Section 4-409 - Deferred payment loans.
§ 4-409. Deferred payment loans.
(a) Use of loans.- Money in the Fund may be used to make a deferred payment loan to an approved applicant to:
(1) acquire, construct, or rehabilitate an elderly rental housing project; or
(2) convert existing rental housing to an elderly rental housing project.
(b) Loans subordinate to other financing.- A deferred payment loan under this section may be subordinate to other financing.
[An. Code 1957, art. 83B, § 2-807; 2005, ch. 26, § 2.]