b) have a term not to exceed 30 years; (c) bear interest at an annual rate: (i) not less than 2% for a project that is for households of 30% or less of median income in the area; (ii) not less than 3% for a project that is for households between 31% and 50% of median income in the area; (iii) not less than 4% for a project that is for households between 51% and 80% of median income in the area; (iv) not less than 6% for a project that is for households between 81% and 95% of median income in the area; and (v) a rate blended from those rates provided for in (1)(c)(i), (ii), (iii), and (iv) for a project that contains units for different area median income household groups. (d) be subject to a late charge of 4% of the monthly payment due for each monthly payment that is not made within 15 days of its due date; and (e) be secured by a lien (perfected either by a mortgage or a trust indenture) against the real property benefited by the loan. History: 90-6-136, MCA; IMP, 90-6-133, 90-6-134, MCA; NEW, 2002 MAR p. 75, Eff. 1/18/02; AMD, 2008 MAR p. 40, Eff. 1/18/08. |