Section 204-C:65 Loans for Down Payments; Priority.
I. Such funds as the general court may specifically appropriate from time to time to the authority may be loaned to eligible low and moderate income persons or families for the purpose of making down payments on single family homes or paying closing costs and fees associated with the purchase of such homes. The appropriations made for purposes of this section and loan repayments, including interest, together with any funds which the authority may allocate from time to time to this program shall constitute a continuing revolving loan fund. The state's and the authority's interest in such property shall be protected by a lien or in such other manner as is acceptable to the authority. The authority shall require the applicant to invest personal funds, to the extent available, to ensure the applicant's commitment to the property purchased.
II. The interest rate and terms of repayment for loans made under this subdivision shall be determined by rules adopted by the authority under RSA 204-C:68.
III. The interest rate and terms of repayment for loans made under this subdivision shall be determined by rules adopted by the authority under RSA 204-C:68. The authority shall periodically redetermine a loan recipient's income level and shall base repayment procedures and interest rates on this redetermination. Redetermination of income shall be based on examination of a recipient's federal income tax return. Failure to supply a copy of such tax return upon request by the authority shall make the loan made under this subdivision immediately due and payable. In the event that any applicant experiences a substantial increase in his income or assets, he shall, subject to the interest rate established under RSA 204-C:65, I, be subject to a sliding scale interest rate to be determined under rules adopted by the authority.
Source. 1988, 240:10. 1989, 18:2. 1995, 22:1, eff. June 17, 1995.